Restaurant Revitalization Fund

An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss, calculated by subtracting its 2020 gross receipts from its 2019 gross receipts. If the business is not in operation for the entirety of 2019, the total is the difference between 12 times the average monthly gross receipts for 2019 and the average monthly gross receipts in 2020 (or a formula from SBA). If the business is not in operation until 2020, it can receive a grant equal to the amount of “eligible expenses” subtracted by its gross receipts received (or a formula from SBA). If the business is not yet in operation as of the application date, but it has made “eligible expenses,” the grant would be made equal to those expenses (or a formula from SBA)

MEDC and Ann Arbor SPARK to launch the Michigan STEM Forward internship program

The Michigan Economic Development Corp (MEDC) will partner with Ann Arbor SPARK to launch the Michigan STEM Forward internship program on a statewide level.

MEDC will work with SPARK to place 425-450 STEM students currently attending Michigan colleges annually into STEM-focused internships throughout Michigan.

With the support of a $1.5 million grant, SPARK will contribute up to 50 percent of the interns’ pay, and participating companies will pay the remaining 50 percent. SPARK will track the employment status of the interns for at least 12 months to measure their retention in Michigan as well as those remaining in those knowledge positions.

PPP Application Deadlines Extended Through May 31

The PPP Extension Act of 2021 extends the application period for the program to May 31, instead of the current date of March 31.

It also gives the Small Business Administration an additional 30 days to process loans. The Senate is expected to pass the bill as well.

Through March 14, the SBA had approved more than 2.7 million loans worth about $181 billion this year alone. In addition, agency and advisor small business owners will benefit from expansion of Affordable Care Act subsidies, extension of the federal refundable payroll tax credit for COVID-19-related paid sick and family leave for small businesses, and extension of the employee retention tax credit for an additional six months. All are included in the current stimulus package—part of President Biden’s “American Rescue Plan.”

SBDC Launches Self-Guided Comeback Kit

The Michigan SBDC launched a self-guided starting point for business owners looking to determine whether to continue with their business or close. This course is designed for Michigan small business owners and entrepreneurs who are working to come back from the impacts and effects of the pandemic. This learning module will help small businesses to evaluate their financials, to understand where they are today, and to recognize what they need to do to get healthier tomorrow.