Michigan authorizes $115 million for businesses hurt by coronavirus
LANSING, Mich. (AP) - Michigan’s economic development board has authorized a $115 million grant program for small businesses, nonprofits, farms and agricultural processors hurt by the coronavirus pandemic.
Entities can start applying July 15. Michigan will disburse the funding to local economic development organizations that will give it to businesses and nonprofits.
To qualify for $100 million for businesses and nonprofits, an applicant must have no more than 50 employees. The maximum grant is $20,000.
At least 30% of the funds must go to businesses owned by women, minorities or veterans. There also is $10 million for agricultural processors and $5 million for farms.
Copyright 2020 WJRT. All rights reserved.