In repsonse to the economic impact of COVID-19, the State of Michigan has allocated $100 million of CARES Act funding to implement the Michigan Small Business Restart Program to support the needs of Michigan businesses directly impacted by COVID-19. In an effort to continue to support small businesses, the Michigan Small Business Restart Program will provide funding to local exonomic development organizations (EDO’s) who will provide grants to eligible small businesses that have been negatively impacted by COVID-19 and need working capital to support expenses. The partnering EDO’s for the West Michigan Veterans Coalition are The Right Place – Barry, Ionia, Kent, Lake, Mason, Mecosta, Moncalm, Muskegon, Newaygo, Oceana, and Osceola counties and Lakeshore Advantage – Allegan and Ottawa counties.
To be eligible for the grant you must be a business or nonprofit with 50 or fewer employees, worldwide, located in Michigan. Businesses must also demonstrate the following:
- Part of an industry or nonprofit that can demonstate it has been impacted by the COVID-19 emergency.
- Needs working capital to support payroll expenses, renet, mortgage payments, utility expenses or other similar expenses
- Demonstrate an income loss as result of the COVID-19 emergency as determined by the Michigan Strategic Fund (MSF)
Additonally, at least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned, or veteran-owned elgible businesses.
For more information or to apply go to https://www.michiganbusiness.org/restart/. Deadline to apply is August 5, 2020.