A pair of state grant funds in Michigan totaling $115 million launches today as another source of financial assistance for small businesses hurt by the COVID-19 pandemic.

The $100 million Small Business Restart Program will provide grants of up to $20,000 to small businesses and nonprofits to use for working capital to pay payroll,rent,mortgages,utilities and other expenses related to reopening following state shutdown orders issued during the pandemic.

Under legislation state lawmakers enacted allocating federal CARES Act funding to the grant programs,30 percent of the $100 million to go to eligible businesses owned by women,minorities and veterans.

Local economic development agencies will administer the program,review grant applications and make decisions on awards. Each organization will receive at least $3.5 million to distribute.