The Michigan legislature set aside $100 million of federal stimulus money to be used for small business startup grants. Applications will be available starting July 15th.
Businesses and nonprofits with 50 or fewer employees, worldwide, located in Michigan who have NOT received a grant under the Michigan Small Business Relief Program (MSBRP) are eligible to apply. Businesses must also demonstrate the following:
- Part of an industry or nonprofit that can demonstrate it has been impacted by the COVID-19 emergency
- Needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses
- Demonstrates an income loss as result of the COVID-19 emergency as determined by the Michigan Strategic Fund (MSF).
There will be a single, statewide application for the Michigan Small Business Restart Program that will open on July 15, 2020 and run through August 5, 2020. Applicants can apply for up to $20,000 in grant funds.
Grants must be used for expenditures made between March 1, 2020 and December 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)
- Working capital to support payroll expenses, rent, mortgage payments, utility expenses, costs related to reopening a business or nonprofit, or other use authorized under the CARES Act.
For more information please go to the Michigan Economic Development Corporation’s Small Business Restart Program website: https://www.michiganbusiness.org/about-medc/covid19/restart/ or email Dan Papineau at dpapineau@michamber.com