4 Michigan Small Business Grants

Michigan Small Business Grants Michigan Small Business Grants

Michigan Small Business Grants

The Michigan Small Business Survival Program has helped over 60,000 small businesses with relief funding. The program has awarded nearly US$ 52.5 million in financial grants to small businesses across the state.

This program has supported Michigan small business grants to fulfill urgent business requirements. This is a great boost for small businesses in the state to recover from the drastic commercial effects of the global pandemic.

Under this program, numerous closed small businesses have received up to US$ 20,000 to reopen operations.

The program has helped numerous partially closed small businesses to keep operating with around US$ 15,000 in financial grants. Around 5% of the total funding was forwarded toward administrative costs of economic development organizations (EDOs).

Where to Find Michigan Small Business Grants?

Here’s a list of sources in Michigan for small business grants:

Where to Find Michigan Small Business Grants

Where to Find Michigan Small Business Grants

1 – Paycheck Protection Program Loan Forgiveness

The Paycheck Protection Program (PPP) Loan Forgiveness is designed to alleviate the burden of unpaid loans for small businesses.

First Draw PPP loans to eligible borrowers can be completely forgiven. This needs to be done within 8 to 24 weeks to cover the period after loan disbursement.

The eligibility criteria for First Draw PPP Loan Forgiveness require:

  • Maintaining employee and compensation levels
  • Spending loan amount on payroll costs and other business expenses
  • Spending around 60% of the loan amount on payroll costs

The Second Draw PPP Loan Forgiveness initiative is meant for eligible borrowers. They can qualify for full loan forgiveness when during the first 8 to 24 weeks of loan disbursement, in case they have:

  • Maintained employee and compensation levels as required by First Draw PPP loan
  • Spent loan amount to cover eligible business expenses, such as payroll costs, etc.
  • Spent at least 60% of the total loan amount to cover payroll costs for employees

To apply for PPP loan forgiveness, you need to first spend the entire loan amount. You can then apply for loan forgiveness any time before the maturity date of the loan. In case you fail to apply for loan forgiveness within 10 months of the covered period, then you will not get the benefits of loan forgiveness.

To learn further details of eligibility criteria and the application process for PPP loan forgiveness, you can visit the official website at https://directforgiveness.sba.gov/.

2 – Restaurant Revitalization Fund

The Restaurant Revitalization Fund (RRF) is provided under the American Rescue Plan Act. This program offers funds to help restaurants and other eligible businesses to continue business operations. This program offers restaurants and small businesses in Michigan funding equal to their pandemic-related revenue loss.

With this program, you can recover up to US$ 10 million per business. The program also offers around US$ 5 million, according to physical location too. Fund recipients are not required to repay the amount as long as the money has been used for legitimate business purposes.

Eligibility criteria apply for the Restaurant Revitalization Fund include:

  • Restaurants
  • Food trucks, food stands and food carts
  • Caterers
  • Saloons, bars, taverns and lounges
  • Nonalcoholic beverage and snack bars
  • Bakeries
  • Tasting rooms, brewpubs and taprooms
  • Microbreweries and breweries
  • Distilleries and wineries
  • Inns
  • Licensed beverage producers and sellers

To learn specific details of eligibility criteria and application guides, you can visit the official website at https://www.sba.gov/document/support-restaurant-revitalization-funding-program-guide.

3 – The Barstool Fund

The Barstool Fund offers a tax-deductible fund to support small businesses, especially through the pandemic period.

The organization has collected more than US$ 40 million through public fund-raising. It has more than 231,040 supported settled across Michigan and the US.

The contribution from The Barstool Fund has helped more than 440 small businesses to keep their operations running even after the devastating economic effects of the COVID-19 pandemic.

To learn more about the organization’s work, efforts and achievements, feel free to visit their official website at https://www.barstoolsports.com/the-barstool-fund.



4 – COVID-19 Economic Injury Disaster Loans

The US Small Business Administration (SBA) offers eligible small business owners and agriculture businesses loans at low-interest rates. Agriculture entities and small businesses with less than 500 employees are eligible for this relief loan.

These may include businesses that produce food and fiber, ranches, livestock breeders, aquaculture and other farming-related businesses.

To learn details of eligibility criteria, the application process and to apply for this small business loan, feel free to visit the official website at https://www.sba.gov/funding-programs/loans.

Conclusion

These are the top four places where you can get small business grants in Michigan. There are numerous local, state and federal-funded initiatives aimed at helping small businesses to recover from the devastating economic effects of the global pandemic.

You can learn about additional resources for small business grants with a quick online search or by visiting your community business development center.

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