Michigan Authorizes $115M For Businesses Hurt By Pandemic
Michigan’s economic development board on Tuesday authorized a $115 million grant program for small businesses, nonprofits, farms and agricultural processors hurt by the coronavirus pandemic.
Entities can start applying July 15. The state will disburse the funding — a portion of $880 million in federal rescue aid signed last week by Gov. Gretchen Whitmer — to 15 local economic development organizations, which will in turn give it to eligible businesses and nonprofits.
To qualify for $100 million for small businesses and nonprofits, an applicant must have no more than 50 employees and not have received grants through a $10 million relief program created in March. The maximum grant is $20,000. At least 30% of the funds must go to businesses owned by women, minorities or veterans.
There also is $10 million for agricultural processors and $5 million for farms, which will cover maximum $1,000 grants per employee for COVID-19 costs such as testing, personal protection equipment and housing needs. To qualify, the businesses must have at least 10 employees.
The agriculture-specific funding is first come, first served. The other funding is not.
The programs are the “next step towards ensuring Michigan small businesses and workers receive the support and resources they need to not only survive this outbreak but to continue thriving into the future,” said Mark Burton, CEO of the Michigan Economic Development Corp.