Small Business Resources to Help Businesses Navigate COVID-19 and Reopening

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Many states across the U.S. have been given the green light to fully reopen, with exceptions in Michigan, Illinois, and California, which have limited reopening. Small businesses are faced with the challenges of when, how, and if they will reopen.

To help Southeast Michigan small businesses navigate, the Chamber pulled together a list of federal, state, and local resources for small business owners to take advantage of as the pandemic continues.

State and Local Grant Relief Options

  • Wayne County Back to Work: Small Business Readiness Grant will be funded through the county’s allotment from the federal Coronavirus Aid, Relief, and Economic Security Act. At least 5,000 county small businesses could receive grants of up to $10,000. Applications will be available on June 29-July 10.
  • Detroit Development Fund, a Community Development Finance Institution based in Detroit, received the approval of a $1 million loan from the Michigan Strategic Fund to make micro and small business loans ranging from $5,000 to $250,000 to Michigan’s small businesses in Detroit, Highland Park, and Hamtramck, with an emphasis on businesses located in economically disadvantaged areas. The program is aimed at assisting those local businesses that have been most impacted by the COVID-19 virus, such as restaurants, coffee houses, retail stores, and service providers. Businesses can use these loans primarily for working capital, acquiring machinery and equipment, and inventory. DDF will begin accepting loan applications on July 6. Businesses interested in applying for a loan should visit www.detroitdevelopmentfund.com/ for more information.
  • Michigan Small Business Relief Grants: Last week the Michigan House of Representatives and Senate both unanimously passed Senate Bill 690, which includes appropriations for CARES Act spending. The Bill heads to Gov. Whitmer for signing this week. The package includes $115 million for a small business grant program. The Detroit Economic Growth Corp. will be able to offer small business relief grants through the Michigan Economic Development Corp.’s program. Applications are now closed, but continue to check this page for future updates.
  • Oakland County Saving Businesses, Saving Lives Grant: The Oakland County Board of Commissioners and County Executive David Coulter have approved a total of $1 million for Saving Businesses/Saving Lives grant. The goal is to provide impactful awards to as many companies as possible. To date the county has awarded Saving Businesses, Saving Lives Grants totaling $519,000. Applications are now closed, but continue to check this page for future updates. 
  • Macomb County Cares: Macomb County is offering $5,000 Small Business Sustainability grants for “brick and mortar” establishments with less than 50 employees. The grants are designed to help offset lost revenue/expenses incurred due to the pandemic. Applications are now closed, but continue to check this page for future updates. 

Small Business Administration (SBA) Relief Options

Additional Federal Funding Options:

  • Federal Reserve’s Mainstreet Lending Program
    As a result of the Coronavirus Aid, Relief & Economic Security (CARES) Act, the Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses. While the program’s start date has yet to be announced, here’s what you need to know to check eligibility and get ready to apply.
  • Financing Your Business After Coronavirus
    Not sure about the PPP or EIDL loans? Here are some other financing options to help keep your business afloat.

Additional Reopening Resources:

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