Right now, Michigan has an incredible opportunity to make lasting, transformative investments in our families, small businesses, and communities. We can use our $3.5 billion budget surplus and billions in federal aid to revitalize our economy and help small businesses emerge from a once-in-a-century pandemic stronger than ever. I wanted to reach out to give you an update on actions we are taking to help Michigan’s small businesses thrive.
Helping Small Businesses Recover and Expand
My administration’s Economic Jumpstart Plan would boost Michigan’s economy and help our small businesses succeed. I’m working across the aisle with the legislature to get this plan passed. The plan would help businesses increase wages for workers, supports a one-time ‘Hero Pay’ bonus for frontline workers, and expands childcare and postsecondary education programs to help meet demand for talent.
Central to the Economic Jumpstart Plan is the Michigan Mainstreet Initiative, a $300 million investment to uplift small businesses. The plan would include:
- $100 million towards restaurants and other place-based businesses to help them cover costs and meet payroll;
- $125 million for small businesses left out of other incentives and organizations that support them; and
- $75 million in grants for startups.
Recently, I signed a bipartisan bill to invest $2.2 billion in federal COVID relief in Michigan. This bill included over $300 million for local units of government to aid small businesses, tourism, travel, and hospitality.
I will continue working with anyone willing to help Michigan’s families, small businesses, and communities emerge from the pandemic stronger than ever before.
Supporting Michigan Restaurants
Recently, my administration sent a letter to the Small Business Administration (SBA) expressing concern over recent court rulings preventing the SBA from supplying critical grants from the Restaurant Revitalization Fund to support women, veteran, and minority-owned Michigan restaurants. Small businesses, which have been incredibly resilient through the pandemic, need aid to help them stay above water and support their employees. We are advocating for the SBA to supply more resources to help these small businesses immediately. You can view the letter here.
Small Business Summit
Recently, Lt. Governor Garlin Gilchrist II and I joined administration officials from the Department of Labor and Economic Opportunity and the Michigan Economic Development Corporation in hosting small business owners, advocates, and support organizations from across the state to inform a comprehensive strategy for small business investment in Michigan.
The productive conversations and innovative solutions brought forward will be vital as we determine how to face the opportunities and challenges for small businesses in Michigan. With billions of dollars in added state revenues and incoming federal funding, our state is in a strong position to make investments that can transform the landscape for small businesses and help both residents and businesses recover from the pandemic.
With more than 600 stakeholders registered from across the state, the summit included updates and trends from key economic experts and spurred creative conversations around how to develop meaningful programs to ensure small businesses are successful and that local entrepreneurs are supported as the economy recovers.
Governor of Michigan