State and Federal Funding to Help Small Businesses Affected By COVID-19

Michigan Small Business Relief Programs

Grants

Grant Amount: Up to $10,000

Eligible Businesses:

  • Business is an industry outline in an Executive Order suspending business activities or a business that can demonstrate that it’s otherwise affected by the COVID-19 outbreak and meets one or more the following: provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or provides services to  businesses outlined in the Executive Order and requires additional employees to support companies or employees impacted by the Executive Order
  • 50 employees or less
  • Business needs working capital for payroll, rent, mortgage payments, utilities, or similar operating expenses
  • Business must demonstrate an income loss as a result of an Executive Order  or the COVID-19 outbreak

Eligible Use of Grant: Grant must be used for working capital to support payroll, rent, mortgage payments, utility expenses, or similar operating expenses

Available Date: On or about April 1, 2020

How To Apply: Program Now Closed Click Here for other funding programs.

Note: Total grant funding is $10,000,000. We encourage you to apply as soon as possible

Loans

Loan Amounts: $50,000 to $200,000

Eligible Businesses:

  • Business is an industry outline in an Executive Order suspending business activities or a business that can demonstrate that it’s otherwise affected by the COVID-19 outbreak or a business that provides goods and services to companies to the aforementioned
  • Less than 100 employees
  • Business needs working capital for payroll, rent, mortgage payments, utilities, or similar operating expenses
  • Business must not be able to access credit through alternative sources
  • Business must demonstrate an income loss as a result of an Executive Order  suspending business activity

Eligible Use of Loans: Loan must be used for working capital to support payroll, rent, mortgage payments, utility expenses, or similar operating expenses

Interest Rate: .25%

Term: Interest only for 60 months followed by fully amortized 60-month term

Available Date: On or about April 1, 2020

How To Apply: Additional information forthcoming.  Click Here for updates.

Note: Total loan funding is $10,000,000. We encourage you to apply as soon as possible

Federal Disaster Loan Assistance

On March 19, 2020, Michigan was declared a disaster due to Coronavirus (COVID-19). As a result of the declaration, applications for Economic Injury Disaster Loans may be filed with the SBA.

Loan Amounts: Up to $2,000,000

Eligible Businesses:

  • Small businesses or private non-profit organizations must have suffered substantial economic injury as a direct result of the declared disaster, including a business that offers services directly related to the businesses in the declaration area or other businesses indirectly related to the industry that is likely to be harmed by losses in their community
  • The small business definition varies depending on the industry. Click here to see if your business qualifies
  • Religious and charitable organizations, gambling concerns, and casinos and racetracks DO NOT qualify
  • Businesses do not qualify if they have sufficient cash flow to obtain conventional funding

Eligible Use of Loans: Loan must be used for working capital to support payroll, fixed debt, accounts payable, and/or similar operating expenses. 

Interest Rate: Maximum rate is 3.75%

Term: Up to 30 years

Available Date: Available Now

How to Apply:  Click Here to apply online

Information to prepare before applying: Recent tax return, 2019 Income Statement, 2020 year-to-date Income Statement, Sales by Month

IMPORTANT: The CARES Act expands on the current SBA programs for small businesses. Additional Information will be made available once the bill passes.

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