Small Businesses and Nonprofits Could Possibly Receive New COVID-19 Relief Grant
MICHIGAN - Nonprofits and small businesses in Michigan will be able to qualify for up to $20,000 in grant money through the Michigan Small Business Restart Program for COVID-19 relief.
The Michigan Strategic Fund approved the program on July 7, allocating $100 million in CARES Act funding from the federal level to go to struggling small businesses and nonprofits to make up for financial losses from the coronavirus pandemic.
Fifteen economic development organizations across the state will cover all 83 counties in Michigan. Lansing Economic Area Partnership has been granted $5,545,455 to distribute grants to Clinton, Eaton and Ingham counties. The Michigan Economic Development Corporation expects that more than 5,000 companies will benefit from these grants.
To qualify, businesses and nonprofits must have fewer than 50 employees, be in need of the money for expense reasons and demonstrate that they have experienced a loss of income because of pandemic reasons. In addition, 30% of the funds are required to be allocated to businesses or nonprofits where women, minorities and/or veterans own more than 51% of the company.
Businesses and nonprofits who have grants that have been approved or received from the Michigan Small Business Relief Program from March 19 are ineligible for the Michigan Small Business Restart Program grants.
Applications can be applied for today, July 15, but will not be awarded on a first-come, first-serve basis. Applications will close on August 5 at 11:59 p.m. The grants will then be announced sometime after the 5th, but no later than September 30, 2020.