The Whitmer Administration announced Friday that businesses across Michigan are now able to apply for $349 billion in Paycheck Protection Program forgivable loans through the U.S. Small Business Administration.
A new statewide website, MIpaycheckprotection.com will provide businesses with key resources to assist with the PPP application and loan process and ensure the greatest amount of federal funding is able to be used by small businesses for economic relief efforts throughout the state.
The Michigan Paycheck Protection Program website was launched as a collaboration between the Small Business Association of Michigan, Michigan Association of Certified Public Accountants (MICPA), the Michigan Economic Development Corporation and the Michigan SBDC and includes key eligibility information, videos and instructions to help with the application process, information on authorized SBA lenders and more.
Michigan small businesses (per SBA size standards) – including hospitality and food industry businesses and sole proprietorships, independent contractors and self-employed persons – are eligible to apply for loans to help ensure employees continue receiving paychecks.
The Paycheck Protection Program loans are designed to provide a direct incentive for small businesses to keep their workers on the payroll and may be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program loans will be awarded on a first come, first serve basis with funding caps in place, so the state is encouraging Michigan small businesses to apply early – with the application period for small businesses opened April 3 and for independent contractors and sole proprietors on April 10 – and to utilize the Michigan Paycheck
The Michigan Paycheck Protection Program site is the latest resource available to help Michigan small businesses negatively impact by the COVID-19 outbreak.
In addition, michiganbusiness.org/covid19 also features other resources for businesses across Michigan to assist them in recovering from economic losses as a result of the COVID-19 virus.
This includes U.S. Small Business Administration emergency loans, support services offered through the SBDC and more. The MEDC has also developed a FAQ for Michigan businesses and communities at michiganbusiness.org/covid19-faq.PPP-Borrower-Information-Fact-Sheet-1