Economic Development

The Paycheck Protection Program is a loan designed for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

• Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
• Loan maturity of 5 years.
• Learn More and Apply.
  
• View PDF Appliation

The CARES Act provides for a 6 month loan payment subsidy by the SBA on certain SBA loans made before March 27, 2020. 

• 7(a), 504, or microloans qualify. 
• Call your local lender to learn more. 

Refundable tax credits are available for private-sector employers that are required to offer coronavirus related paid leave to employees.

• The employer side of certain payroll taxes are deferred through the end of 2020. Deferred taxes will not become due until end of 2021 and end of 2022, with 50% of the liability being paid at each date.
• Any business that does not have a loan forgiven under the new SBA Paycheck Protection Program is eligible for the payroll tax deferral.
• Learn More.

"The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.

Qualifying employers must fall into one of two categories:

1. The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
2. The employer's gross receipts are below 50% of the comparable quarter in 2019. Once the employer's gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter."

In response to the COVID-19 crisis, The Michigan Economic Development Corporation, in conjunction with the Detroit-based crowdfunding platform, Patronicity, has developed “MI Local Biz”, a creative funding mechanism to offer quick access to capital for small local businesses in this great time of need. The MEDC will match crowdfunding raises on a 1:1 basis up to $5,000 for eligible small businesses experiencing economic challenges as a result of COVID-19.

Learn more. 

Access online coronavirus-related courses for law enforcement, fire/EMS, correctional officers, and city employees for free. 

COVID-19 Response & Recovery Grants for Public Safety

Learn More

"The MIOSHA Workplace Improvement to Safety and Health (MIWISH) Grant Program awards qualifying employers a dollar-for-dollar match – up to $5,000 – to purchase safety and health-related equipment and equipment-related training. The goal of the program is to create a safer and healthier work environment and reduce the risk of injury
and illness to workers in Michigan."

Qualifications Include:

• Have 250 employees or less, company-wide.
• Come under the jurisdiction of MIOSHA.
• Conduct a site-specific evaluation justifying the equipment
• purchase.
• Relate project directly to improvements that will lead to a
• reduction in the risk of injury or disease to employees.
• Have the knowledge and experience to complete the project
• and be committed to its implementation

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA), which provided additional flexibility for state unemployment insurance agencies and additional administrative funding to respond to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27. It expands states’ ability to provide unemployment insurance for many workers impacted by the COVID-19 pandemic, including for workers who are not ordinarily eligible for unemployment benefits. 

Learn More

Verizon is offering grants to help small businesses fill urgent financial gaps, especially for entrepreneurs of color, women-owned businesses and other enterprises in historically under-served communities who don’t have access to flexible, affordable capital.

• Grants up to $10,000
• Pay for rent, utilities, payroll, outstanding vendor debt, and/or other immediate operational costs. 
• Learn More and Apply. 
• View Also Verizon's Response to the COVID-19 Pandemic. 

MEDC Retooling Grant for industries capable of producing health & human service supplies, but need financial assistance in scaling or purchasing equipment. 

Use of Funds

• Acquiring necessary equipment to manufacture critical health supplies. 
• Logistics/shipping costs of securing equipment. 
• Technological upgrades. 
• Other costs related to creating new production lines. 

Grant Award
$10,000 - $150,000 per entity. Total allocation by MEDC for the program is $1M. 

Learn more. 

Michigan Entrepreneur Resilience Fund has secured funds to provide recovery grants and loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan. This fund is intended to assist geographically and demographically disadvantaged individuals.

The Michigan Entrepreneur Resilience Fund will provide two primary avenues of funding:

Grants: $1,000 – $5,000 grants to assist with reopening or pivoting your business.
Microloans: $5,000 – $10,000 loans with a 1-3 year repayment period. Loans are fixed rate (8%), fully amortizing, term loans.

Learn more.