DETROIT (AP) — More than 900 small businesses in Detroit which have suffered financially due to the COVID-19 virus will share about $7 million in grants.
The funding is part of the Michigan Small Business Restart Program. Grants of up to $20,000 are being awarded, according to the Detroit Economic Growth Corp.
More than 70% of the money will be awarded to businesses owned by African Americans, women and military veterans. The grants may be used to assist with payroll, rent, mortgage payments, utilities and other similar expenses.
Detroit Economic Growth Corp. Chief Executive Kevin Johnson said assistance from the program will help businesses which have lost revenue.
Businesses must employ fewer than 50 workers, demonstrate a net loss as a result of COVID-19 as well as a need for working capital to be eligible for the grant program.
The Michigan Small Business Restart Program allocates $100 million of federal CARES Act funding. The funding was distributed by the Michigan Economic Development Corp. across 15 local or nonprofit economic development organizations covering all 83 counties in the state.