Oakland County Small Business Relief
$3 Million Small Business Stabilization Fund: County Executive, David Coulter, announced that Oakland County will match the $1.15 Million the county received in grants, with an additional $700,000 used to encourage manufacturing companies to shift production to personal protection equipment. The state grant will assist qualifying small businesses with up to $10,000 to help offset losses or expenses resulting from the COVID-19 emergency. Click here for more information. Apply here.
$6 Million Small Business Relief Fund: County Treasurer, Andy Meisner, announced an agreement with TCF Bank to create a small business relief fund for businesses negatively affected by the Coronavirus crisis. This program will provide loans at zero to 2% for small businesses of 100 or fewer employees. Read the press release here or click here for the Oakland County Treasurer's site.
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 to apply.
Michigan Small Business Relief Program
Information regarding the Michigan Small Business Relief Program through the Michigan Economic Development Corporation. $10 Million in grants and $10 Million in loans combined to make $20 Million in economic relief for Michigan small businesses. Click here for more information. To obtain funds through this program you will apply for the Small Business Stabilization Grant or Loan through Oakland County using one of the links above.
SBA Loan Information
Update: The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within 3 days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments. The Grant portion is first come first serve.
Michigan Governor, Gretchen Whitmer, has informed the SBA that she is seeking an Economic Injury Disaster Loan Declaration for the State and has initiated the process to receive this declaration from the SBA. Michigan is now eligible for disaster assistance loans. If you could benefit from an SBA loan, we encourage you to collect the information that is needed as soon as possible to submit with your application.
SBA Economic Injury Disaster Loan - Information Sheet
Forms necessary for SBA Loan application can be found here.
Michigan businesses are now eligible for the SBA Economic Injury Disaster Loan (EIDL), you may apply online and receive additional disaster assistance information and download applications 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.