SE Oakland News

With small businesses still suffering a great deal from the impact of COVID-19, the Oakland County Small Business Stabilization Fund was announced on March 26. 

C&G Newspapers reports that David Coulter, Oakland County executive, announced the $3 million fund, which was designed for the benefit of local small businesses and manufacturing companies. 

The fund is divided into two parts: first, there is a direct grant fund for small businesses; second, there is a $700,000 incentivization portion, which will be used to help companies produce the personal protective equipment needed by hospitals and health care workers. 

The application process for the grants began on March 30, and the county is planning to distribute as much as $10,000 in grants per business, which can be used to supplement expenses such as payroll, rent, mortgage and utility payments. 

Companies applying should have 50 or fewer employees and must be considered a nonessential business. They must also need a working capital and be able to show that they have lost income as a direct result of the coronavirus outbreak. 

In a press conference, Coulter explained where priorities lie. “Getting the pandemic under control is the best thing we can do right now for the economy. This will dictate how quickly we rebound. Unemployment insurance is a critical lifeline during these times of uncertainty,” Coulter said, according to C&G Newspapers. “But we also have to take immediate steps to stabilize our small businesses.”

Director of the Oakland County Michigan Works! Jennifer Llewellyn said that the nonessential industries were suffering a great deal. 

To help the funding go further, the Oakland Country Board of Commissioners chairman, Dave Woodward, said that the board was going to match the state grant, which would bring the total to $2.3 million.