Fellow Small Business Owners,
What a weird time we are living through.
As we sit at home with our families, contemplating what the next three weeks look like for our business, our craft, and our employees it’s only natural to be a bit overwhelmed by all the unknowns.
But it’s also important to remember that we are not the only ones currently processing it.
Our kids, spouses, employees, neighbors, and owners of the local businesses we love are all wondering the same and what we do during this time to promote hope and leadership in their lives will leave a lasting impact.
As distant as we are required to be – we are also connected in our commitment to our community!
If we spiral down the social media rabbit hole or stare at our screens for confirmed case updates we will be consumed with the things we cannot control.
But we can always control our response.
Be the good in each person’s day that you encounter. In doing so, we can curb panic in others AND in ourselves.
**This is also a fantastic opportunity to spend a few hours a day refining your business practices. For me, I’m looking at what I currently can’t do to strategize ways of not only doing it in the future if I’m remote, but doing it more efficiently.
We will update this list as new options come available in the next few weeks:
State of Michigan Resources
Michigan Unemployment Benefits:
We have been told that both the State Executive Orders and Federal Stimulus Package include sweeping protection for self-employed individuals to claim unemployment benefits during this time. Click below to learn more or file an unemployment claim.
The Michigan Small Business Relief Loan + Grant Programs
The Michigan Economic Development Corporation will provide up to $20 million in support for small businesses negatively impacted by COVID-19.
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. Funds for the program are expected to be available no later than April 1, 2020.
Loans: .25% interest available on 4/1/2020 up to $10M to small business owners
Grants: Grants paid out through Economic Development/Non-Profit agencies may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business up to $10M.
Apply Locally through The Right Place.
Community Resources + Grants
Small Business Relief Initiative:
The Small Business Relief Initiative was started by GoFundMe to help small businesses that have been affected by the COVID-19 pandemic and empower their communities to rally behind them.
GoFundMe has partnered with Yelp and Intuit QuickBooks to provide small business owners with the financial support and resources needed to continue running their businesses during and after the coronavirus crisis.
Facebook Small Business Grant Opportunity:
Facebook is offering $100 million in cash grants and ad credits for small businesses. They plan to offer the grants to up to 30,000 eligible small businesses in 30 countries. The goal is that these cash grants can help keep your employees, pay required rents, continue to market, and cover operating costs.
Grand Rapids Community Foundation Grants (specifically for community initiatives)
Grant funding for a targeted community focus, such as access to housing, connection of youth to summer camps, education, art, etc. If your Small Business or Non-profit serves a community need you should consider applying. Grant Amounts vary.
Community Investment Program Loan:
The Federal Home Loan Bank of Indianapolis is a secondary market bank with a Community Investment Program (CIP) providing local banks with at-cost loans and letters of credit to support affordable housing and community economic development activities that benefit low- and moderate-income families or neighborhoods. These funds have been used in the past to develop affordable housing, support infrastructure improvement, and boost local job creation. You must apply for funds through a local lender. Shoot us an email at email@example.com to be connected if this describes your business.
Elevate Small Business Grant:
The Federal Home Loan Bank of Indianapolis is a secondary market bank that works with local lenders to administer grants.
Elevate is a small business grant program that assists the growth and development of small businesses, their workforce, and the communities where they are located. Qualifying small businesses can use the grant money (up to $25,000) for capital expenditures, workforce training, or a variety of other needs to get the boost that they need.
You must apply for funds through a local lender. Shoot us an email at firstname.lastname@example.org to be connected if this describes your business.
Small Business Administration Resources
SBA Implementation of the CARES Act (Stimulus Package)
The SBA use the $350 Billion included in the CARES Act Stimulus Package passed by Congress on 3.27 to expand their existing 7(a) program loans to small businesses with Federally guaranteed lending.
Small Businesses in existence on 2.15 will need to average their payroll expenses and apply through their local lender for the loan to cover working capital and payroll. If the payroll “remains nearly the same” for the year that loan will be forgiven.
SBA Economic Injury Disaster Loan Program:
Because the State of Michigan has declared an economic disaster, The Small Business Administration has opened up low-interest funding through their local lenders to help small businesses through the next several weeks with operating expense and payroll.
SBA Express Bridge Loans:
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Disclaimer: In an effort to provide accurate information, the majority of the verbiage describing each loan and grant was taken directly from the providers page.