Malden COVID Relief Lottery Provides Up To $10K For Businesses

MALDEN, MA — The Malden Redevelopment Authority is administering an emergency small business assistance lottery to businesses with low- or moderate-income owners and five or fewer full-time employees.

Priority will be given to minority-, woman-, veteran- and LGBTQ-owned businesses, as well as businesses that did not receive funding through the 2020 Small Business Assistance program.

Eligible businesses that are selected in the lottery must provide additional documentation before receiving a grant of up to $10,000. You can apply for assistance here. The priority application deadline is April 8 at 11:59pm. Applicants that apply by this date will be entered into a lottery.

Applicants who apply after the deadline will be added to the end of the waitlist.

Eligibility Requirements:

• For-profit business in operation since at least January 1, 2021
• Physical brick-and-mortar location in Malden
• Five or fewer full time employees including the owner (full time means 40 hours per week; hours worked by multiple part time employees can add up to full time equivalents)
• Owner (or majority of employees) must be low- or moderate-income
• Documented loss of business income due to COVID-19 must exceed $10,000, after other forms of assistance have been taken into account
• Annual gross revenue in 2020 below $1.5 million
• No tax liens, unpaid city fines, or unresolved city compliance citations.

Low- and moderate-income households are those earning no more than 80 percent of the Area Median Income. The income limit is based on the number of people in your household (including roommates and children).

Income Limits

Small business owners whose households earn less than the following amounts will be eligible. Low- and moderate-income households are those earning no more than 80% of the Area Median Income. The income limit is based on the number of people in your household (including roommates and children).

• $67,400 for a household of 1 person.
• $77,000 for a household of 2 people.
• $86,650 for a household of 3 people.
• $96,250 for a household of 4 people.
• $103,950 for a household of 5 people.
• $111,650 for a household of 6 people.
• $119,350 for a household of 7 people.
• $127,050 for a household of 8 people.

This application form will determine eligibility for entry into the lottery. Selected businesses will be invited to provide backup documentation. Failure to provide accurate information in the application may result in businesses' removal from the program. Applicants must meet other criteria as well. Eligibility does not guarantee that an application will be accepted or that funding will be available.

To be considered for the lottery, complete the application form by 11:59pm on April 8, 2021. View the form here: https://maldenredevelopment.formstack.com/forms/2021_malden_small_business_application. Businesses that apply after that date will be added to the waitlist.