30ºF

Wayne County Commission approves expanding COVID-19 Small Business Relief Fund

The US government is preparing to send out direct payments to help individuals amid the coronavirus pandemic, but those who need the money most may be waiting the longest to see it. Packs of freshly printed 20 USD notes are processed for bundling and packaging at the US Treasury's Bureau of Engraving and Printing in Washington, DC July 20, 2018.
The US government is preparing to send out direct payments to help individuals amid the coronavirus pandemic, but those who need the money most may be waiting the longest to see it. Packs of freshly printed 20 USD notes are processed for bundling and packaging at the US Treasury's Bureau of Engraving and Printing in Washington, DC July 20, 2018. (Eva Hambach/AFP/Getty Images)

DETROIT – The Wayne County Commission approved expanding the COVID-19 Small Business Relief Fund.

The Commission voted 13-0, with two abstentions, to support allocating an additional $2 million from the County’s General Fund.

“Small businesses provide the economic backbone of many Wayne County communities, yet they don’t have the resources larger companies have in these unprecedented times. That’s why we needed to step up and offer some much-needed assistance,” said County Commission Chair Alisha Bell (D-Detroit).

Wayne County Executive Warren C. Evans originally announced the program on March 25 in a $10 million partnership with TCF Bank.

Under the original framework, the program provides low-interest loans of up to $50,000 to eligible businesses. While the program was initially targeting small business in low-income Census tracts, Thursday’s allocation by the Commission expands funds to businesses beyond those tracts and draws an additional $2 million in matching funds from TCF.

“I’m proud to say, that in a week, businesses have already been approved and are receiving funds,” Evans said. “This program helps ensure that businesses are ready to reopen when it is determined they can do so safely. I would like to thank TCF and the County Commission for recognizing the urgency and taking additional action.”

More than 350 businesses inquired about the program, but only 200 met eligibility criteria. Of those who qualified, 41 have submitted applications requesting a total of nearly $1.5 million. The first payments under the program began this week.

“We have had a tremendous response to the program since our announcement last week,” said Gary Torgow, Chairman of TCF Financial Corporation. “We are grateful to the County and Commission for partnering on this program expansion which will give more small businesses the opportunity to access funds to take care of their many obligations.”

While recent federal government programs have been enacted to help small businesses, Wayne County and TCF realized this program would provide needed relief and ensure small businesses are able to pay wages, rent and utilities.


About the Author: