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Michigan Small Business Restart Program: A Potential Avenue of Support for Businesses as They Work to Recover from COVID-19 Pandemic
Application Period Open July 15th-August 5th

On July 7, 2020, the Michigan Strategic Fund approved a $100 million program to provide grants to small businesses around Michigan working to recover from the ongoing impacts of the COVID-19 virus. Grants of up to $20,000 each are available to support certain small businesses that have realized a significant financial hardship as a result of the pandemic.

The application will be live starting Wednesday, July 15th, at www.michiganbusiness.org/restart. Applications will be accepted through Wednesday, August 5th. Funds can be used as working capital to support payroll expenses, rent, mortgage payments, utility expenses, costs related to reopening a business, or other use authorized under the CARES Act. Expenditures made between March 1, 2020, and December 30, 2020, are eligible.

To qualify for grant support, businesses must meet the following criteria, based on statutory requirements for the program:

·       Is a business or nonprofit with 50 or fewer employees, worldwide, located in Michigan
·       Is a business or nonprofit that can demonstrate it is affected by the COVID-19 emergency
·       Needs working capital to support eligible expenses
·       Demonstrates an income loss as result of the COVID-19 emergency
·       Has not received a grant through the Michigan Strategic Fund’s Michigan Small Business Relief Program. Businesses who have received support through other COVID-19 relief programs, including the Michigan Small Business Relief Program loans, are eligible to apply for Restart grants.

Businesses in all 83 Michigan counties that meet the criteria are eligible to receive funds. At least 30 percent of the funds awarded under the program must be provided to women-owned, minority-owned, or veteran-owned eligible businesses. The MEDC anticipates that more than 5,000 Michigan businesses will benefit from this program.

Additional Information
·       Michigan Small Business Restart Program website

Source: Michigan Economic Development Corporation Press Release, “Michigan Small Business Restart Program to provide $100 million in grants for COVID-19 recovery efforts,” July 7, 2020
Tuesday, July 7, 2020

 
 
 
 

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