In response to the economic impact of COVID-19, the State of Michigan has allocated $100 million of CARES Act funding to implement the Michigan Small Business Restart Program to support the needs of Michigan Businesses directly impacted by COVID-19. The application for businesses to apply for funding will open on July 15, 2020.
In an effort to continue to support small businesses, the Michigan Small Business Restart Program will provide funding to local economic development organizations (EDOs) who will provide grants to eligible small businesses that have been negatively impacted by COVID-19 and need working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses.
The partnering EDOs are listed below and cover all 83 counties in Michigan.
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 much 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).
Additionally, 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.
Partnering Local Economic Development Organizations
The Michigan Strategic Fund approved the distribution of grant funding across 15 local or nonprofit economic development organizations (EDOs) covering all 83 counties in the state. Participating EDOs are listed below.
Local EDO Funding Amount (Dollars):
1. Invest UP $4,545,455
2. Networks Northwest $4,545,455
3. Otsego County Economic Alliance $3,500,000
4. Target Alpena $3,500,000
5. The Right Place $9,545,455
6. Lakeshore Advantage $3,500,000
7. Middle Michigan Development Corporation $3,500,000
8. Saginaw Future $3,545,455
9. Flint & Genesee Chamber $8,045,455
10. Lansing Area Economic Partnership $5,545,455
11. Southwest Michigan First $7,545,455
12. Ann Arbor Spark $8,545,455
13. Oakland County $11,045,455
14. Macomb County $7,545,455
15. Detroit Economic Growth Corporation $15,545,450
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.
Frequently Asked Questions and Program Guidelines
Please review the following for more information:
Frequently Asked Questions
Michigan Small Business Restart Program Guidelines
Press Release: Michigan Small Business Restart Program to provide $100 million in grants …