DETROIT (FOX 2) - The Detroit Economic Growth Corporation announced a $3.1 million fund to be used to help small businesses in the city survive the immense impact of COVID-19.
With bills in the red, small businesses across the city are in danger of going under.
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“We’ve got to save them - we’ve got to keep them going,” Detroit Mayor Mike Duggan said.
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With the help of the Detroit City Council, the Detroit Economic Growth Corporation has put together a $3.1 million fund for COVID-19 relief. Small businesses that made less than a million dollars last year and have fewer than 50 employees can apply for these grants for between $2,500 and $10,0000.
DEGC President and CEO Kevin Johnson said the money can be used for payroll, rent, mortgage payments, utilities, and other needs. The grants will be awarded based on how long the business has been in the city, the number of employees, and the profitability of the business.
Starting at midnight, small businesses can apply on the DEGC website. Johnson said the process isn’t meant to be cumbersome, so they’ll provide technical assistance to walk applicants through the process.
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Johnson said the grants are not first come, first serve. The first checks are expected to be issued in the next couple of weeks.