SW Michigan First Accepting Small Business Relief Grant Apps
A little glimmer of hope for some local business hit hard by the shutdown of virtually everything in the state; Southwest Michigan First is now accepting applications for grant funds through the Michigan Economic Development Corporation's Small Business Relief Fund.
Southwest Michigan First reported today that on Thursday the region was awarded $800K in grants to assist businesses affected by COVID-19. The organization says that overall this "will provide up to $10 million in grant funding to one or more local economic development organizations or nonprofit economic development organizations to provide grants up to $10,000 to support certain small businesses statewide that have realized a significant financial hardship as a result of the COVID-19 outbreak."
Eligible Business means a business that:
- The company is in an industry outlined in Executive Order 2020-9, 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 to 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
(Source: Southwest Michigan First)