As the financial and economic impact of the pandemic continues to hit businesses, Michigan has made $100 million from the CARES Act available as grants through the Michigan Small Business Restart Program.
But with an application due date of August 5, 2020, interested organizations need to act now.
Who can apply?
Businesses and nonprofits with 50 or fewer total employees – not FTEs – located in the geographic coverage area that can demonstrate:
- They are a business or nonprofit that is affected by the Covid-19 emergency and have income loss as a result of the pandemic.
- They need working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar eligible expenses.
Awardees will be announced by September 30, 2020.
Per the Michigan Economic Development Corporation, grants must be used for expenditures made between March 1, 2020 and December 30, 2020 that meet the following criteria:
Necessary expenditures incurred due to the public health emergency with respect to Covid-19 (such as resulting from employment or business interruptions due to Covid-19), and working capital to support payroll expenses, rent, mortgage payments, utility expenses, costs related to reopening a business or nonprofit, or other use authorized under the CARES Act.
CSH can assist your business in qualifying and applying for this program. We have significant experience with both state and federal funding programs that can help streamline your process and enhance the likelihood of funding. Please reach out to your CSH advisor or contact us with questions.