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Last week, Governor Whitmer announced Michigan has launched a new Afflicted Business Relief grant program, totaling $409 million in funds for businesses continuing to suffer hardships from the COVID-19 pandemic.
Under this program, eligible businesses in operation before Oct. 1, 2019, may receive a percentage of their loss in total state sales through a grant, up to $5 million. Eligible businesses that began operating between Oct. 1, 2019, and June 1, 2020, may receive a grant equal to 25% of certain specified costs. The grants may be prorated depending upon the number of businesses that apply to ensure that all eligible businesses can receive funding.
Eligible businesses must have been in operation before Oct. 1, 2019, or began operations no later than May 31, 2020, and be currently open for business. They must also meet the following requirements:
Businesses wishing to apply must provide supporting financial documents showing financial hardship, and attest to the completeness and accuracy of it. If applicable, the following documentation is required as part of the application:
Applications will become available on Mar. 1, 2022, on the State of Michigan’s website, and will be accepted electronically until 11:59 EST on Mar. 31, 2022. The State of Michigan will reach out via email if any additional information is required to process your application.
Grant awardees will be notified in the spring, and grant awards will be distributed by July 1, 2022, via direct deposit to the bank account supplied in your application.
Businesses interested in applying are encouraged to watch the quick informational webinar recording hosted by Michigan’s Treasury Department.
As your trusted CPAs and advisors, Doeren Mayhew can help you secure the grant funding needed for your business to thrive beyond the pandemic. Whether it’s assisting in gathering the financial documentation needed to apply or understanding the related accounting implications, we’re here to help. Contact us today!
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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