By Simon Albaugh
Wayne County will be awarding $50 million in grants to small businesses in one of the latest rounds of COVID-19 relief that’s specifically meant for businesses smaller than 50 employees and with less than $1 million in annual revenue. The small business grant will award individual businesses who have been impacted by the Coronavirus Pandemic up to $10,000.
In order to apply for the grant, you will need a proof of loss through Tax Statements for the recent years, a deed or lease to the location of your business, and a completed W-9 form. In order to qualify for the loan, you will have to:
-Have less than 50 full-time employees
-Make less than $1 million in annual revenue
-Be in Good Standing with the State of Michigan
-Do business in a brick and mortar establishment
-Be unable to accommodate for working from home
-Have been open for at least one year before applying
-Experience significant revenue loss during the COVID-19 Pandemic.
Wayne County encourages those who want to apply to first attend a webinar on the application process. The last webinar will be Monday, July 6 at 6pm. You can also find a recording of the previous webinar at this link.
Wayne County was able to procure the funding through the federal CARES ACT, the federal aid package intended to address the economic fallout of the COVID-19 Pandemic. Previously, Wayne County partnered with TCF Bank to send small businesses a total of $4 million in loans for the immediate expenses of small businesses.
Nasser Kaid, a business development manager for the Wayne County Economic Development team, says that the purpose of the program is to help as many small businesses as possible. For anyone considering applying, there is still 4 days to get the application materials ready for the July 10 deadline at 5pm.
Wayne County’s ‘Back to Work’ Small Business grant was a product of funds gathered through the federal CARES ACT. (Graphic courtesy of the Wayne County Business Development Office.)
“The grant is basically money that any small business can apply for,” Kaid said. “They can use it for any expense that the business has experienced during the COVID-19 Pandemic.
“One thing we understood right away is that if we delay expenditures of the money too long, the very businesses that we’re trying to help will die on the vine,” said Wayne County Executive Warren Evans in an article published by the Detroit News. “We have decided to allot $50 million of the CARES money to Wayne County small businesses to help them with the related cost from COVID-19.”
For more information, program guidelines, a link to the application, and a list of frequently asked questions, go to WayneCounty.com.
