For information on the following federal funding programs, please click on the program name.
Paycheck Protection Program (CARES Act)
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Click here to learn more
The Michigan Paycheck Protection Program website was launched as a collaboration between the Small Business Association of Michigan, Michigan Association of Certified Public Accountants (MICPA), the Michigan Economic Development Corporation and the Michigan SBDC and includes key eligibility information, videos and instructions to help with the application process, information on authorized SBA lenders and more.
Small Business Assistance
Many business leaders in Genesee County and across the United States are wondering how they will financially navigate the fallout from the COVID-19 pandemic. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
The Michigan Small Business Development Center also has information on how to get prepared to apply and how to navigate supporting your loan. The MI-SBDC also hosts COVID-19 Small Business Support Webinars. Visit MI-SBDC for more information.
There will be no physical “hubs” as typical in disaster relief efforts; businesses should work directly with their local SBDC in whatever capacity set up by that office.
Contact the Economic Development Team
If you need assistance, do not hesitate to reach out to your Flint & Genesee Economic Development team.