LANSING, Mich. — Over $100 million in grants will be making their way to Michigan small businesses during the coronavirus pandemic thanks to a program from the Michigan Strategic Fund.
Funding from the CARES Act helped establish the Michigan Small Business Restart Program last week to support small businesses in the state that are reopening and facing loss of income because of the pandemic, according to a news release.
Grants up to $20,000 are available and will be distributed through 15 local or nonprofit economic development associations, the Michigan Strategic Fund said.
Businesses may use the funding for payroll expenses, rent, mortgage payments, utilities and other similar expenses, according to the release.
The applicationgoes live July 15 and will close Aug. 5.
Businesses must meet the following requirements to qualify:
- Be able to demonstrate it has been impacted by the COVID-19 emergency
- Demonstrate income loss due to the emergency
- Must not have received a prior grant (not a loan) through the Michigan Small Business Restart Program
At least 30% of the funding will be awarded to women-owned, minority-owned and veteran-owned businesses, according to the release.
“This program leverages federal dollars to bring relief to entrepreneurs struggling with the effects of this global pandemic in a thoughtful way – including working through local EDOs to ensure resources are distributed in the most equitable and effective way for each region in the state,” said Brian Calley, president of the Small Business Association of Michigan.