Michigan Small Business Restart Grant Program - The State of Michigan recently enacted legislation to spend funds allocated to the state under the CARES Act for response measures related to the COVID 19 pandemic. Within that legislation is $100 million for the Michigan Small Business Restart grant program. These funds will be made available through the Michigan Economic Development Corporation (MEDC). The Upper Peninsula will receive approximately $4.5 million for awards within our 15 counties.
The Michigan Small Business Restart Program will provide grants up to $20,000 to be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses (including those related to reopening) to support small businesses and nonprofits with 50 or fewer employees, that has not received a grant under the previous Michigan Small Business Relief program and can demonstrate it was affected by and incurred a loss from the COVID-19 emergency and can demonstrate that it needs working capital for eligible expenses between March 1 and December 30, 2020.
The MEDC will provide a single, statewide application starting Wednesday, July 15 at michiganbusiness.org/restart with applications taken through Wednesday, August 5. No financial statements will be required. Selection will be made regionally with the MEDC announcing awards no later than September 30, 2020. In addition, we are required to award 30% of funds to minority, women, and veteran-owned businesses. The total amount of funds we will be able to award will be based on satisfying this 30% requirement.
The Resilience Fund, which provides recovery grants and loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan. This fund is intended to assist geographically and demographically disadvantaged individuals.
The Michigan State Trade Expansion Program (MI-STEP), which offers financial assistance for exporting activities to eligible Michigan small businesses.
Metro Community Development Program, which aims to provide micro- and small business loans to Michigan businesses that have been most impacted by the COVID-19 outbreak, including restaurants, coffee houses, retail stores and service providers.