In response to the economic impact of COVID-19, the state of Michigan has appropriated $100 million of the coronavirus relief funding to implement the Michigan Small Business Restart Program to support Michigan businesses directly impacted by the pandemic.
The funding created through Senate Bill 690 was signed into law by Gov. Gretchen Whitmer to support certain small businesses that have realized a significant financial hardship from COVID-19.
A total of $3.54 million was distributed to the counties in Region 5, which includes Arenac, Bay, Midland and Saginaw.
“The economic impact of COVID-19 continues to hurt small businesses not only across the nation, but right here in our community,” said Tony Stamas, president and CEO of the Midland Business Alliance. “The Michigan Small Business Restart Program will help get them the funding they need to get through these hard times and will help rebuild our local economy.”
Midland County businesses will receive $1.04 million.
“The committee (distributing the funds) is made up of MBA staff, as the economic development organization serving Midland County businesses, and a representative from our earlier rounds of funding both from the (Michigan Economic Development Corp.) and our local philanthropic partners,” explained Stamas.
“There is a focus toward businesses that have been and continue to be heavily affected — manufacturers, fitness, recreation and entertainment industries — as well as making 30% of awards to minority, women and veteran-owned businesses,” he added. Funds can be used as working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses.