skip to main content
X

ECONOMIC ASSISTANCE FOR MICHIGAN SMALL BUSINESSES

ECONOMIC ASSISTANCE FOR MICHIGAN SMALL BUSINESSES

The Michigan Strategic Fund has approved economic assistance for small businesses around Michigan that have been negatively impacted by the COVID-19 virus. The Small Business Relief Program authorizes the MEDC to provide up to $20 million in support for small businesses, divided equally in the form of small business grants and loans. Funds for the program are expected to be available no later than April 1, 2020. Additional details on how to apply will be forthcoming.

To qualify for grant support, businesses must meet the following criteria:

  • The company is in an industry affected by Whitmer’s executive orders or can demonstrate it is otherwise affected by the COVID-19 outbreak
  • The company has 50 employees or less
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business

To qualify for loan support, businesses must meet the following criteria:

  • The company is in an industry affected by Whitmer’s executive orders or can demonstrate it is otherwise affected by the COVID-19 outbreak
  • The company has fewer than 100 employees
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business;
  • The company can demonstrate that it is unable to access credit through alternative sources

Additional information can be found at: www.michiganbusiness.org/covid19/

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.