Michigan business owners and residents suffering from the economic effects of the coronavirus pandemic can expect to see more targeted relief programs, as CARES Act funds filter into the state for local administration and development organizations create geographically-specific grants. Applicants should apply as soon as possible, as many programs will award funds in the order in which the applications are received. Grants will be provided until the funds are exhausted, and complete and accurate information on the application is essential.
GRANTS FOR OAKLAND COUNTY RESIDENTS AND BUSINESSES [1]:
Oakland Together Small Business Recovery Grant: [2] Grants of $2,500-$10,000; deadline is August 24, 2020.
Eligibility includes:
- Physical location in Oakland County
- 100 or less employees
- Loss of revenue, or operated at a reduced level of production/sales/employment/service, or have temporarily closed all operations and now in the process of reopening.
COVID-19 Rent, Mortgage & Utility Relief Program: [3] Grants of up to $15,000 (limits apply based on income thresholds); deadline is August 31, 2020, with a second phase of applications accepted from October 1 to November 20, 2020.
Eligibility includes:
- Resident of Oakland County
- Employment or income has been impacted by COVID pandemic
- Household unable to pay rent, mortgage or utilities due to COVID related hardship
- Liquid assets of $10,000 or less
GRANTS FOR WAYNE COUNTY BUSINESSES [4]:
Wayne County Back to Work Small Business Grant Program Round 2 [5]: Grants of up to $20,000; deadline is August 5, 2020.
Eligibility includes:
- Less than 50 FTE employees
- Business has been in existence for at least 1 year
- Business is current with their tax obligations
- Business was profitable pre-Covid
- Business can demonstrate a loss in revenue or income during April and May 2020 as compared to previous months or same period in the prior year
GRANTS FOR MICHIGAN BUSINESSES [4]:
Michigan Small Business Restart Program: [6] Grants of up to $20,000; deadline is August 5, 2020.
Eligibility includes:
- 50 or less employees
- Need working capital for payroll, rent, mortgage, utility or other similar expenses
- Demonstrate an income loss as a result of COVID-19
Some cities and townships also have grant programs and business owners and residents should look into those as well. For more information on grant programs that could fit you or your business, or for help completing an application, please schedule an initial consultation with a ShindelRock accounting professional at www.calendly.com/shindelrock [7].