Gov. Gretchen Whitmer has signed into law a $1 billion bipartisan economic development package.
The Strategic Outreach and Attraction Reserve (SOAR) package aims to support small businesses and attract businesses to the state, and includes:
Establishment of an economic development fund.
Funding programs “to make our economy more adaptable to the rapid pace of technological change, supporting small businesses, and creating or retaining good-paying jobs.
Creation of a financing mechanism for both programs.
Appropriates $407 million to fund small businesses affected by COVID-19.