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Small Business Resources

 

U.S. Chamber Emergency Loan Guide & Checklist 
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan. View more.

Unemployment Benefits Expanded
Gov. Whitmer signed an executive order to expand eligibility for unemployment benefits in effect from March 16 through April 12. Michigan’s Unemployment Insurance program provides temporary income to workers who have lost their job through no fault of their own. Learn about who the benefits are extended to and apply online.

U.S. Department Of Labor Publishes Guidance Explaining Paid Sick Leave And Expanded Family And Medical Leave Under The Families First Coronavirus Response Act
With help from the U.S. Department of Labor, your employees will soon have the option to take paid sick leave when necessary during the COVID-19 pandemic – and your business will be reimbursed. The DOL will expand paid sick leave as well as family and medical leave under the Families First Coronavirus Act for businesses with under 500 employees, which takes effect April 1. This measure will help stop the spread of the coronavirus while protecting businesses from loss. Continue reading. 


Michigan Department Of Labor & Economic Opportunity

State & Federal Liquidity Programs for Small Businesses

  • MEDC Programs for Businesses Affected by COVID-19: Please visit michiganbusiness.org/covid19
  • Michigan Small Business Relief Program: MEDC is providing up to $20 million in support of small businesses. Funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
  • Business Call Centers: The MEDC’s call center stands ready to support businesses with questions about assistance available to small businesses through existing state programs by calling 888-522-0103.
  • Tax Assistance for Small Businesses: The MI Treasury Dept. is providing small businesses that have experienced disrupted operations due to the COVID-19 additional time to make their sales, use and withholding tax monthly payment. Small businesses scheduled to make these payments on March 20 can postpone filing and payment requirements until April 20. Penalties and interest penalties will be waived for 30 days. More information can be by calling the Treasury Business Tax Call Center at 517-636-6925.
  • Small Business Loans: Through the U.S. Small Business Administration, Michigan small businesses that have suffered substantial economic losses as a result of the COVID-19 outbreak can apply for low-interest loans as part of $1 billion in federal funding. The application for a disaster loan assistance is available at disasterloan.sba.gov/ela/.
  • MEDC Paycheck Protection Program: MIpaycheckprotection.com serves as an information portal for businesses seeking support through SBA Paycheck Protection Program. Forgivable loans will help businesses negatively impacted by COVID-19 keep employees on the payroll, pay bills. Strong Michigan participation in PPP critical for COVID-19 economic relief efforts

Michigan Small Business Development Center


Small Business Association of Michigan


Michigan Economic Development Corp. 
Economic assistance for small businesses around Michigan that have been negatively impacted by the COVID-19 virus gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today. The Michigan Small Business Relief Program approved today authorizes the MEDC to provide up to $20 million in support for small businesses. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.

View more MEDC resources at michiganbusiness.org/covid19

 

U.S. Chamber of Commerce Foundation


U.S. Small Business Administration

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