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.
- Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels
- Principal and interest is deferred for up to a year and all borrower fees are waived
- Loan amount is determined by the business’s average monthly payroll multiplied by 250%
What Businesses Are Eligible?
- Been in operation since February 2020
- Small businesses
- Tribal businesses
- Hospitality industry with less than 500 employees (includes restaurants)
- SBA pre-approved business
- Small business investment companies
- Some churches/museums
- Both public and private non-profits
Learn More and Apply
The application is live now! Visit the Michigan Paycheck Protection Program (MiPPP) website.