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U.S. Department of Commerce Awards $5.7 Million in CARES Act Recovery Assistance to Michigan Small Businesses

Strategic Insights

— 2 min read

The U.S. Department of Commerce's Economic Development Administration (EDA) has announced that it is awarding $5.7 million in CARES Act Recovery Assistance grants to capital and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Michigan. The investments aim to help small businesses in the state rebound from the pandemic and create a stronger and more resilient state economy for the future. The funding is part of the $1.5 billion allocated by the CARES Act to support economic development assistance programs and help communities respond to and recover from the pandemic.

Key Takeaways:

  • The U.S. Department of Commerce's Economic Development Administration (EDA) is awarding $5.7 million in CARES Act Recovery Assistance grants to support small businesses in Michigan.
  • The funds will be used to capitalize and administer Revolving Loan Funds (RLFs) to provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic.
  • The investments are part of the $1.5 billion allocated by the CARES Act to support economic development assistance programs and help communities respond to and recover from the pandemic.
  • The EDA has invited over 850 existing RLF, Economic Development District, University Center, and Tribal grant recipients to apply for supplemental funding under the CARES Act.
  • The Revolving Loan Funds (RLFs) are designed to provide critical gap financing to small businesses and entrepreneurs in economically distressed communities.
  • The EDA's mission is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy.
  • The EDA makes investments in economically distressed communities to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

Statistics:

  • $5.7 million: The total amount awarded by the EDA in CARES Act Recovery Assistance grants to support small businesses in Michigan.
  • $1.5 billion: The total amount allocated by the CARES Act to support economic development assistance programs.
  • 850+: The number of existing RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the CARES Act.
  • 100%: The proportion of the $1.5 billion allocated to help communities respond to and recover from the coronavirus pandemic.

Sources:

  • WASHINGTON - Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department's Economic Development Administration (EDA) is awarding $5.7 million in CARES Act Recovery Assistance grants.
  • About the U.S. Economic Development Administration (www.eda.gov)
  • The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy.
  • The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs.

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