The Michigan Strategic Fund has approved a $100 million program that will provide grants to Michigan small businesses impacted by the COVID-19 virus. The online application can be found at www.michiganbusiness.org/restart beginning 9 a.m. July 15 and will close August 5, 2020 at 11:59 p.m.
Applicants can apply for up to $20,000 in grant funds and awardees will be announced no later than September 30, 2020.
Grants must be used for expenditures made between March 1, 2020 and Dec. 30, 2020 that meet the following criteria:
- Necessary expenditures incurred due to the public health emergency with respect to COVID-19 (such as resulting from employment or business interruptions due to COVID-19); and,
- Working capital for payroll, rent, mortgage payments, utility expenses, costs related to reopening a business or nonprofit, or other use authorized under the CARES Act.
Businesses and nonprofits with 50 or fewer employees—worldwide—based in Michigan that have not received a grant under the Michigan Small Business Relief Program from the participating Economic Development Organizations are eligible to apply. Businesses also must demonstrate the following:
- Part of an industry or nonprofit that can demonstrate it has been impacted by the COVID-19 emergency;
- A need for working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses; and,
- An income loss as result of the COVID-19 emergency as determined by the Michigan Strategic Fund (MSF).
At least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned or veteran-owned eligible businesses.
“We are working to build a runway for long-term economic recovery,” said Michigan Economic Development Corporation president and CEO Mark Burton during a July 14 briefing for statewide media organizations, including the Michigan Chronicle. During the media briefing, Burton also announced that grant applications will be reviewed and decided on by the participating economic development organizations. In the tri-county area those organizations are the Oakland County Economic Development Organization, Macomb County Planning And Economic Development, and Detroit Economic Growth Corporation (Wayne County). Small business owners with questions about the Michigan Small Business Restart Program grant application that are not answered at the application site www.michiganbusiness.org/restart are encouraged to reach out to the economic development organization serving the county where the business owner operates.
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