Michigan Small Businesses Get $15K From Relief Initiative
On November 30th, the MEDC announced that the Michigan Strategic Fund approved the funding of up to $10 million to assist small businesses disproportionately impacted by COVID -19. The “Pure Michigan Small Business Relief Initiative” will utilize Federal CARES Act monies to award up to $15,000 each to Michigan small businesses.
This grant program arrives just as certain businesses, such as restaurants, bars, theaters, and gyms have been ordered closed for three weeks by the MDHHS. There remains an abundance of uncertainty about when or if the three-week order will be lifted. The Pure Michigan program appears to be a small lifeline for now until larger assistance or other programs become available.
How to Apply For Pure Michigan Small Business Relief Funds
Applications will become available just prior to Tuesday, December 15th and funds will be awarded on a first come first serve basis. There are targeted fund allocations to each of the state’s 10 prosperity regions.
To qualify, businesses must meet a number of criteria “including but not limited to":
- Be in one of these targeted industries:
- Restaurants, bars, and other food and beverage service providers;
- Travel and tourism destinations including lodging providers;
- Live event venues and movie theaters; conference and meeting facilities;
- Ice skating rinks; indoor water parks; bowling centers; gyms and fitness centers
- Be able to identify a need for payroll, rent, mortgage or utility expenses
- Have at least two employees, including the owner, but not more than 50
- Have a physical establishment (home-based businesses will not qualify )
- Have at least $25,000 in sales
- Self-certify that all state and local orders related to COVID-19 are being followed
There are additional requirements that can be found here.
As always, MRPR stands ready to assist with securing funding for your business. We can also help you navigate any uncertainties you might be facing as a business owner, COVID-related, or otherwise. Please contact us for more information.