LANSING, Mich. (WJMN) – Small businesses impacted by the COVID-19 pandemic can now apply for grants and loans through the Michigan Small Business Relief Program.
The Michigan Economic Development Corporation announced that up to $20 million is available to help support workers and their families facing economic uncertainty during this time. These funds cover all 83 counties in Michigan.
Small businesses that are facing drastic reductions in cash flow can use the funds for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.
“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. “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.”
Key information to know about the application process includes:
- There is one application, regardless of whether a business is applying for a grant or a loan. A business may receive a grant or a loan, but not both.
- Businesses who do not receive grants may still be considered for loans.
- The grants will be administrated by 15 regional economic development organizations throughout the state, which combined cover all 83 counties in Michigan.
- All applications or recommendations for Michigan Small Business Relief Program loans will be referred from the partner EDOs to the MEDC for evaluation and disbursement.
- Businesses should go to https://www.michiganbusiness.org/covid19/ to apply.