Over 600 Michigan bar and restaurant owners can now access $3.3 million in financial assistance. Governor Whitmer signed an executive order for a spirits buyback program through the Michigan Liquor Control Commission (MLCC).
“I know the financial losses have been incredibly devastating to business owners in the hospitality industry during this COVID-19 pandemic,” said Whitmer. “I am pleased that through this innovative program, we can provide much-needed cash to hundreds of Michigan’s bars and restaurants that are struggling right now, to help tide them over until they’re open for business again.”
The $3.3 million averages out to just over $5,000 per owner.
One requirement for the buyback is that spirits must have been ordered prior to March 16, 2020. Owners can maintain possession of products. Bars and restaurants have 90 days after emergency declarations are lifted to repurchase the inventory by selling it when they’re back open for business and pay the MLCC back interest free.
“The Commission is proud to be a part of the governor’s one-of a kind liquor buyback,” said MLCC Chair Pat Gagliardi. “We’re extremely pleased to provide these neighborhood bars and restaurants across Michigan a financial lifeline they can count on in these uncertain times.”