LANSING, MI-- It was announced Wednesday that the $100 million Michigan Small Business Restart Program will leverage federal funding through the CARES Act to help reduce the economic impact of the ongoing pandemic on Michigan small businesses and workers.
Businesses and nonprofits with 50 or fewer employees, worldwide, located in Michigan will be eligible for the grant funds. 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).
The online application process opened today at www.MichiganBusiness.org/Restart and will close August 5. Eligible businesses may apply for grants of up to $20,000. Awardees will be announced no later than September 30.
The $100 million will be administered by 15 local economic development organizations to support small businesses in all Michigan counties, with a minimum 30% of funding required to be awarded to eligible women-owned, minority-owned or veteran-owned businesses. Each organization will receive a base amount of $3.5 million for grants to small businesses within their areas, with the remaining funding being allocated based on the same model.
At least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned or veteran-owned eligible businesses. The MEDC anticipates that more than 5,000 businesses across the state will benefit from this program.
Click here to access the FAQ sheet for the Michigan Small Business Restart Program.
