Good news for those small businesses in Michigan! Beginning July 15th, they can seek some financial relief for their business that may have been impacted by the Covid 19 pandemic. Further information can be found on their website (see below) or contact Sharon Souder at 248-351-1818 or Sharon@BaycoUSA.biz during regular business hours.
Michigan Small Business Restart Program
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.
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. 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).
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
There will be a single, statewide application for the Michigan Small Business Restart Program that will open on July 15, 2020 at 9:00 a.m. and close on August 5, 2020 at 11:59 pm. Applicants can apply for up to $20,000 in grant funds. To view the application questions, click here.
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:
The Michigan Small Business Restart Program is modeled after the Michigan Small Business Relief Program, approved on March 19 by the Michigan Strategic Fund to support small businesses impacted by the COVID-19 crisis.
Under the Michigan Small Business Relief grant program, local EDOs selected more than 2,700 businesses across the state covering all 83 counties that received grant support expected to retain approximately 11,000 jobs. To date, more than 130 small business loans totaling more than $8 million have also been approved.