skip to main content
X

MICHIGAN SMALL BUSINESS RESTART PROGRAM INCLUDES $100M FOR SMALL BUSINESSES

MICHIGAN SMALL BUSINESS RESTART PROGRAM INCLUDES $100M FOR SMALL BUSINESSES

The Michigan Strategic Fund has approved $100 million in grant funding for small businesses working to recover from the ongoing impact of COVID-19. The Michigan Small Business Restart Program was created with funds appropriated from the CARES Act to help small businesses that are reopening. 

The application period will open Wednesday, July 15 and run through Wednesday, August 5. Funds can be used as working capital to support payroll, rent, mortgage payments, utilities or other similar expenses. Grants will be for up to $20,000 to support certain small businesses that have realized significant financial hardship.

To qualify for grant support your business must meet the following requirements:

  • Business or nonprofit (with 50 or fewer employees) that can demonstrate it has been impacted by COVID-19
  • Needs working capital to support eligible expenses
  • Demonstrates income loss due to COVID-19
  • Has not received a grant though Michigan Strategic Fund’s Michigan Small Business Relief Program. Businesses that have received support via other COVID-19 relief programs including the Michigan Small Business Relief Program loans are eligible for restart grants.

At least 30 percent of the funds will be awarded to women-owned, minority-owned or veteran-owned eligible businesses. A monthly report will be provided to the legislature that includes a listing of grants awarded in the month prior and the name of the recipient of the grant under the provided program.

Additionally, the Michigan Strategic Fund has approved $15 million for the Michigan Agricultural Safety Grant Program to support agricultural processors and farms. The program supports COVID-19 monitoring and mitigation strategies to protect employees and the state’s overall food production industry.

For more information on the Michigan Restart Program, click here.

 

 

Hide Firm Disclaimer

©2020 UHY LLP. ALL RIGHTS RESERVED.

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.