ADDITIONAL RESOURCES
| CDC Reopening Guidelines | Recommendations from the CDC on how to plan for reopening. | Website |
| CDC Cleaning Guidelines | Cleaning guidelines for businesses reopening amidst the pandemic. | Website |
| OSHA Guidelines | Guidance for preparing workplaces for COVID-19. | Website |
| Full Executive Order and Industry Specific Guidelines | Safeguards to protect Michigan’s workers from COVID-19. | Website |
| Detroit Means Business Website | COVID-19 help for small and local businesses. | Website |
| PMBC COVID-19 Procurement Platform | Platform to connect businesses with suppliers of PPE. | Website |
| The Michigan Small Business Development Center | The MSBCD has free counseling, workshops, and COVID-19 specific webinars. | Website |
| Small Business Grants for Companies hit by COVID-19 | A write up of, and links to, grants by state, city and industry. | Website |
| Michigan Economic Development Corporation | A list of resources for Michigan businesses during COVID-19. | Website |
| Small Business Association of Michigan | COVID-19 resources, along with general guidance and FAQs. | Website |
LOCAL STORES AND THEIR EMPLOYEES
| savemifaves.org | Support a small business AND help feed frontline workers. Buy gift cards to keep your favorite MI businesses afloat. Gift cards will be used to buy meals for the frontline hospital workers working hard to keep us healthy and safe. |
| Detroit Economic Growth Corporation.org | In response to the COVID-19 pandemic, many local business owners serve their customers with adjusted services, operations and business hours. Look up adjusted hours and services so you can continue to support Detroit small businesses. |
| Michigan Economic Development Corporation | Resources for Michigan Businesses during COVID-19 |
| Good To-Go Detroit | Good To-Go Detroit: A directory of local businesses you can support during the coronavirus ere. |
(VIRTUALLY) TIP YOUR SERVERS
| Eater Detroit | How to Help Detroit’s Restaurant and Bar Workers Through the Novel Coronavirus Crisis. A guide to GoFundMe campaigns, virtual tip jars, pay-it-forward campaigns supporting the local service industry. |
| Grand Rapids Virtual Tip Jar | Help fellow West Michiganders with the West Michigan virtual tip jar. |
| GoFundMe Small Business Relief Initiative | The GoFundMe Small Business Relief Initiative is intended to support our local businesses facing financial loss. Make a difference today by donating or starting a fundraiser. Search for small business fundraisers by zip code. |
FOR BUSINESS OWNERS
ECONOMIC INJURY DISASTER LOAN (EIDL)
Who qualifies: Tribal businesses, cooperatives, ESOPs w/ fewer than 500 employees, private non-profits, and individuals operating as sole proprietors or independent contractors, Veteran organizations
- Expands eligibility to include businesses that have been open for less than a year
- Determination is no longer dependent on businesses projected ability to pay back loan but is based on credit scores or alternate appropriate testing
- Covered period: January 31, 2020-December 21, 2020
GRANT WITHIN THE EIDL APPLICATION PROCESS: Applicants may request an advance on the loan in the form of a grant of not more then $10,000 that the SBA must distribute within 10 days.
REPAYMENT OF THE GRANT IS NOT REQUIRED. Must be used only for the following: to provide sick leave to employees, maintain payroll, rent, mortgage, to repay obligations or increased costs to obtain materials
Sources: NAV.com | Benefits.gov | SBA.gov
PAYMENT PROTECTION PROGRAM (PPP)
Eligibility: Small businesses, 501(c)(3) nonprofits, a 501(c)(19) veteran’s organization, or Tribal businesses that have no more than 500 employees or the applica- ble size standard as provided by the SBA. Also includes sole-proprietors, independent contractors, and self-em- ployed individuals.
- Covered period: Feb 15, 2020-June 30, 2020
- $349 billion in funding
- Zero-fee loans up to $10 million through Dec 31st · 8 weeks of average payroll + other costs forgiven if business retains its employees and their salary levels
- Principal & interest deferred for up to a year, all borrower fees waived.
If you have an EIDL loan related to COVID-19, you can still apply for a PPP loan and refinance the EIDL loan into the PPP loan. The EIDL grant award of $10,000 would be subtracted from the amount forgiven under the PPP. EIDL borrowers not affected by COVID-19 can also apply for a PPP loan but cannot refinance into a PPP loan.
The Credit Elsewhere requirement has been waived
Sources: US Treasury | JJ the CPA (Video) | Evergreen Capital (Video)
EIDL VS PPP: WHICH SHOULD YOU APPLY FOR?
Generally, if you are trying to retain employees and cover costs of payroll and benefits, the Payment Pro- tection Program is probably for you. The main take- away is that it is based on payroll so it incentivizes retaining employees and the amount from the loan spent on payroll, rent, mortgage and other relevant expenses in the first 8 weeks will be forgiven up to 100%. No more than 25% of the forgiven amount can be for non-payroll costs. You get the PPP from individual banks instead of the SBA. 10 year term, 4%.
The EIDL loan comes from the SBA. None of the loan is forgivable but there is a $10,000 advance option that does not require repayment. The loan term is up to 30 years with interest rates at 3.75% for businesses and 2.75% for non-profits. This is a better option if your payroll is not significant as it is not mainly based on your payroll.
Sources: StrandLife Financial (Video) | JJ the CPA (Video) | Nav.com