Businesses and nonprofits with 50 or fewer employees, worldwide, located in Michigan. Businesses must also demonstrate the following:
- Part of an industry or nonprofit that can demonstrate it has been impacted by the COVID-19 emergency
- Needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses
- Demonstrates an income loss as result of the COVID-19 emergency as determined by the Michigan Strategic Fund (MSF).
Additionally, at least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned or veteran-owned eligible businesses. The MEDC anticipates that more than 5,000 businesses across the state will benefit from this program.
A business located in Wayne County that meets all the following requirements:
Business is identified as a small business, which is a business that employs less than 50 FTE employees.
Business has been in existence for over 1 year according to tax documentation.
Business is in good standing with the State of Michigan Department of Licensing and Regulatory Affairs (LARA) and up to date on their tax obligations.
Business was profitable Pre-COVID.