USMCA is Live!
July 1 marks day one of USMCA implementation. Now that the trade agreement is live, make sure you’re following the new guidelines. While all products that had zero tariffs under NAFTA will remain at zero under USMCA, there are many significant changes you should be aware of. Differences affecting the automotive sector exist regarding rules of origin, labor provisions and a renewal clause.
Unemployment Rate Down to 11.1 Percent
The June jobs report was even better than expected, with the US economy adding 4.8 million jobs over the month, according to a survey of employers. This was the biggest increase in jobs in the history of the series, going back to 1939, surpassing May’s increase of 2.699 million (revised higher from 2.509 million). Private-sector employment rose by 4.78 million, while government employment rose by 33,000.
Jeffrey Mosher spoke with Fred Molnar, Vice President, MEDC Entrepreneurship & Innovation initiative and Martin Dober, Senior Vice President, Invest Detroit and Managing Director, ID Ventures to find out about Tech Startup Stabilization Fund.
News & Editorial from Amy Clickner and Lake Superior Community Partnership, sharing the U.P. Perspective:
Detroit Development Fund (DDF) received approval of a $1 million loan from the Michigan Strategic Fund this week to make micro and small business loans ranging from $5,000 to $250,000 to Michigan’s small businesses in Detroit, Highland Park and Hamtramck, with an emphasis on businesses located in economically disadvantaged areas. DDF expects to provide 30 to 40 loans to businesses that require patient, flexible working capital to re-open or re-establish operations as a result of the COVID-19 pandemic. DDF will begin accepting loan applications on July 6.
• Two business expansion projects expected to generate total private investment of $28.6 million, create 115 jobs
• Longstanding steel solutions provider expanding in Monroe County, creating 65 high-paying jobs
• Global leader in software and autonomous solutions expanding in Novi, adding 50 high-wage, high-tech jobs
Basketball-Focused Startup Takes Home Top Prize at LEAP’s June 11 Hatching
LANSING, Mich. (June 23, 2020) – At the June 11 Hatching, the theme of resilience was found not just in each entrepreneur’s presentation, but also within the event itself. In response to the coronavirus crisis (COVID-19), the monthly pitch competition has gone completely virtual with the help of Facebook Live and Streamyard.
Michigan Economic Development Corporation’s Capital Access team has continued to remain responsive to the needs of Michigan businesses that are working to economically recover from the COVID-19 virus. Through a partnership with Community Development Financial Institutions (CDFI), including Northern Initiatives, Metro Community Development and Detroit Development Fund, businesses across the state have received critical capital needed to continue their operations and to position themselves for future growth.
