Grants are targeted to small businesses hit hardest by forced shutdowns and limited occupancy
The Michigan Economic Development Corporation (MEDC) has approved $10 million in grants targeted to small businesses hit hardest by forced shutdowns and limited occupancy due to the governor’s coronavirus restrictions. The “Pure Michigan Small Business Relief Initiative” will be financed with remaining federal CARES Act funds. The maximum grant amount will be $15,000 per qualified business. Applications for businesses to apply will open on December 15, 2020.
Grants will be awarded in the amount of up to $15,000 per eligible business on a “first-in” basis. Grant funds will assist eligible small businesses directly impacted by COVID-19 meet urgent working capital needs including payroll expenses, rent or mortgage payments and utility expenses in the following 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 and bowling centers
- Gyms and fitness centers
To qualify for grant support, businesses must meet eligibility criteria including but not limited to:
- Being a business in one of the targeted industries listed above
- 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
- Be current or in a payment plan on all local, state, and federal taxes due through 1/1/2020
- Have an active and valid state license(s)/registration(s), if applicable
- Is not an adverse party to litigation involving the state or municipality
- Business or business owner has not filed for bankruptcy in the last 10 years
- Can identify a need for payroll, rent or mortgage payments, and/or utility expenses necessary to continue/restart business operations relative to the total grant amount
- Had annual gross revenues in 2019 greater than $25,000
- Has at least two employees, including the owner(s)
- Has fewer than 50 employees (including full-time, part-time, and owner(s) on a world-wide basis)
Further details including eligibility criteria can be found HERE
