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Financial Relief Quick Reference Guide

If your business is experiencing hardship because of the impact of COVID-19, please consider pursuing one or more of the programs below. Contact a member of the Southwest Michigan First team to explore the opportunities available to you. For more in-depth explanations about specific resources, visit our COVID-19 Business Resources webpage.

Federal Programs

FAQ FUNDING EMPLOYER SIZE SOURCE HOW TO APPLY






Paycheck Protection Program

U.S. Treasury FAQ – Updated as of April 23, 2020

Update: Round 2 of funding was announced on April 21, 2020 and was passed by the House. On April 23, the Senate approved the package and sent it to President Trump for his signature.

FAQ

 

Up to $10 million loan, Apply through your SBA-approved lender or bank. Funds are limited. Borrowers may be eligible to have their loans forgiven.

The loan will be fully forgiven if funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required.

500 employees or less (including sole proprietorships, independent contractors and self-employed persons), private nonprofit organizations or 501 (c)(19) veterans organizations.

Businesses with more than 500 employees can apply if they met the SBA’s size standards for those industries.

Small Business Administration The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 am EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation. Apply through your lending institution.






SBA Economic Injury Disaster Loan (EIDL) FAQ Advances of up to $10,000 and loans up to $2 million. 3.75% fixed for 30 years. Apply directly through the SBA (not your lender).

Special Note: You may apply for PPP and EIDL, but if received, you must use awards for different things. For example, use the PPP for payroll and rent and the EIDL for overhead, operating costs, inventory, etc.

Small businesses under SBA size standards Small Business Administration Apply here.

Apply through the SBA.







SBA 7(a) Loan FAQ Up to $5 million loan. Apply through your SBA-approved lender or bank. Small businesses under SBA size standards Small Business Administration Contact your SBA lender






SBA Express Bridge Loan Program FAQ Short-term, expedited funding up to $25,000 for eligible small businesses while they apply for and await long-term financing. Apply through your SBA-approved lender or bank. Small businesses under SBA size standards Small Business Administration Contact your SBA lender






Section 4003 of the CARES Act: Loan Programs for Larger Businesses FAQ Loans availble to industry-specific businesses: passenger air carriers, cargo air carriers, businesses certified by the Department of Transportation, air ticket agents, businesses critical to maintaining national security. Any size business U.S. Treasury Department U.S. Treasury Department






Small Business Debt Relief FAQ Debt forgiveness for small businesses with standard SBA 7(a), 504 or microloans. Loan forgiveness will be enacted by SBA automatically. Any business with existing SBA 7(a), 504 or microloans Small Business Administration Contact your SBA lender






Employer Retention Tax Credit and Employee Retention Tax Credit Under CARES Act FAQ The Employer Retention Tax Credit is a 50% tax credit for the first $10,000 of an employee’s compensation. To claim the credit, you will include 50% of eligible wages on your second quarter Form 941, 941-SS or 941-PR.

The Employee Retention Credit is for employers that are entitled to a refundable tax credit for providing the required leave paid under the Families First Coronavirus Relief Act (FFCRA). The Employer Retention Tax Credit maxes out at $10,000; thus each employee paid during that time period could garner up to $5,000 in tax credits.

You can read more about it here, including FAQs.

Note: The same wages cannot be counted for both credits.

Employers who are closed partially closed, or experiencing significant revenue losses as a result of COVID-19. Credit is applied against employer payroll taxes. Consult your accountant






Main Street Lending Program FAQ 4-year loans available at a minimum of $1 million, up to a certain maximum amount with principal and interest payments deferred for one year. Firms seeking Main Street loans must commit to make reasonable efforts to maintain payroll and retain workers. Borrowers must also follow compensation, stock repurchase, and dividend restrictions that apply to direct loan programs under the CARES Act. Firms that have taken advantage of the PPP may also take out Main Street loans. Small and mid-sized businesses that were in good financial standing before the crisis employing up to 10,000 workers or with revenues of less than $2.5 billion. Department of Treasury Approved banks






USDA Business & Industry Loan Guarantee Program FAQ Up to $10,000,000 loan. For-profit businesses, nonprofits, cooperatives, federally-recognized tribes, public bodies in eligible areas. Individual borrowers must be U.S. citizens. Private-equity borrowers must demonstrate the loan funds will remain in the U.S. U.S. Department of Agriculture Apply through your local lender; lender must be approved for the program.






Save Small Business Fund FAQ $5,000 grants Small businesses  with 3-20 employees (not including independent contractors); Business must be located in an economically vulnerable community defined as the bottom 80% of the most economically distressed zip codes in the U.S. as ranked by the Distressed Communities Index. U.S. Chamber of Commerce Applications open on April 20 at 3:00 EST here






USDA Farmers to Families Food Box FAQ Purchase of agricultural products Farmers, shippers, and other suppliers with fresh produce, dairy, and meat impacted by the closure of  restaurants, hotels, and other food service entities U.S. Department of Agriculture Complete Request for Proposal documents






Research & Experimentation (R&D) Tax Credit FAQ The R&D Tax Credit is a general business tax credit under Internal Revenue Code section 41 for companies that incur research and development costs in the U.S. Taxpayers that design, develop, or improve products, processes, techniques, formulas, or software. Consult your tax accountant






State of Michigan Programs

FAQ FUNDING EMPLOYER SIZE SOURCE HOW TO APPLY






Michigan Small Business Relief Grant FAQ Up to $10,000 grant 50 or less employees Michigan Strategic Fund Applications now closed






Michigan Small Business Relief Loan FAQ Up to $200,000, low interest loan 100 or less employees Michigan Strategic Fund Contact the Michigan Economic Development Corporation






Pure Michigan Business Connect COVID-19 Emergency Access & Retooling Grant FAQ Up to $150,000 grants for companies who can retool and manufacture critical supplies. Applications will be reviewed within 48 hours. Small businesses under SBA size standards and nonprofits Michigan Economic Development Corporation Apply here






Business Accelerator Fund FAQ Small grants up to $50,000, though most are in the $7,000 to $15,000 range, to high-tech and very small non-tech companies supporting technology and personal protection equipment for COVID-19. Michigan Strategic Fund’s allocation to Business Accelerator Fund Contact WMed Innovation Center for elibility and availability






Relief for Nonprofit Arts and Cultural Organizations
FAQ Grants up to $5,000 Nonprofit arts and cultural organizations with tax-exempt status under Section 501(c) (3) of the U.S. Internal Revenue Services code and incorporated and physically located in Michigan. Michigan Council for Arts and Cultural Affairs through funding provided by the National Endowment for the Arts through the CARES Act Applications due by 5:00 pm on May 1, 2020






Michigan Humanities Organizations Pandemic Emergency (H.O.P.E.) Grants FAQ Grants up to $10,000 Nonprofits authorized to operate in the state of Michigan and that uphold the key values of inclusion, diversity, and equity; discovery and understanding; authentic conversation; respectful collaboration; and meaningful experiences. Michigan Humanities through the CARES Act Apply here






MIWISH Grant FAQ Grants up to $5,000 Preference will be given to employers with 250 employees or less, companywide, in high-hazard industries identified in MIOSHA’s 2019-2023 Strategic Plan, but all projects will be evaluated based on the specific hazards addressed Micghian Occupational Safety and Health Administration Apply here






Michigan Entrepreneur Resilience Fund FAQ Grants and Microloans Being located in a disadvantaged area within a U.S. Small Business Administration designated HubZones and Opportunity Zones; Demonstrating status as a low- to moderate-income borrower; Qualifying as a diverse business that can demonstrate ownership by underrepresented groups; Business income of less than $500,000 in the previous year and fewer than 50 employees Michigan Economic Development Corporation (MEDC), the SBA, NEI, and many notable corporate and individual donors Apply here






MI Local Biz FAQ Crowdfunding with matching grant from the Michigan Economic Development Corporation (MEDC) up to $5,000 Examples of the types of businesses that these grants are intended for include restaurants/bars/coffee shops, cafes, salons/day spas, bakeries, retail shops, hardware stores, and other small businesses retailing products or providing services in a face-to-face physical location within the state of Michigan. MEDC Apply here starting May 18






Match on Main FAQ Grants to Select or Master level Michigan Main Street communities in conjunction with eligible businesses seeking support The local unit of government, downtown development authority, Main Street organization or other economic development organization that represents a traditional commercial district including a downtown, neighborhood commercial district, or an area planned and zoned for concentrated commercial development is eligible to apply for up to $50,000. which contributions to any one business between $2,000-$10,000. MEDC Apply here through May 29






Local Programs

FAQ FUNDING EMPLOYER SIZE SOURCE HOW TO APPLY






Kalamazoo Small Business Loan Fund FAQ $5,000 to $50,000 low-interest loans Businesses located in the city of Kalamazoo with 50 or less employees— particularly minority- and women-owned businesses; and businesses that are in the food / beverage, retail, manufacturing and service industry. United Way of the Battle Creek and Kalamazoo Region and city of Kalamazoo and supported by the Foundation for Excellence Apply here






Kalamazoo Micro-Enterprise Grants FAQ $5,000 grants Mircrobusinesses located in the city of Kalamazoo with 10 employees or less, in operation for at least one year and with annual revenue of $1 million or less United Way of the Battle Creek and Kalamazoo Region and city of Kalamazoo and supported by the Foundation for Excellence Apply here through May 27






SBA Disaster Loan FAQ Up to $2,000,000 loan Small businesses with 50 or less employees and nonprofits in Berrien, Cass and Van Buren Counties Small Business Administration Apply here






SBA Microloan FAQ $500 to $50,000 Microloans Small businesses with 50 or less employees and nonprofits in Berrien, Cass and Van Buren Counties Small Business Administration Contact Dubelsa Mata-Garcia at Cornerstone Alliance






Berrien County Rent and Mortgage Payment Program FAQ Zero-interest loans issued at a maximum of $2,000 Business must have a physical presence in Berrien County and a rent or mortgage payment due in April and/or May 2020 Berrien Community Foundation, Southwestern Michigan Tourist Council and Cornerstone Alliance Apply here






Other

FAQ FUNDING EMPLOYER SIZE SOURCE HOW TO APPLY






FedEx #SupportSmall Grants FAQ $5,000 grants, plus a $500 credit from FedEx Office Must be older than 18; a U.S.-based for-profit small business in operation and selling for more than one year, with less than 50 employees; have less than $5 million in annual sales revenue in 2019; and have shipped in the last 12 months and/or plan to ship in the coming 12 months as part of your business. FedEx Apply here






The Red Backpack Fund FAQ Grants of $5,000 each to female entrepreneurs in the U.S. Sara Blakely Foundation Applications open at noon on April 6






Restaurant Employee Relief Fund FAQ One-time grant of $500 to restaurant industry employees who can  prove being adversely impacted by COVID-19 financially though a decrease in wages or loss of employment. National Restaurant Association Applications expected to reopen on April 10






Hello Alice COVID-19 Business for All Emergency Grant FAQ Grants of $10,000 Applicants must be a legal resident of the U.S., excluding Puerto Rico; at least 18 years or older; a legal for-profit business entity based in the U.S.; be the business owner who is the founder and/or leading executive Hello Alice, with the support of Verizon, Silicon Valley Bank, Ebay, and others Apply here






Verizon Small Business Recovery Grant FAQ $10,000 grants Businesses and nonprofits that are located within and/or serving the city of Kalamazoo’s under-resourced core city neighborhoods Local Initiates Support Corporation (LISC) in partnership with Verizon Apply here by April 28






Salesforce Care for Small Business FAQ $10,000 grants For-profit companies between 2 and 50 employees; have been in business for 2 full years as of March 2020; and have an annual revenue between $250,000 and $2,000,000 Salesforce Apply here






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