Local Business Covid-19 Assistance Program
In response to the economic hardships experienced by small businesses resulting from the COVID-19 pandemic, the Waterford Township is launching the Local Business Covid-19 Assistance Program in an effort to retain jobs and businesses within the community.
Michigan Small Business Survival Grant Program
The State of Michigan has allocated $55 million to implement the Michigan Small Business Survival Grant Program to support the needs of Michigan businesses that have been disproportionately impacted by the COVID-19 virus and the Gatherings and Mask Order.
Michigan Stages Survival Grant Program
The Michigan Stages Survival Grant Program will provide a total of $3.5 million in one-time grants of up to $40,000 to eligible entertainment and live music venues throughout Michigan that have realized a significant financial hardship as a result of the COVID-19 pandemic and emergency declarations.
The application to apply will open at 9:00 a.m. EST on Thursday, January 21, 2021 and close at 12:00 p.m. EST (noon) on Thursday, January 28, 2021.
Click here for application information
Pure Michigan Small Business Relief Initiative
The Pure Michigan Small Business Relief Initiative is using federal CARES Act funding to provide $10 million in grants to meet the urgent need of Michigan small businesses disproportionately impacted by the COGrants will be awarded in the amount of up to $15,000 per eligible business on a "first-in" basis. Grant funds will assist eligible small businesses directly impacted by COVID-19 meet urgent working capital needs including payroll expenses, rent or mortgage payments and utility expenses in the following industries:
- Restaurants, bars and other food and beverage service providers
- Travel and tourism destinations including lodging providers and hospitality businesses
- Live event venues and movie theaters
- Conference and meeting facilities
- Ice skating rinks, indoor water parks and bowling centers
- Gyms, fitness centers and indoor recreation facilities
Communities, Schools, Workplaces, and Events
CDC Guidance for Where You Live, Work, Learn, Pray, and Play
Waterford Township YouTube Channel
Videos are provided here by our Waterford Regional Fire Department on proper use and disposal of PPE which can be used in training your employees to be complaint with current guidelines for reopening.
Waterford School District: Return to In-Person Instruction
Michigan Paycheck Protection Program (MiPPP)
The Michigan Paycheck Protection Program (MiPPP) provides small businesses in Michigan COVID-19 relief, giving funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Click here for more information, to determine eligibility, and where to apply.
*COVID-19 PPP Loan Update 5/08/2020
As the 2nd round of funding for the Paycheck Protection Program (PPP) is currently being awarded, the SBA has released FAQ regarding forgiveness and loan repayment options to help better clarify any concerns Business Owners may have.
As part of the loan application, borrowers have to certify that “current economic uncertainty makes this loan request necessary to support the ongoing operation of the Applicant”. While “current economic uncertainty” is pretty clear for many borrowers, “necessary to support the ongoing operations” may be less clear.
The SBA has indicated that borrowers that applied for the PPP Loan prior to the issuance of the FAQ, can now repay the loan in full by May 14, 2020, if the borrower cannot in good faith make the required certification. (FAQ 31&43)
It is recommended that Business Owners take a closer look at their needs for this loan during this time. The SBA has also stated it will review all loans in excess of $2 million, in addition to other loans as appropriate. (FAQ 39) With the COVID-19 outbreak, came a lot of panic and unknown which no one was prepared for. Each borrower has the sole responsibility for it's decision on moving forward with or without the PPP Loan.
The amount of forgiveness depends on the borrower's payroll costs over an 8 week period, from the date the lender disbursed the loan. According to the U.S. Department of Treasury, loans should be used for:
- Payroll Costs, including benefits
- Interest on mortgage obligations, incurred before Feb. 15, 2020
- Rent, under lease agreements in force before Feb. 15, 2020
- Utilities, for which service began before Feb. 15, 2020
For more Paycheck Protection Program resources, visit the SBA PPP resource page.
Michigan Small Business Relief Program
Information regarding the Michigan Small Business Relief Program through the Michigan Economic Development Corporation and other State relief can be found at the MEDC website here.
SBA Loan Information
The EIDL is a low-interest, fixed-rate loan that can provide up to $2 million in assistance for a small business. SBA’s Economic Injury Disaster Loan (EIDLs) funds come directly from the U.S. Treasury. Applicants do not go through a bank to apply, and instead, apply directly to SBA’s Disaster Assistance Program.
Actual loan amounts are based on the amount of economic injury. These loans provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing because of COVID-19. The EIDL helps meet the necessary financial obligations that your business or private non-profit organization could have met had the disaster not occurred. EIDLs do not replace lost sales or revenue. More information regarding qualifications and application can be found through the Michigan Small Business Development Center (SBDC).
SBA Economic Injury Disaster Loan - Information Sheet
Forms necessary for SBA Loan application can be found here.
SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19. Use the SBA Local Assistance directory to find help near you, by clicking here.
The Governor has made an Unemployment Insurance Executive Order expanding the State’s work share program which permits employers to maintain operational productivity during declines in regular business activity instead of laying off workers. Eligible employees would work reduced hours and receive a portion of weekly unemployment benefits. The executive order also expands unemployment benefits to employees specific to the unique situations caused by COVID-19.
Read Governor Whitmer’s Executive Order here.
For more information regarding the Work Share Program, click here.
Eligible employees should apply for unemployment benefits online here.
Small Business Taxpayers Provided State Tax Assistance
The Michigan Department of Treasury has announced it is waiving penalties an interest for 30 days for businesses experiencing disrupted operations due to COVID-19 with regard to sales, use, and withholding payments and returns due March 20, 2020.
Specific details and contact information regarding this extension can be found here.
Family Medical Leave Act (FMLA) Extensions
Congress is seeking to “provide extended ‘emergency’ FMLA leave for a variety of COVID-19-related contingencies. It further adopted an emergency paid sick leave requirement for these same employers, while providing refundable tax credit relief for emergency FMLA and sick leave.” This extension, also names the Families First Coronavirus Act (H.R. 6201) has been passed by the House of Representatives with the Senate anticipated to vote on it very soon.
To read about the proposed changes and what it could mean for your business, click here.
U.S. Department of Labor explanation of sick leave and FMLA under the Families First Corona Virus Response Act can be found here.
Michigan Small Business Development Center
The SBDC Michigan is offering webinars and other resources to help your business during the COVID-19 pandemic. Visit their website here to take advantage of the information they are providing, including resources on the PPP and SBA EIDL, and .