Money. On main streets accross America, it’s in short supply. Ask any small busines owner. Our once heralded boot-strapped businesses, start-ups and yes, even our so-called ‘stay-ups'(existing, longer term businesss operations) are in trouble. Too frequently the last to take part in our ecosystem come in first in regard to our small business failures. And that’s what Wayne County officials are hoping to change with its $50 million CARES Act funding effort.
The CARES funding will provide small business relief grants to small businesses to assist them in opening their facilities after the extended COVID-19 shut down.
That’s important to the many undercapitalized small business owners, who are less likely to be able to qualifty for traditional loan funding, which requires candidates leverage available assets to qualify for loans.
Happily, the grants guarantee an immediate economic infusion without the longer-term risk and requirements that loans carry.
Grants will be available in incremental amounts up to $10,000 dollars based on the reported losses of each applicant, according to County officials.
Interested small business owners can find the grant application on Wayne County’s Back to Work page. But they must act quickly. Applications must be submitted by Friday, July 10th, according to the grant guidelines. Eligibility requirements include:
- Wayne County-based business
- Employ 50 FTE (full-time equivalent) employees
- OOne (1) year business history (tax documentation required)
- Brick and mortar commercial building location
- Unable to accommodate work from home
- In good standing with the State of Michigan Department of Licensing and Regulatory Affairs (LARA)
- Up to date on tax debt
- Total revenue less than $1 million
- Not a part of a chain (franchise candidates are eligible). Visit site for more detail.
There are a few other requirements, according to officials who ask that grant candidates attach the following to their grant application:
- Profit and Loss Statements or Tax Statements for the years 2017-2019
- Proof of business location such as a lease or deed
- Proof of financial harm from COVID-19: Estimated Revenue for January through May 2020, as well as estimated losses for April and May 2020
- Complete and signed W-9 form
- Voided check or Direct Deposit Form issued by the bank with a business name that exactly matches W-9 form
The county will host multiple webinars in English, Spanish, and Arabic to support business owners through the application process. Sessions include:
How to Apply Webinar: Wayne County Economic Development and Tiva Capital
Monday, July 6th at 6 p.m.
How to Apply Webinar in SPANISH: Wayne County Economic Development and SDBA
Tuesday, June 30th at 6 p.m.
How to Apply Webinar in ARABIC: Wayne County Economic Development and ACCESS
Monday, July 1st at 5 PM
Editor’s note: Businesses may reach out with any other questions at firstname.lastname@example.org