CARES Act Small Business
Workers and businesses across Michigan have felt the economic impact of the various COVID-19 restrictions implemented to slow the spread of the Coronavirus. On March 27, 2020, the House passed the CARES Act and President Trump signed it into law immediately after. Since then, federal, state, and local leaders have sought to help our communities through the Coronavirus crisis.
The “Paycheck Protection Program” provides cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. Please note – If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities can be forgiven. This provision will help workers remain employed, and allow affected small businesses and our economy to recover quickly from this crisis. The program has undergone many changes during enactment, and this page is designed to be a source of general information. Please visit www.sba.gov for full details.
2021 SBA PPP Loans
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and certain existing PPP borrowers. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
Key PPP updates include:
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
Visit, https://ppp.readycapital.com to apply.
Some additional resources can be found below: