COVID-19’s Impact on Michigan’s Small Businesses

By Kanika Ferency posted 12 days ago

  

As Michigan deals with Governor Gretchen Whitmer’s recent order for nonessential workers to Stay Home, Stay Safe, it is no surprise that small businesses are worried about the impact on their future. For attorneys who represent small businesses or attorneys who own small businesses, there is some available relief.

The Michigan Strategic Fund Board approved the creation of the Small Business Relief Program. This program will “provide up to $20 million in support for small businesses negatively impacted by COVID-19.” The funding will be divided equally between grants and loans to support the rapid decline of cash flow for these small businesses.

For more information on eligibility for loans and grants, see the Michigan Economic Development Corporation (MEDC) website. The application process is still being developed. However, the MEDC is expecting funds to be available no later than April 1, 2020.

Additionally, the U.S. Small Business Administration (SBA) has approved Governor Whitmer’s request for the statewide Economic Injury Disaster Loan (EIDL), opening up another “opportunity to small businesses to access low-interest loans from the SBA.” This designation allows Michigan businesses, agricultural cooperatives, and nonprofits that have suffered due to the COVID-19 outbreak to apply for low-interest loans “as part of $1 billion in funding made available to the SBA by Congress.”

For more information on the EIDL program, visit the SBA’s website

Local counties are also coming together to help businesses.  Oakland County Executive David Coulter and the Board of Commissioners announced plans to create a $3 million small business stabilization fund "to provide immediate help for small businesses impacted by the COVID-19 pandemic." For more information on the eligibility for grant support, visit Oakland County's website


#Business
#Covid-19
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