Federal, State and Local Financial Relief

Resources to help navigate financial relief during a global pandemic

 
   

Federal Financial Relief

Paycheck Protection Program (PPP)
Program Overview 

Paycheck Protection Program Flexibility Act​

FAQs 

Info on SBA Website

Contact SBA Lenders

Sample Application Here 

Loan Forgiveness Calculator

Loan Forgiveness Application
Apply through your SBA approved lender or bank

Funds are limited 

Borrowers may be eligible to have their loans forgiven

Extended to December 31, 2020

Accepting applications until August 8th
SBA Economic Injury Disaster Loan (EIDL)
Program Details

SBA Website

SBA Application
Processed on a first-come, first-served basis including applications submitted before April 15 stopgap

Up to $2 million loan

3.75% fixed interest rate for 30 years
Apply directly through the SBA (not your lender)

Processed on a first-come, first-served basis including applications submitted before April 15
For qualified small businesses and U.S. agricultural businesses
Small Business Debt Relief Program
More Information Here

Fact Sheet (p.6)
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 7(a) Loan
Loan Defined

Info on SBA Website
Up to $5 million loan

Apply through your SBA approved lender or bank
Small businesses under SBA size standards

SBA's Size Standards Tool
SBA Express Bridge Loan Program
Program Guide 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 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
Press Release

More Info

FAQ
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

Michigan Child Care Relief Fund

More Information

Grant Application

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
Childcare service providers in Michigan
MIOSHA Workplace Improvement to Safety and Health (MIWISH) Grant 
Grant Application
 
​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

Grants between $1,000 and $5,000 for reopening or pivoting purposes

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
Michigan Agricultural Safety Grant Program
Application

FAQ

Guidelines
$10 million in grant funding for eligible agricultural processors

$5 million in grant funding for eligible farms

Applications to apply for funding will open on July 15, 2020.
Qualified as a farm or processor by Schedule F or state license, tax, or other relevant information demonstrating qualification

10 or more employees

 
Michigan COVID-19 Safety Grant Program
 
Press Release
Overview

Application Link
Provides small businesses matching funds of up to $10,000 to safety and health-related equipment and training expenditures in response to COVID-19

Application deadline is August 7th
For businesses with 250 employers or less based in Michigan
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