Beginning December 15th, eligible businesses facing financial hardships due to the virus can apply for up to $15,000 in grants through The Pure Michigan Small Business Relief Initiative. Small businesses supported by the Initiative include but are not limited to restaurants, bars, live event venues, movie theaters, conference/meeting facilities, gyms and fitness centers.
According to the Michigan Economic Development Corporation, to qualify for grant support, businesses must meet certain criteria, including but not limited to:
- Being a business in one of targeted industries;
- Identifying a need for payroll, rent, or mortgage payments, and/or utility expenses necessary to continue or restart business operations;
- Having at least two employees (including the owner) but fewer than 50;
Additional eligibility requirements can be found on Michiganbusiness.org/relief. Funds from the grants may be used for working capital to support payroll expenses, rent, mortgage payments, or utility expenses and will be awarded on a first come, first serve basis. The application window will close once the targeted allocations within each region have been met.
For more detailed information pertaining to The Pure Michigan Small Business Relief Initiative please visit Michiganbusiness.org/relief.
If you have questions or are seeking further explanation, please reach out to your AHP contact or call 1-888-754-8478.
Any accounting, business, or tax advice contained in this communication, including attachments and links to outside sources, is not intended as a thorough analysis of specific issues, nor a substitute for a formal opinion, nor was it written to be used to avoid tax related penalties.