Application process is now live for Michigan Small Business Relief Program funding. Up to $20 Million in grants and loans now available to our small businesses impacted by the COVID-19 outbreak. Information is available at MEDC website by CLICKING HERE.
TCF Bank/Chemical Bank
Small Business Relief Loan Fund. They are offering loans for a term of 12 months with interest rates of 2% or less. First 6 months are interest only payments. Available amounts range from $5,000 to $50,000 (determined by number of employees). For more information visit the TCF website by CLICKING HERE or the Chemical Bank website by CLICKING HERE.
Facebook Small Business Grants Program
Facebook is offering $100 Million in cash grants and ad credits. They’ll begin taking applications in the next few weeks. Stay tuned.
SBDC of Michigan
Small Business Loans The SBA is providing low interest working capital loans of up to $2 million to small business and nonprofits affected by the coronavirus with an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms will vary (up to a maximum of 30 years). To apply contact the SBA (Small Business Alliance) either online or for assistance call the SBA Disaster Assistance Customer Service Center at 800-659-2955. Be prepared to provide your gross sales (income) from January 31, 2019 to January 31, 2020.
*Employee Retention Credit
There is a refundable payroll tax credit for 50% of wages paid to employees that’s job was affected due to the COVID-19 crisis.
*Delay of Tax Payments
There are provisions that will allow you to delay certain tax payments, including employer payroll taxes. Speak with your accountant/payroll service, for more information.