Help is on the way for Detroit small businesses still feeling the economic impact of COVID-19. The DEGC, through the Michigan Small Business Restart Program, will administer $7.25 million in grants to those businesses with fewer than 50 employees in an industry that has been affected by the COVID-19 crisis. Both for-profit and non-profit businesses are eligible if they can demonstrate COVID-related income loss and a need for working capital for eligible expenses.
Through this grant program, businesses may receive up to $20,000 to pay regularly occurring business expenses such as payroll, rent and utilities. A minimum of 30 percent of the money from this fund will be directed to minority-, woman- and veteran-owned businesses. This is extremely important, as minority business owners have been the hardest hit by the pandemic.
Applicantions opened July 15 and will stay open through Aug. 5, 2020. The online application, along with program guidelines and a list of FAQs, can be found at www.michiganbusiness.org/restart.
Information is also available at https://www.degc.org/local-business-support-for-covid-19/
Business owners may contact DEGC for assistance at (844) 333-8249 from 9 a.m – 5 p.m., Monday through Friday.
Business owners needing assistance with the application may contact MBAs Fight COVID. This group of MBA student volunteers works pro bono with the City of Detroit and is helping small businesses complete the application. Free help is available now by filling out this short form.
MBAs Fight COVID can also help businesses understand and apply to the Paycheck Protection Program (PPP) before the Aug. 8, 2020 deadline.
Earlier this year, the DEGC, Detroit City Council and Economic Development Corporation of the City of Detroit created a relief fund to help small businesses survive the impact of the COVID-19 crisis. To date, more than 730 Detroit businesses have received $4 million of financial assistance through this assistance program.