LANSING – A new, $400 million grant program that starts March 1 is expected to provide business with additional financial support totaling $409 million to help retain or create jobs and boost our state’s economy.
“This program will support Michigan businesses that were impacted by COVID-19 and help us build on our economic momentum,” Gov. Gretchen Whitmer said in announcing the program. “I’m focused on putting Michiganders first and growing Michigan’s economy as we work together to take advantage of our $7 billion surplus and make investments in the issues that matter most to families. Right now, Michigan’s resilient, innovative small businesses need support, and we should keep having their backs as they work to expand operations and create more jobs.”
Under this program, eligible businesses in operation before Oct. 1, 2019, may receive a percentage of their loss in total state sales through a grant, up to $5 million. Eligible businesses that began operating between Oct. 1, 2019, and June 1, 2020, may receive a grant equal to 25% of certain specified costs. The grants may be prorated depending upon the number of businesses that apply to ensure that all eligible businesses can receive funding.
“Treasury is committed to ensuring these payments are received by eligible businesses,” State Treasurer Rachael Eubanks said. “We are working with our business and community partners to ensure potential applicants are aware of this funding opportunity. I encourage businesses to check if they’re eligible for a grant.”
Businesses must submit a completed online application to the Michigan Department of Treasury no later than 11:59 p.m. EST Thursday, March 31. Grant awardees will be notified in the spring and grant awards will be distributed by July 1, 2022.
The application will become available at 8 a.m. EST on Tuesday, March 1, at www.michigan.gov/abr.
Businesses interested in applying are encouraged to attend an informational webinars hosted by the state Treasury Department Monday, March 7, from 1-2 p.m. Details for signing up for a webinar can be found on the grant program’s website.