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/