COVID-19 Business Resources and Support

RESOURCES FOR MICHIGAN SMALL BUSINESSES AFFECTED BY COVID-19
NAWBO GDC has compiled the links below regarding funding, procedures and other information as it relates to the COVID-19. We will continue to monitor sites and add information.

PPP Extension:

The Senate voted to invoke cloture on the PPP Extension (96-4) on March 24, 2021.

 

COVID Economic Injury Disaster Loan (EIDL) Program Changes:

During today's Senate Small Business and Entrepreneurship Committee hearing, the SBA made some important announcements. 

o  The SBA announced that they would be lifting the cap from $150,000 to $500,000 for COVID Economic Injury Disaster Loan (EIDL) loans. It will start on April 6th.

o   The SBA also said they hope to lift it back to $2 M sometime in April.

o   The calculation will be based on up to 24 months of working capital vs. the previous six months.

o   If you have already received a COVID EIDL loan, the SBA will be emailing you in the coming days to provide more details on how you can request an increase in your loan size.

Earlier this month, the SBA announced that now, businesses have 24 months from the loan date to start repaying ANY disaster loans made in 2020. For loans made in 2021, payments would begin 18 months after the loan is made.

The Paycheck Protection Program (PPP) portal re-opened on January 19th to ALL lenders for 1st and 2nd draw loan applications.

The SBA wants us to stress two main points 
to NAWBO members: 

There will be enough money. Don’t worry. Deadline to apply March 31, 2021

The process will take longer this time because they are verifying businesses more thoroughly on the front-end to prevent fraud. (The business will submit forms to lender, the lender will send them to SBA, SBA will have them for a length of time before they are sent back to the lender with a loan number.) Please be patient with the timeframe.  

How and when to apply for PPP

Lender Match can help connect you with a lender. You can also view all lenders near you on a map. All new First Draw PPP Loans will have the same terms regardless of lender or borrower.

If you wish to begin preparing your application, you can download the following PPP borrower application form to see the information that will be requested from you when you apply with a lender:

o    Paycheck Protection Program First Draw Borrower Application Form (updated 03-03-21)

o    Paycheck Protection Program First Draw Borrower Application Form for Schedule C Filers Using Gross Income (published 03-03-21)

Supplemental materials

o    Top-line Overview of PPP First Draw Loans

o    PPP-FAQs-3.12.21.pdf (sba.gov)

o    How to Calculate First Draw PPP Loan Amounts (sba.gov)

o    Borrower’s Disclosure of Certain Controlling Interests (01-19-21)

o    HowtoCalculateSecondDrawFAQs-3.12.21.pdf (sba.gov)

o    PPP Myth vs. Fact

o    Cross program eligibility on SBA coronavirus relief options

Affiliation rules

o    Paycheck Protection Program Affiliation Rules

o    Interim Final Rule for Applicable Affiliation Rules

 

NEW PROGRAM: Through RISE!, Comerica is providing millions in financial resources to help local businesses and communities.Read more about  Comerica's COVID-19 Relief program here.  

Michigan Department of Labor and Economic Opportunity has a matching grant up to $5,000.00 for small businesses (250 employees or less) to help with payment of safety and health equipment. Grant information and how to apply: MIOSHA Workplace Improvement to Safety and Health (MIWISH) Grant Program .

Michigan Economic Development Corporation:  The Michigan Strategic Fund has approved economic assistance for small businesses around Michigan that have been negatively impacted by the COVID-19 virus. This page has links to various sources of support.

State of Michigan: Latest update on COVID-19.

Detroit Regional Chamber of Commerce has page with resources for businesses during COVID-19.

NAWBO our national organization has a lot of resources for women owned businesses through its NAWBO Institute. This is area is usually for members only but during this challenging time they are opening up parts of it to all. You will need to regsiter to use. Visit nawbogdc.org. 

 

 

 

 

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