The Michigan Economic Development Corporation (MEDC) announced yesterday they will use $20 million from the Michigan Strategic Fund to support small businesses facing hardship as a result of government actions taken to slow the spread of COVID-19. This is a recommendation the Michigan Chamber made to the Governor’s office and legislative leaders earlier this week.
The Michigan Small Business Relief Program will divide $20 million in relief funds evenly between small business grants and small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce. Funds for the program are expected to be available no later than April 1, 2020.
For more information on small business grants click here. For more information on small business loans click here.