Pure Michigan Small Business Relief Initiative - GRANTS available up to $15,000
Pure Michigan Small Business Relief Initiative - GRANTS up to $15,000
Yesterday the Michigan Strategic Fund approved a $10 million grant program to help meet the urgent needs of small businesses disproportionately impacted the COVID-19 virus, the Michigan Economic Development Corporation announced. The Pure Michigan Small Business Relief Initiative will utilize federal CARES Act funding to award grants of up to $15,000 to at least 670 small businesses across Michigan. Applications for businesses to apply will open on December 15, 2020. Check this link for application information.
Grant Information for Small Businesses
Grants will be awarded in the amount up to $15,000 per eligible business on a "first-in" basis. Grant funds will assist eligible small businesses directly impacted by COVID-19 to meet urgent working capital needs including payroll expenses, rent or mortgage payments and utility expenses in the following industries:
- Restaurants, bars and other food and beverage service providers
- Travel and tourism destinations including lodging providers
- Live event venues and movie theaters
- Conference and meeting facilities
- Ice skating rinks, indoor water parks and bowling centers
- Gyms and fitness centers
To qualify for grant support, businesses must meet eligibility criteria including but not limited to:
- Being a business in one of the targeted industries listed above
- Must be in compliance with all State and local orders related to COVID-19, including, but not limited, to the Michigan Department of Health and Human Services
- Be a for-profit entity (i.e., a sole proprietorship, partnership, corporation, or LLC)
- Have a physical establishment in the Michigan County of Application and is NOT a home-based business
- Provide goods or services to multiple clients or customers
- Be current, or in a payment plan, on all local, state, and federal taxes due through 1/1/2020
- Have an active and valid state license(s)/registration(s), if applicable
- Is not an adverse party to litigation involving the State or municipality
- Business or Business owner has not filed for bankruptcy in the last 10 years
- Can identify a need for payroll, rent or mortgage payments, and/or utility expenses necessary to continue/restart business operations relative to the total grant amount
- Had annual gross revenues in 2019 greater than $25,000
- Has at least two employees, including the owner(s)
- Has fewer than 50 employees (including full-time, part-time, and owner(s) on a world-wide basis)
Additional Eligibility Criteria
Finally, the business must meet a National Objective required by the Department of Housing and Urban Development (HUD).
- In order to qualify for the Initiative, the business must employ at least one employee or position that meets the low to moderate-income (LMI) limits and the grant must assist with the retention of that at-risk employee.
- There are two scenarios for the business to meet the HUD National Objective. The business owner will identify in the Application that one of the following two statements is true.
- Scenario 1- The business owner certifies that employees retained as a result of this assistance are identified as having the type of job and the annual wages, or salary, that qualify as low to moderate-income per HUD.
- Scenario 2 - The business owner operates a Microenterprise defined as a commercial enterprise that has five or fewer employees, one or more of whom owns the enterprise, and that the business owner individually qualifies per HUD as low to moderate-income.
Ineligible businesses: non-profits, franchises, real estate rentals/sales businesses, home-based businesses with no employees; businesses owned by persons under the age of 18, liquor stores, weapons/firearms dealers, lobbyist, persons operating as independent consultants/contractors and providing services to a single entity, home-based businesses that are restricted to patrons below the age of 18, marijuana-related businesses.
For the full list of requirements and for more information, please review the following documents: