Application deadline April 1 for Michigan Small Business Relief Program

Posted

The Michigan Strategic Fund approved the Michigan Small Business Relief Program March 19 which will provide grants and loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce. 

Funds have been allocated from the state to Region 5 East, which includes Arenac, Bay, Midland, and Saginaw counties. 

“Small businesses across our state are facing unprecedented challenges as we take every step possible to mitigate the spread of coronavirus,” said Governor Gretchen Whitmer in a press release. “With this funding, we can provide real assistance to support our businesses, communities, entrepreneurs and workers around the state impacted by the tough, but necessary actions we are taking to mitigate the spread of this virus.”

Information for Grant Seekers: 

  • Eligible business requirements: 

  • A company in an industry outlined in Executive Order 2020-20, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, that meets one or more of the following: 

  • Provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or is a company that provides services to companies outlined in the EO and requires additional employees to support companies or employees impacted by EO; 

  • The company has 50 employees or less; 

  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of business; and 

  •  The company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak. 

  • The company needs to demonstrate that it was profitable prior to March 16, 2020. 

- Grants received must be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business. 

-Limited funds available with grant amounts starting at $1,000 

- Applications available March 27th and due April 1st at 5:00 pm 

- Awards will be distributed the week of April 6th. 

- To apply, visit https://form.jotform.com/200847960210147 


Information for Loan Seekers: 

• Eligible business requirements: 

  • The company is in an industry outlined in Executive Order 2020-20 (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned;

  •  The company has fewer than 100 employees; 

  •  The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business;

  •  The company can demonstrate that it is unable to access credit through alternative sources; 

  •  The company can demonstrate an income loss of as a result of Executive Order 2020-20. 

• Companies applying for loans will be referred to the MEDC by the local EDO after reviewing applications. 

• Applications available March 27th and due April 1st at 5:00 pm 

• Awards will be distributed the week of April 6th. 

• To apply, visit https://form.jotform.com/200847960210147 

“I would encourage any eligible business that has experienced hardship due to the impact of the COVID-19 virus to consider applying for a Small Business Relief grant,” said Stephanie Buffman, Director, Arenac County Economic Development Corporation. “In these trying times, we need to pull together and ensure that we can make a difference for our businesses in Arenac County. Anyone with questions is welcome to call me at 989-846-2111; or email sbuffman@michworks4u.org.”


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