Federal, State and Local Financial Relief

Resources to help navigate financial relief during a global pandemic

 

Federal Financial Relief

SBA Economic Injury Disaster Loan (EIDL)
Program Details


SBA Application
6 months of working capital

3.75% fixed interest rate for 30 years, 2.75% for nonprofits

Apply under SBA declaration #16640
Small businesses and non-profit organizations that are currently experiencing a temporary loss of revenue
Small Business Debt Relief Program
More Information Here

 
Debt forgiveness for small businesses with standard SBA 7(a), 504, or microloans.

Loan forgiveness will be enacted by SBA automatically. Contact bank or lender for more info
Any business with existing SBA 7(a), 504, or microloans
SBA Express Bridge Loan Program
Program Guide

More Information HERE
Up to $25,000 loan

Fast turnaround – intended to be used while you apply for EIDL funding

Will be repaid in full or in part by proceeds from the EIDL loan

Apply through your SBA approved lender or bank

Small businesses under SBA size standards 

SBA's Size Standards Tool

USDA Business & Industry Loan Guarantee Program
More Information

Fact Sheet
Up to $10,000,000 loan

Bolsters the availability of private credit by guaranteeing loans for rural businesses.

Apply through your local lender.
For profit businesses and non-profit organizations.

Check eligibility HERE
Employee Retention Tax Credit

Guide

FAQs

More Information

A 50% tax credit for the first $10,000 in compensation.

Credit is applied against employer payroll taxes.

To claim the credit, you will include 50% of eligible wages on your second quarter Form 941, 941-SS, or 941-PR

Tax credit for an employee who is unable to work because of coronavirus quarantine or self-quarantine OR has coronavirus symptoms and is seeking a medical diagnosis.

Employees are entitled to paid sick leave for up to 10 days (up to 80 hours) at the employee's regular rate of pay up to $511 per day and $5,110 in total.

Credit also extends to employees who are unable to work due to caring for someone with coronavirus or caring for a child because the child's school or place of care is closed, or the paid childcare provider is unavailable due to the coronavirus.

For the time period from April 1, 2020 to December 31, 2020
Employer’s business must be fully or partially suspended by government order due to COVID-19 OR
Employer's gross receipts are below 50% of the comparable quarter in 2019
Federal Reserve Main Street Lending Program
More Info

Documentation
Between $1 million and $150 million depending on loans.

Apply through U.S. insured depository institutions, U.S. bank holding
companies, and U.S. savings and loan holding companies.

Loans not eligible for full or partial forgiveness.

Contact bank or lender for more info
Companies with up to 10,000 workers or up to $2.5 billion in revenue
 

State Financial Relief

MEDC International Trade and Development Internship Program
More Information

Application
Provides 50 percent reimbursement for the costs of intern compensation up to $3,600

Work performed by the intern must be related to export
development and completed by September 30, 2021

Companies must apply by December 31, 2020
Small businesses under SBA size standards

SBA's Size Standards Tool
 
 
Flagstar Black, Indigenous, and People of Color Grant
Grand Rapids Area Black Businesses Application

West Michigan Hispanic Chamber of Commerce Application
$5,000 grant for small businesses
 
Application is due November 20th at 5:00 pm
Must be a black, indigenous and/or people of color owned business

Must have less than $1 million in annual revenue

Must have been in existence for more than a year
 
 
PMBC Business Connect Access & Certification Grant
Fact Sheet

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

SBA's Size Standards Tool
Rural Development Fund Grant
Apply HERE Application is due November 19th and awards are announced in February

Funding available is $1.4 million

Maximum grant amount requested is $100,000.
Requires a 30% match and is a cost reimbursement program.
Eligible projects to benefit rural communities and micropolitan statistical areas.
Michigan Child Care Relief Fund

More Information

FAQ

$130 million non-competitive grant fund designed to make childcare more affordable and accessible for families during COVID-19

$1,500 for licensed home-based providers and $3,000 for centers

License-exempt providers can apply for a one-time payment of $500

November 16th deadline
Childcare service providers in Michigan
     
MIOSHA Workplace Improvement to Safety and Health (MIWISH) Grant 
Grant Application

More information
 
​Up to $5,000 grant


Dollar-to-dollar match

For companies to purchase safety and health-related equipment and/or equipment-related training

Grant processing takes 4-6 weeks
​For businesses with 250 employers or less based in Michigan
Michigan Entrepreneur Resilience Fund
 
More Information

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

Plainwell Revolving Loan Program
 
More Information

Business Application

1% interest rate paid over 5 years

Loans are between $500 and $5,000

Can now be used for emergency disaster funding

Must be owner of real property and/or business establishment in the City of Plainwell

Banking / Utility Resources

Fifth Third Hardship Relief

Consumers Energy Relief

Holland BPW

Huntington Bank Financial Measures Relief

DTE Energy

ITC Holdings

Michigan Gas Utilities

Zeeland BPW

SBA Bank Resources