HB 5998 Summary

• Creates a small business relief program operated by the Michigan Strategic Fund to provide grants and loans to eligible businesses affected by declared state emergencies or disasters.

• Grants limited to businesses with 50 or fewer employees, capped at $10,000 per grant, for working capital needs including payroll, rent, mortgages, and utilities.

• Loans available to businesses with 100 or fewer employees unable to access credit elsewhere, ranging from $50,000 to $200,000, amortized over 120 months at 0.25% annual interest with interest-only payments for first 60 months.

• Requires the fund to consult with local economic development organizations in administering the program and developing application and award criteria.

• Mandates quarterly reporting to the governor and legislature detailing grant and loan amounts awarded and recipient names.