HERE ARE A LIST OF RESOURCES FOR SMALL BUSINESS IN FINANCIAL NEED DUE TO THE CORONAVIRUS/CVOID 19 PANDEMIC
MEDC: 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 michiganbusiness.org/covid19.
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: www.tcfbank.com/wayne county or chemicalbank.com/waynecounty.
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.