For our impacted BUSINESS community
Michigan Paycheck Protection Program (MiPPP): The Paycheck Protection Program (PPP) provides small businesses and other entities with zero-fee loans of up to $10 million. The main goal of this program is to help businesses retain their employees. Learn more and apply here.
SBA (Small Business Administration) Disaster Recovery LOANS: SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. The interest rate is 3.75% for small businesses.
MEDC (Michigan Economic Development Corporation) / MSF (Michigan Strategic Fund) LOANS: The MEDC via the Michigan Strategic Fund will provide up to $10 million for small business loans to one or more Community Development Financial Institution (“CDFI”) or a licensed SBA not-for-profit institutions (“Eligible SBA Non-Profit”), or directly from the MSF to eligible borrowers to be used to provide low-interest loans with flexible repayment terms to support certain small businesses statewide that have realized a significant financial hardship as a result of the COVID-19 outbreak. Loans to eligible borrowers must be $50,000 or more and are capped at $200,000. Further detail found here.
MACF (Midland Area Community Foundation) LOANS: The Midland Area Community Foundation will offer 0% / 12 month loans to small businesses impacted by COVID-19. Funding decisions will be made collaboratively between the MACF Staff and Committee Representation with input from MBA staff. The application is found here.
The Michigan Small Business Development Center can also provide resources; the best way to connect to these programs is via their website.
The Small Business Association of Michigan continues to offer information focused on small businesses; both Covid-19 related and valuable resources for the everyday. A detailed presentation on SBA loans can be downloaded here.
The Department of Labor has provided guidance for businesses around cash flow/liquidity, employee cut backs or layoffs, which can be found here.