Massachusetts Funding Guide for Freelancers, Self Employed, 1099 Workers, Independent Contractors, & Small Businesses During COVID-19

Massachusetts

• Economic Injury Disaster Loan Assistance
• Cambridge COVID-19 Emergency Fund
• 2020 Small Business Recovery Loan Fund
• Stimulus Payments
• Federal Pandemic Unemployment Compensation
• Community Commerce Fund – Black Business Relief Fund
• Pay it Forward Live – Small Business COVID-19 Recovery Fund
• The Red Backpack Fund
• Paycheck Protection Program
• Facebook Small Business Grants Program
• COVID-19: Ad credits for Google Ads Small and Medium-sized Businesses

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Economic Injury Disaster Loan Assistance

Public/Private: Public

Grant/Loan/Other Benefit: Loan

Total Funding Pool: No set pool of funds

Application Deadline: No specific deadline

Funding Amount ($): Working capital loans of up to $2 million

Terms: Pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75%. Maximum term 30 years.

Eligibility Criteria: Located in the state of Massachusetts. The business must have been operating for at least one year prior to the disaster. Overcome the temporary loss of revenue 

they are experiencing.

Cambridge COVID-19 Emergency Fund

Public/Private: Private

Grant/Loan/Other Benefit: Grant

Total Funding Pool: $200,000

Application Deadline: None specified

Funding Amount ($): $200 to $1,000

Terms: None specified

Application Link: http://cambridgecf.org/COVID-19-emergency-fund/

Eligibility Criteria:

• Share how the pandemic has affected your life and business
• Proof of business residency or employment in Cambridge 
• Letter of reference from a local nonprofit, civic or faith-based leader, teacher, venue host, or employer 

2020 Small Business Recovery Loan Fund

Public/Private: Public

Grant/Loan/Other Benefit: Loan

Total Funding Pool: None specified

Application Deadline: None specified. See Note Below.

Funding Amount ($): up to $75,000

Terms: Loan payments are deferred for the first six months.

Application Link: https://www.empoweringsmallbusiness.org/

Eligibility Criteria: Businesses with fewer than 50 full-time and part-time employees.

Note: Due to the availability of EIDL funds, we are no longer accepting applications to the Small Business Recovery Loan Fund at MGCC as of 12:30PM on March 19th, 2020.

Stimulus Payments

Public/Private: Public

Grant/Loan/Other Benefit: Other Benefit

Total Funding Pool: $2 Trillion

Application Deadline: No application required; however, you have to have submitted your 2019 or 2018 Tax Returns 

Funding Amount ($): $1,200 for adults; $500 for each child under 16 years old

Terms: See FAQ to get your Who, What, When, Where, Why questions answered

Application Link: No application required; however, you have to have submitted your 2019 or 2018 Tax Returns

Eligibility Criteria:

• Individuals with a Social Security number with less than $99,000 in annual income 
• Married couples with a Social Security number and no children who have less than $198,000 in annual income  
• Married couples with a Social Security number and children who have less than $212,000 in annual income  
• Must be a taxpayer and earn less than $112,500 to get the full payment of $1,200

Federal Pandemic Unemployment Compensation

Public/Private: Public

Grant/Loan/Other Benefit: Other Benefit

Total Funding Pool: None specified

Application Deadline: None specified

Funding Amount ($): Up to $600 extra unemployment compensation. So you get an additional $600 from the federal pandemic unemployment compensation program in addition to your standard State unemployment compensation (State unemployment benefits are typically 40% to 45% of your prior monthly income).

Terms: 

• You can find your local state unemployment office here to access your unemployment benefits
• See FAQ to get your Who, What, When, Where, Why questions answered

Application Link: None specified

Eligibility Criteria: Anyone who is self-employed, 1099 workers, part-time workers, independent contractors and is unable to work

Community Commerce Fund – Black Business Relief Fund

Public/Private: Private

Grant/Loan/Other Benefit: Grant

Total Funding Pool: $100,000

Application Deadline: by April 15, 2020 11:59pm

Funding Amount ($): $5,000

Terms: None specified

Eligibility Criteria:

• Only businesses with 2 or more years in business
• Must be 18 years or older
• Only for U.S. residents

Pay it Forward Live – Small Business COVID-19 Recovery Fund

Public/Private: Private

Grant/Loan/Other Benefit: Grant

Total Funding Pool: $5 Million

Application Deadline: 1st Round Closed; Next Round Opens Mid-April

Funding Amount ($): $10,000

Terms: Pay rent and payroll

Application Link: https://www.lisc.org/our-stories/story/verizon-and-lisc-fire-25-million-small-business-covid-19-recovery-fund

Eligibility Criteria:

• Entrepreneurs of color, women-owned businesses
• In historically underserved communities

The Red Backpack Fund

Public/Private: Private

Grant/Loan/Other Benefit: Grant

Total Funding Pool: $5 Million

Application Deadline: 1st round closed. Next rounds: June 1, July 6, & August 3

Funding Amount ($): $5,000 

Terms: None specified

Application Link: https://globalgiving.typeform.com/to/j1sf32

Eligibility Criteria:

• Women-owned businesses
• Annual revenues less than $5M
• At least 1 and less than 50 employees

Paycheck Protection Program

Public/Private: Public

Grant/Loan/Other Benefit: Loan

Total Funding Pool: $2 Trillion

Application Deadline: None specified

Funding Amount ($): Maximum 250% of your average monthly “payroll costs” (based on a 12-month look back), not to exceed $10 million.

Terms: Maximum 4% interest rate; 10 year term; interest payments can be deferred up to 1 year; use for payroll costs as well as interest payments, rent, and utilities

Application Link: Applications are not yet available; All lending institutions are approved by the SBA to issue these loans. Tap here to find SBA 7a lenders that are closest to you https://www.sba.gov/local-assistance/find/

Eligibility Criteria: 

• General forgiveness: Some of the total loan may be eligible for forgiveness, specifically for payroll costs as well as any mortgage interest, rents, utility expenses between February 15, 2020 and June 30, 2020. 
• Reductions in forgiveness: The full loan amount may be forgiven by the federal government if you can prove that you didn’t layoff employees nor reduce salaries between February 15, 2020, and June 30, 2020. 
• Certification: To be eligible for any loan forgiveness, you will need to expect to verify all the employees and wages/salaries paid between February 15, 2020, and June 30, 2020.

Facebook Small Business Grants Program

Public/Private: Private

Grant/Loan/Other Benefit: Grant

Total Funding Pool: $100 million

Application Deadline: Application is not available yet, signup for updates using the link below

Funding Amount ($): Varies

Terms: None specified

Application Link: https://www.facebook.com/business/boost/grant

Eligibility Criteria: Provided to businesses in more than 30 countries, including all 50 States in the United States.

COVID-19: Ad credits for Google Ads Small and Medium-sized Businesses

Public/Private: Private

Grant/Loan/Other Benefit: Grant

Total Funding Pool: $340 Million

Application Deadline: Small businesses worldwide that have been active Google advertisers since the beginning of 2019 will be informed in the coming months through notifications within their Google Ads account.

Funding Amount ($): Varies depending on a number of factors, including your advertising history on Google

Terms: Must be used by December 31, 2020; These ad credits will be applicable across the Google Ads platform including Search, Display, and YouTube as well as all campaign types.

Application Link: For more Who, What, Where, When, & Why questions about this grant program click here.

Eligibility Criteria: Credits will be provided to SMB advertisers that have been active advertisers since Jan 1, 2019 and comply with all Google Ads T&Cs