Information provided on Michigan’s small business relief program
MARQUETTE — As announced earlier this month, the Michigan Economic Development Corporation has created the Michigan Small Business Relief Program, which includes $10 million of grant funding to be provided to eligible businesses throughout the state.
The Upper Peninsula was awarded $500,000 of that grant funding. For full information outlining the criteria, process, and timeline can be found at www.update906.com.
For a business to be eligible for a Michigan Small Business Relief Program grant application, it must meet the following initial criteria: 1) Provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or is a company that provides services to companies outlined in the Executive Order (EO) and requires additional employees to support companies or employees impacted by EO; 2) the company has 50 employees or fewer; 3) 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; and 4) the company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak.
In the Upper Peninsula, questions about eligibility and grant applications for the Michigan Small Business Relief Program is available from the respective local economic development organization in the city or county in which the business is located
A complete list of local EDO contacts can be found at https://update906.com/local-economic-contacts.
Grant applications are due within the next week.
“We recognize the depth and breadth of the small businesses across the U.P. that have been impacted by COVID-19,” stated Marty Fittante, CEO, InvestUP. “This is a starting point, and we know there will be many more applicants than recipients.. While we are grateful to the state and the MEDC for making this grant money available, unfortunately the funds won’t come close to stretching far enough. Yet, because the funding is imperative to those that will receive it, there is a commitment to get applications processed as quickly as possible in coordination with our local economic development partners, who have been doing such important work to help businesses across Upper Michigan.”
Additional information about the Michigan Small Business Relief Loan Program will be forthcoming.
For other relief programs available as well additional resources, please go to www.Update906.com.