COVID-19 Information and Resources for Michigan's Small Manufacturers
Updated: Jun 15
Access to Capital & Cash Flow Through the Federal Stimulus Bill
Here is the latest information and FAQ's about the recent bill:
Economic Injury Disaster Loans (EIDL)
Michigan small businesses are eligible for the U.S. Small Business Administration’s Economic Injury Disaster Loans. Read the press release. Here’s a summary:
Low-interest loans of up to $2 million are available for small businesses and private non-profits.
Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years.
Interest rates are 3.75% for small businesses and 2.75% for private non-profits.
Need help filling out the application? Access these step-by-step instructions here.
Click here to apply now.
Michigan Small Business Relief Program
The Michigan Small Business Relief Program approved today authorizes 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. Applications will be available by April 1, 2020. Read the press release.
Banks Offer Relief to Small Businesses and Individuals (updated 3-19)
There are numerous banks offering financial relief to small businesses and individuals. This is not a complete list, please check with your lender for the relief they may be offering small businesses.