Disaster Loan AssistanceDetails for Businesses on Applying
for Disaster Loan Assistance
March 18, 2020 -- MTAP has been actively monitoring issues regarding SBA loans. We found this very helpful information from our friends at the Small Business Association of Michigan:
The SBA Economic Injury Disaster Loans
are now available for Michigan Businesses
Please click here to review the application details and requirements. As a reminder, there are credit requirements: a credit history acceptable to SBA and applicants must show the ability to repay the loan.
Michigan Strategic Fund Authorizes New Funds
The Michigan Small Business Relief Program will authorize the MEDC to provide up to $20 million in support for small businesses. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
The Families First Coronavirus Response Act contains leave provisions applicable to private employers with fewer than 500 employees, as well as some governmental employers.
The new FMLA and Paid Sick Leave requirements for businesses with fewer than 50 will sunset on 12/31/2020. Read more FAQ here.
SBAM Encourages Use of the
Business Interruption Insurance System
To help small businesses shuttered by the state due to the COVID-19 pandemic, SBAM is encouraging the state to use the Business Interruption Insurance system to help those affected. Business Interruption Insurance covers the loss of income that a business suffers after a disaster. Though many small businesses have these types of policies, they don’t cover pandemics, viruses or government action.