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.
Employer COVID-19 Response Plan & Preparedness Template
Paycheck Protection Program Loan Forgiveness Application Get the application here.
Michigan Liquore Control Commission Resources
SBAM is hosting Facebook Live COVID-19 daily briefings at 3:00pm.If members are not available at that time, they can view all recordings of the briefings at https://www.sbam.org/Resources/COVID-19-Resources
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. We are hearing that some lenders are accepting applications today, but that others will not be ready until Monday. If you need assistance finding a lender, click here
. If you have to wait until Monday, spend the weekend gathering the required documents.
Now Available! APPLY SOON
Apply for the Michigan Small Business Relief Program
The Michigan Small Business Relief Program grants are administered by 15 local and nonprofit economic development organizations (EDOs). To apply, visit this website and then find the EDO below that represents the county in which your business is located. There is a deadline to apply and it varies among county, so apply as soon as possible!.
NGCOA - Small Business Resourses
CARES ACT WEBINAR by MANER COSTERISAN