Federal, State and Local Financial Relief

Resources to help navigate financial relief during a global pandemic


Federal Financial Relief

Paycheck Protection Program
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First Draw Borrower Application Form 

Second Draw Borrower Application Form
Up to $2 million non-taxable loan designed to provide a direct incentive for small businesses to keep their workers on payroll.

Ends May 31, 2021.

Loans will be forgiven if all employee retention criteria are met.

501(c)6 organizations, news media outlets, and housing cooperatives are eligible in addition to other qualified organizations.

Organizations with 500 full-time employees or less.

No publicly-traded companies.

Can demonstrate a decrease in revenue of at least 25% during any of the first three quarters of 2020.
Shuttered Venue Operators Grant
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Application expected to open in mid-to-late April.

Grant program for eligible live venues, theaters and museum operators that lost at least 25% of their revenue in 2020

Up to $10 million grant capped at 45% of an applicant's 2019 revenue 
Eligible small business entity in operation as of February 29, 2020 and with up to 50 employees.

Those that experienced at least 90% revenue losses between April 2020 and December 2020 are eligible to apply during the first 14 days of the program.

Those that experienced at least 70% revenue losses are eligible to apply during the next 14-day period. 

Those that experienced at least 
25% revenue losses are eligible to apply 28 days after other priority awards are distributed.
COVID-19 Economic Injury Disaster Loan
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SBA Application
Designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.

For working capital & normal operating expenses

Non-forgivable loan with fixed terms of 3.75% for businesses and 2.75% for nonprofits over 30 years

Loans approved starting the week of April 6, 2021 can receive 24 months of economic injury with a maximum loan amount of $500,000. For those after April 6, loan amount may exceed the current maximum.

Priority given to:

- Small business owners and nonprofit organizations with 300 or fewer employees.

- Located in a low-income neighborhood.

- AND experienced a 30% reduction in gross receipts during any 8-week period between March and December 2020.
Small Business Debt Relief Program
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6 months of debt forgiveness for small businesses with standard SBA 7(a), 504, or microloans.

Payments capped at $9,000/month

Not applicable for Paycheck Protection Program loans or Economic Injury Disaster loans
Borrowers with loans approved by the SBA prior to the CARES Act will receive an additional three months of payments beginning in February of 2021.
USDA Business and Industry CARES Act Program
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Fact Sheet
Up to $10,000,000 loan

Offers 90 percent loan guarantees for loans made to rural businesses and agricultural producers to supplement their working capital to prevent, prepare for and respond to the economic impacts of the coronavirus.

Apply through your local lender.

Interest rates are negotiated between the lender and borrower.
Must be a rural business in operation as of Feb. 15, 2020.

Must be in a rural area outside of a city or town with a population of fewer than 50,000 people.
Employee Retention Tax Credit

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Program Updates

West Coast Chamber Video

Eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021.

Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. 
Employers with 500 or fewer employers who experienced a decline of more than 20% in gross receipts in a quarter compared to the same quarter in 2019.

State Financial Relief

PMBC Business Connect Access & Certification Grant
Application Eligible companies may qualify for up to $15,000 in assistance to offset 50 percent of pre-approved expenses per fiscal year. 
Eligible companies will pay for the certification or software and the MEDC will reimburse 50% of those expenses, after receiving valid proof of payment.

The program funds may be approved for:
  1. International Certification
  2. Industrial Certification
  3. Software Access to Procurement/Bid Site
  4. Other procurement barriers as approved by review committee that are not based on race, sex, color, ethnicity, or national origin
Demonstrate potential for increased business 

EIN number linked to Michigan address with full-time employees in Michigan

Small businesses under SBA size standards
Michigan Entrepreneur Resilience Fund
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Business Application
$1.5 million fund to help businesses respond to COVID-19

Microloans between $5,000 and $10,000 with a 1-3 year repayment period and 8% interest
Requirements vary based on the avenue of funding
PPE Tax Exemption
More Information PPE exempt from state’s sales and use tax if purchased for industrial processing

Must be used for safety of employees or authorized employees engaged in industrial processing activities
Industrial processors

Local Financial Relief

Banking / Utility Resources

Fifth Third Hardship Relief

Consumers Energy Relief

ITC Holdings

Huntington Bank Financial Measures Relief

DTE Energy

Zeeland BPW

Michigan Gas Utilities

Holland BPW