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Economic Development
Welcome to Taylor’s Economic Development page, where you will find an array of reasons to start your business in our city along with fruitful resources at your fingertips. Taylor is a growing city that would like to invite you in on new economic opportunities.
For Businesses and Individuals Affected by COVID-19
Here in our Economic Development department, we understand the dramatic impact the COVID-19 pandemic has created for businesses throughout the Michigan and U.S. Economy so that is why we have been keeping up with the latest incentives and resources that may help you. Below is an array of new tools set up for businesses strugling in these unprecedented times. Please contact us with any questions as we are in this together.
Stay healthy. Stay safe. Stay informed.
- Economic Injury Disaster Loan (EIDL) Grant
- Paycheck Protection Program (PPP)
- SBA Loan Subsidy
- Tax Credits for Small Businesses
- Employee Retention Credit
- MI Local Biz | COVID-19 Small Business Support Program
- Coronavirus Learning and Policy for Businesses and Individuals
- MIWISH Grant Workplace Improvement for Health and Safety
- Unemployment Insurance Relief
- Resilience Microloan and Grant Fund
- Weatherization Grant for Small Businesses
The EIDL grant is initially a loan where businesses temporarily impacted by COVID-19 can receive $10,000 of emergency funds within three days that does not have to be paid back, while the remainder of the working capital loan amount must be.
- $10,000 loan advance
- Working capital loans up to $2 million.
- Learn More and Apply
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:
- The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
- 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.
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:
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
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.
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.
New Grants for Qualified Small Businesses
At Least $3,000,000 in Funds Now Available
The Michigan Department of Labor and Economic Opportunity (LEO) is providing federal CARES Act funds to help qualifying small businesses expand their capacity by adding weatherized, temporary outdoor facilities.
Who is eligible? Commercial firms and nonprofits with 50 or fewer full-time equivalent employees in these industries:
At Least $3,000,000 in Funds Now Available
The Michigan Department of Labor and Economic Opportunity (LEO) is providing federal CARES Act funds to help qualifying small businesses expand their capacity by adding weatherized, temporary outdoor facilities.
Who is eligible? Commercial firms and nonprofits with 50 or fewer full-time equivalent employees in these industries:
- Restaurants and/or bars
- Banquet centers
- Retail stores
- Gyms and fitness centers
- Local governments, including cities, townships, villages and counties that provide common space for businesses
- Commercial property owners who provide common space for tenants