At a special meeting on Thursday, March 26, the Clinton Board of Selectmen voted unanimously to make $150,000 available from the town’s Community Development Fund to create a Small Business Resiliency Program to assist Clinton’s small businesses absorb financial impacts of the ongoing COVID-19 State of Emergency.
Loans of up to $5,000 are available, subject to the availability of funds. Requests for larger amounts may be considered on a case- by-case basis.
“Small businesses, which are historically sensitive to interruptions of cash flow, have been meaningfully affected by the ongoing State of Emergency,” said Clinton Community and Economic Development Director Philip Duffy. “The intent of this program is to get this money out quickly. It’s likely that larger assistance from the federal government will be arriving at some point. In the meantime, we want to address the needs of some of our businesses that are under stress right now, to make sure they’re still here when this is all over.”
Businesses located in Clinton, as evidenced by a commercial lease or mortgage, or Clinton businesses that, in addition to the owner, withhold payroll taxes for at least one employee are eligible.
Small Business Resiliency assistance targets financial impacts of COVID-19 from March 10 to April 30, 2020, including:
- Difficulty in meeting monthly fixed costs as a result of COVID-19
- Loss of business, as demonstrated by either:
- a greater than 50-percent reduction in gross receipts, or
- a greater than 50-percent reduction in full- or part-time staffing
- Certain increased expenses that result from COVID-19
If approved, eligible Clinton businesses can use this funding for such things as:
- Employee payroll and benefits
- Rent and other fixed costs
- Loss of inventory
- Unusual expense related to COVID-19 response
For a loan application and more information, including criteria for consideration and loan terms, GO HERE.
Questions about the program should be directed to:
Director, Community and Economic Development Office
242 Church Street Clinton, MA 01510