Of those designated to receive financial aid, 94% are minority-owned and 76% are owned by women, according to WCVB. Others are owned by veterans, individuals with disabilities, and those who identify as LGBTQ.
Every minority-owned business that applied to the Small Business Grant Program and had not been able to previously receive federal, state or local assistance will benefit.
Payments will be administered by the Massachusetts Growth Capital Corp.
The program received more than 10,000 applications seeking over $500 million, according to the Associated Press.
In addition, the Bay State has $17.5 million for the program set aside for the 2021 budget. Businesses that applied for grants originally need not reapply to be considered again.
"This has obviously also been a very challenging year for other sectors of our economy and small business owners perhaps more than anyone else have gone through unimaginable disruption, loss and uncertainty," said Baker, a Republican. "Despite that, they've done everything in their power to keep their staff and their customers as safe as they possibly can and to commit to this state's very aggressive safety protocols."
Lt. Gov. Karyn Polito, who was at the news conference, said the state had made "a concerted effort to be sure these limited resources went to those who needed it most."
"There is more funding in the pipeline for those who have applied to this program who did not receive a grant in this first round, and we look forward to continuing to work with the Legislature on additional resources," she said.
Secretary of Housing and Economic Development Michael Kennealy said the government is "acutely aware of the sectors that have been hardest hit."
Like many other states, Massachusetts has seen an influx of cases during the holiday season.
On Monday, state health officials announced an additional 3,760 cases and 41 deaths, bringing statewide totals to more than 314,850 and 11,506, respectively.
On Tuesday, Baker announced new health restrictions in response to the spike, which will take effect on Saturday.
"We would like people to spend the next couple of weeks, between Christmas and sort of the week after New Year's, as regularly as they possibly can just with those they live with. And if you need to go out and do something, go out, get it done and come home," he told reporters.