By Simon Albaugh – YAN – Detroit
Times are tough right now. For most businesses, the revenue that entrepreneurs have come to count on have dwindled. Compared to just a few months ago, this is an exceptionally challenging time. But organizations, governmental authorities and major donors have connected to try to bring some relief during this time.
For small businesses that couldn’t get to the federal relief funding, local relief is available. Starting today, these organizations are accepting applications for their small business relief. The relief is specifically meant for small businesses operating in Dearborn or Detroit. The programs are in partnership with trusted organizations in the area.
These relief efforts opened for applications today. The funding they provide may be gone quickly, so eligible business owners are encouraged to apply fast.
Invest Detroit’s Property Owner Rental Relief Fund
This program is meant for owners of occupied commercial spaces. The intention of the grant is to provide property owners with funding that would replace the revenue that would normally come from rent.
The program has strict guidelines for those who are eligible to apply. They must be the owner of a mixed-use, retail, commercial or office building that is up to 35,000 square feet in one of ten strategic locations.
There must also be no businesses in those commercial properties that profit from firearms, cannabis, payday lending, or adult entertainment. You can find more information at the Invest Detroit website.
The Application has opened today, with a deadline for May 1, at 5:00 pm. Applications are available for Arabic, Bangla or Spanish, as well as English. Applications must include 2019 financial statement or tax return, March 2020 operating income statement, year-end 2019 rent roll, 2019 property tax receipt, and March 2020 rent roll.
Formed by New Economy Initiative, this funding opportunity is a grant-based relief package. Grants are not expected to be repaid at a later time. However, if the grant is awarded, the property owner is required to submit documentation that the grant went to offsetting the cost of rent for a commercial property.
Dearborn Small Business Relief Grant
In partnership with some of the most trusted organizations operating in Dearborn, this program is meant for small businesses in the city that have been most affected by the COVID-19 Crisis. Applications opened today for a grant of up to $5,000 that will be awarded solely for the operating cost of the business. $2,500 is also available for businesses that operate from a home location.
The criteria for applying can be found on the ACCESS website. Businesses that apply must be for-profit, with 17 employees or less and operate at an address in the city of Dearborn. The business must also have experienced a loss of income due to COVID-19.
The grant is meant to support small, vulnerable businesses in the city of Dearborn. So businesses like freelancers in creative industries, service businesses, home based businesses, restaurants and retail businesses will have priority over others. For a list of other priority businesses, go to the ACCESS website.
Franchise or chain businesses are not eligible to apply, along with multilevel marketing businesses and independent contractors for gig platforms. Nonprofit businesses and business owners who have received other relief funding are also not eligible to apply.
Applications are due May 1, 2020 by noon. Applications must be submitted through the ACCESS website. Grants will be awarded in the second week of May. Factors such as the extent of financial impact due to the COVID-19 Crisis and the percentage of local employees will also have an effect on whether the grant is awarded.
For Businesses Operating in Hamtramck
The city of Hamtramck is currently conducting a survey that will work to determine the type of aid that the city will be providing. Small businesses operating in Hamtramck are encouraged to apply for this current round of federal funding and to participate in the small business survey.
National Economic Recovery Opportunities
National Funding through the Payroll Protection Program have been made available starting today, Apr. 27. Other economic recovery programs like the Economic Injury Disaster Loan have not been reopened yet.
The Payroll Protection Program is meant to provide businesses with a direct incentive to keep their workers on the payroll. The loan is forgivable if employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage or utilities.
According to the Small Business Administration:
“You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.”
