Applications are live for the $100 million Michigan Small Business Restart Program, a new grant program aimed at providing relief for small businesses and nonprofits as they work to recover from and mitigate risks of the COVID-19 virus.
Grants are available for up to $20,000 each to support certain small businesses that have realized a significant financial hardship as a result of the virus. Additionally, at least 30 percent of the funds awarded under the program must be provided to women-owned, minority-owned or veteran-owned eligible businesses.
The Michigan Small Business Restart Program application period is live through Aug. 5 at michiganbusiness.org/restart and all applications received during that three week period will receive consideration; grants will be awarded after the close of the application period. Funds can be used as working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses.
Approved by the Michigan Strategic Fund on July 7, the Michigan Small Business Restart Program allocates $100 million of 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. The Michigan Economic Development Corporation anticipates that more than 5,000 businesses across the state will benefit from this program.