Macomb County Planning and Economic Development (MCPED) is working with the Michigan Economic Development Corporation (MEDC) and First State Bank to assist small businesses amid unprecedented closures due to the coronavirus (COVID-19) outbreak in the state.
“Local and small businesses across Macomb County have already felt the impact of this COVID-19 crisis - whether this means shutting their doors or laying off employees,” said director of Macomb County Planning and Economic Development Vicky Rad. “Our goal with this effort is to make sure they have the funding necessary to get through this period of uncertainty so they can remain open or reopen in the future and provide services and employment opportunities for our community.”
According to officials, the MEDC announced $20 million in support for small businesses, with $10 million provided to economic development organizations to distribute as grants within their communities.
MCPED received $800,000 of the budget, with an additional “cash match” of $100,000 from First State Bank and $30,000 from Macomb County, officials said.
The grant application process is expected to begin in early April and can be found here.
According to MCPED, businesses can apply for the community grants if:
- The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, that meets one or more of the following: provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or is a company that provides services to companies outlined in the EO and requires additional employees to support companies or employees impacted by EO;
- The company has 50 employees or less;
- The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business; and
- The company can demonstrate an income loss as a result of Executive Order 2020-9.
Grants will be awarded by a panel comprised of representatives of local institutions, officials said. Businesses will receive between $5,000-10,000 based on their needs.
MCPED says they hope to provide relief to 90 to 150 businesses in the county.