The program will utilize $10 million in federal U.S. Housing and Urban Development (HUD) CARES Act funding to provide economic assistance to small businesses across Michigan. Of the $10 million, more than $3.5 million has been allocated to businesses in Macomb, Oakland, and Wayne counties.
The program is intended to meet the urgent need of the following types of businesses:
• restaurants and bars,
• lodging providers,
• live event venues and movie theaters,
• conference and meeting facilities,
• indoor recreation facilities, and
• gyms and fitness centers.
The grants under the program will support those businesses facing drastic reductions in cash flow and the continued support of their workforce and may be used for working capital to support the following:
• payroll expenses,
• mortgage payments, or
• utility expenses.
Grants will be awarded in the amount of up to $15,000 per eligible business on a “first-in” basis. To qualify for grant support, businesses must meet a number of criteria, including but not limited to:
- Being a business in one of the targeted industries;
- Identifying a need for payroll, rent, or mortgage payments, and/or utility expenses necessary to continue or restart business operations;
- Having at least two employees (including the owner) but fewer than 50;
- Be a for-profit business, per HUD guidance;
- Meet the HUD National Objective for Job Retention by retaining jobs that would otherwise be lost without assistance through employment verification;
- Additional eligibility requirements can be found on Michiganbusiness.org/relief.
In addition, applicants will be required to self-certify that they are following all state and local orders related to COVID-19, including, but not limited to, those issued by DHHS and county health departments. For the full list of requirements, visit here.
Information on how to apply – including application questions and instructions and a video tutorial on the application process – as well as eligibility criteria and program guidelines are available at www.michiganbusiness.org/relief.
Help is available
The business attorneys at O’Reilly Rancilio are available to answer your questions regarding business law in the COVID-19 era. For information, call 586-726-1000 or visit our website.