Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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- Relief Center
- Federal
- New York State
- NYC
- California
- Washington State
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Other States
- Alabama
- Alaska
- Arizona
- Arkansas
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
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Michigan
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on June 22, 2020.
For more up-to-date information on the relief programs available in Michigan, we recommend that you visit the state’s COVID-19 Resources website or the Michigan Economic Development Corporation.
Description of Program and Relief
Michigan Women Forward Entrepreneur Resilience Fund: Grants and Loans for Diverse Entrepreneurs and Small Businesses
The Michigan Entrepreneur Resilience Fund will provide two primary avenues of funding: (i) grants ranging from $1,000 – $5,000 to assist with reopening or pivoting a business and (ii) microloans ranging from $5,000 – $10,000 with a 1-3 year repayment period. Loans are fixed rate (8%), fully amortizing, term loans. Eligible businesses may apply for both grant and microloan funds.
Government or Lead Agency
Michigan Economic Development Corporation
Dates Available
Ongoing until funds are exhausted.
Eligibility Requirements/Restrictions
Resilience Grant:
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The business is ready to pivot, reopen and/or accommodate this new business environment.
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The business has generated revenue for at least 12 months with a maximum of $500K in annual revenue and the business has fewer than 50 employees.
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The business must demonstrate a negative impact on business operations due to COVID-19.
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The business must submit a Cash Flow Forecast and Recovery Plan. A template will be provided in the application.
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The business must be Michigan-registered and in good standing (provide Certificate of Goods Standing) with priority given to businesses located in disadvantaged areas within U.S. Small Business Administration designated HubZones or Opportunity Zones.
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Recommended but not required:
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The Fund recommends submission of historical financial statements for the business (for example P&L statements).
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Low-to-moderate income business owners will be preferred for Resilience Grants. Low to moderate business owners are defined in the chart below as being below 80% of the HUD Maximum Gross Annual Income Limit (these income limits apply to the individual business owner(s)):
Resilience Loan:
All grant eligibility requirements listed above are required to apply for a microloan PLUS these additional requirements:
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The business must demonstrate inability to access debt financing from a traditional source (i.e. banks, credit unions).
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The business must submit the following documents:
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Tax returns
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Most recent business tax return (minimum of 1 year)
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3 years of personal tax returns (most recent filings)
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Historical financial statements (ideally a month by month P&L statement, however, quarterly will suffice)
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Projected business financials (i.e. P&L, Cash Flow) for expected term of loan
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Secondary income confirmation, if applicable (i.e. paychecks, stubs).
Application Deadlines (If Applicable)
N/A
Contact for More Information
Phone Numbers:
Detroit Office: (313) 962-1920
Lansing Office: (517) 853-5890
Grand Rapids Office: (616) 765-4230
List of Additional Information
For additional information and access to the relevant applications, please refer to this webpage.
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.