Michigan Business Restart Grant is Accepting Applications for New Funding
The state of Michigan wants to share the portion of funding from the CARES Act with eligible small businesses that have been adversely impacted economically by COVID-19. Small businesses will have access to $100 million in grant funding through the Michigan Small Business Restart Program.
Eligible businesses must have less than 50 employees. Small and medium businesses can apply for grants at a maximum of $20k. The most pleasant thing is that veterans, minorities, and women-owned businesses must have access to at least 30% of the funding available for the business grants.
For a company to be considered women-owned or veteran-owned, members, directors, or stakeholders must make up at least 51% of ownership. Minority-owned eligible businesses must have 51% of ownership from members who are Asian, Middle Eastern, African American, Native American, or Hispanic descent.
EDOs or the Economic Development Organizations have awarded 2,700 local businesses with funding from over 86 counties like Ottawa, Mason, Alpena, Kalamazoo, Oakland, and Macomb. The Michigan Small Business Relief grant has saved approximately 11,000 statewide jobs. Also, small area businesses have received $8 million in loans.
The Michigan State agriculture sector also has options for grants. The Michigan Agricultural Safety Grant Program has approved $15 million in grant funding to support local farms and the food production industry. The application portal has been available since July 15, 2020. Representatives can apply for grants at www.michiganbusiness.org/agasafety/.
Area nonprofits and businesses must have less than 50 employees located in Michigan and the worldwide employment sector. Companies must prove that:
- Parts of the company had been negatively impacted by COVID-19.
- The company has experienced income loss as a direct result of Coronavirus, according to the Michigan Strategic Fund.
- The company will use the funds to pay for rent, utilities, mortgage payments, and employee wages and salaries.
The Michigan Economic Development Corporation expects at least 5,000 statewide businesses will benefit from the program.
Representatives from each company must use the grant funds to pay for business expenses made from March 1, 2020, to December 30, 2020, for related costs authorized by the CARES Act.
The application process started on July 15, 2020, and applications will stop on August 5, 2020, right before midnight. If you have additional questions, contact the Michigan Small Business Relief Grant at (888) 522-0103 during regular business hours. Just in case you have specific questions about technical difficulties or documentation, email customer service at email@example.com.
Be prepared to upload your Business Certification Form and a W-9. In case your business has not completed a W-9, you can download a form at www.irs.gov/pub/irs-pdf/fw9.pdf. Preferences will be given to businesses that engage with:
- Economically disadvantaged children
- Senior citizens
- Ethnic minorities
- People with disabilities
Who Will Select the Grantees?
Local EDOs and the MEDC — Michigan Economic Development Corporation — will announce grant recipients by September 30, 2020. All eligible nonprofits are encouraged to apply. The 15 local EDOs will select the grant recipients for their counties. The EDOs are:
- Target Alpena
- Otsego County Economic Alliance
- Lakeshore Advantage
- Saginaw Future
- Middle Michigan Development Corporation
- Ann Arbor Spark
- Detroit Economic Growth Corporation
- Southwest Michigan First
- Oakland County
- Macomb County
- Lansing Economic Area Partnership
- Flint & Genesee Chamber
- Networks Northwest
- The Right Place
The $100 million in grant funds will be distributed among the 15 EDOs. It will be the same formula that was used to distribute funding for the Michigan Small Business Relief Program. Each local EDO will receive at least $3.5 million in funding.
The board will take into consideration the population for each EDO county, the total number of businesses impacted by COVID-19, and the number of businesses located in economically disenfranchised areas.
Public Disclosure of Grant Recipients
Per Michigan statute, the full disclosure of the guidelines, application process, and criteria are made available on michiganbusiness.org. Every month the state legislate receives reports of all the business grant recipients and each relative reward. The full public disclosure of all grant recipients and retained jobs will be available for viewing on michiganbusiness.org.
Other Featured Posts
Unprecedented Grant Funds For Nonprofits and Small Businesses
Unprecedented Grant Funds For Nonprofits and Small Businesses COVID-19 emergency response funds represent unprecedented philanthropic opportunities for nonprofits and small businesses serving their local communiti...READ MORE
What COVID-19 Grants Are In Store for Americans During 2020?
There's no question that the COVID-19 pandemic has wreaked havoc on the American economy, as well as economies around the world. As businesses were required to shut down by their governments, some businesses have h...READ MORE
Facebook Awards $40 Million in Small Business Grants
Covid-19 has been a thorn in the side of a functioning economy for months now. It has driven America into a recession, and most experts agree that the government’s $2.2 trillion stimulus plan is not anywhere near enough...READ MORE
San Diego Distributes $200,000 to Combat Isolation of Seniors
Since COVID-19 was declared a pandemic by the World Health Organization in early March, senior citizens have mostly been staying at home. Research has found that senior citizens are at an especially high risk of d...READ MORE