$10 Million to be Distributed to Small Business Across Michigan
MERIDIAN TOWNSHIP - The Michigan Economic Development Corporation (MEDC) announced the Pure Michigan Small Business Relief Initiative in a Nov. 30 press release. The relief will help support small businesses that have suffered from the COVID-19 pandemic. Money from the federal CARES Act will be used for the Small Business Relief Initiative.
$10 million will be awarded to over 600 small businesses across Michigan. The state is divided into 10 regions. Funds will be distributed to each region based on the population of the counties and the number of businesses impacted by COVID-19 in that region. The money allocated for each region ranges from $400,000 to over $3 million.
The Michigan Municipal League Foundation, a non-profit organization, will be the grant administrator for the initiative. They are responsible for reviewing the applications, checking for eligibility, and allocating funds to business.
The MEDC had applications for non-profit organizations to apply to be grant administrators. Having a grant administrator will help speed up the process for distributing funds to applicants. “We really understand that there is the need and an urgency to get dollars into the hands of small businesses as quickly as possible,” said Suzanne Perreault, small business coordinator for MEDC.
Grants will be given on a first come, first serve basis to small businesses that meet the criteria for the grant. Small businesses will indicate how much money they are requesting on the application. Applicants can apply for up to $15,000 to be used for payroll, rent/mortgage payments, utility expenses, and etc.
Businesses that fall in these categories are eligible for the grant:
-Restaurants, bars and other food and beverage service providers
-Travel and tourism destinations including lodging providers and hospitality businesses
-Live event venues and movie theaters
-Conference and meeting facilities
-Ice skating rinks, indoor water parks and bowling centers
-Gyms, fitness centers and indoor recreation facilities
Businesses must also meet certain criteria to be considered for grant money including but not limited to:
-Must be in compliance with all State and local orders related to COVID-19, including, but not limited, to the Michigan Department of Health and Human Services
-Be a for-profit entity (i.e., a sole proprietorship, partnership, corporation, or LLC)
-Have a physical establishment in the Michigan County of Application and is NOT a home-based business
-Provide goods or services to multiple clients or customers
The Pure Michigan Small Business Relief Initiative is the 20th program that the MEDC launched to support small businesses since the start of the pandemic. Other programs included the Michigan Entrepreneurial Relief Fund and the Michigan Small Business Restart Grant Program.
Small businesses that meet all the criteria can apply for the grant at michiganbusiness.org/relief. The application will open on Dec.15 at 9 a.m. ET.
“I think it is very likely that the window could close pretty quickly. So I think it's really important that we stress to businesses the importance of understanding what's in the application, understanding if they would be eligible and really get them into the pipeline to apply very quickly on that first day,” said Perreault.
More information about The Pure Michigan Small Business Relief Initiative can be found on michiganbusiness/relief.org