Businesses, nonprofits can obtain state restart grants
LANSING — Michigan’s small businesses and nonprofits working to recover from the ongoing impact of the COVID-19 virus can now apply for grants of up to $20,000 through the Michigan Small Business Restart Program, the Michigan Economic Development Corporation announced Wednesday.
The Upper Peninsula has been allocated $4,545,455 to be administered throughout all 15 counties.
Statewide, the program will provide $100 million in economic assistance to Michigan’s small businesses and nonprofits and in turn, help support workers and their families facing economic uncertainty during the outbreak. Information on how to apply, as well as eligibility criteria and program guidelines are available at michiganbusiness.org/restart.
“The Michigan Small Business Restart Program puts federal funding to work for small businesses in Michigan hardest hit by the impact of COVID-19, helping to ensure they can keep their doors open and put critical protections in place for their workers and their customers,” said Gov. Gretchen Whitmer.
Approved by the Michigan Strategic Fund on July 7, the program allocates federal CARES Act funding to provide support to Michigan’s small businesses and nonprofits that are reopening and have experienced a loss of income as a result of the COVID-19 crisis. The funding will be distributed across 15 local or nonprofit economic development organizations covering all 83 counties in the state for grants up to $20,000.
To qualify for grant support, businesses must meet the following criteria, based on statutory requirements for the program:
— Is a business or nonprofit that can demonstrate it is affected by the COVID-19 emergency
— Needs working capital to support eligible expenses
— Demonstrates an income loss as result of the COVID-19 emergency
— Additionally, at least 30% of the funds awarded under the program must be provided to women-owned, minority-owned or veteran-owned eligible businesses.