Economic Relief Information
Employee Retention Credit & Paycheck Protection Program Highlights
Economic Injury Disaster Loans and Advance Program has reopened
The Small Business Administration announced
earlier this week that its Economic Injury Disaster Loans and Advance Program has reopened to all eligible small businesses impacted by COVID-19. If you were unable to participate in the Paycheck Protection Program or have major expenses that were not covered by the PPP loan, the EIDL's low-interest loan program may be right for you.
Access to this loan program had been suspended for most small businesses; due to funds still being available the SBA has re-opened the program to all eligible small businesses and non-profits.
We also want to remind you that you still have until Tuesday, June 30 to apply for the Payroll Protection Program loan.
If you missed the live webinar "Understanding the Paycheck Protection Program and Loan Forgiveness" with Maner Costerisan, you can get the entire presentation here! Understand what is needed to apply (there is still funding available!) as well as how to maximize forgiveness, and gain additional clarity that has been provided related to seasonal employers.
Small Business Assoc of Mich - Loans & Funding
Paycheck Protection Program Loans Now Available
The $349 billion in federal loans allocated for small businesses are now available. For those of you who have not yet looked into these loans, here's what to do:
1. Be prepared. Visit SBAM's website for the latest guidelines, FAQs and the application.
3. Call your own financial institution first and ask them if they will be participating in the Paycheck Protection Program loans. If you need assistance finding a lender, click here. If you have to wait until Monday, spend the weekend gathering the required documents.
MEDC Website Michigan Economic Development Corporation - Covid 19 Response
NGCOA - Economic Relief Information