As the Coronavirus situation continues to evolve, it is important for all employers to monitor the outbreak and implement strategies to protect their workforce while ensuring continuity of operations.
To help educate employers and employees on how they can prepare for and address the impacts of the virus, we are sharing information from multiple sources as it becomes available.
Stay Home, Stay Stay Executive Order
State - Michigan Small Business Relief Grants and Loans
Federal - Economic Injury Disaster Loan and Paycheck Protect Program
Michigan Small Business Relief Grants and Loans
Lakeshore Advantage was awarded by Michigan Economic Development Corporation (MEDC) the opportunity to administer the Michigan Small Business Relief grant and loan program in Allegan and Ottawa Counties.
Grant: Statewide, MEDC has designated $10 million to distribute to businesses that have been negatively impacted by COVID-19 with 50 or fewer employees. Lakeshore Advantage will receive $300,000 in grant money available for Allegan and Ottawa County small businesses with fewer than 50 employees, with a maximum grant amount of $10,000. Our team will be working with our local Chambers and banking leaders to carefully vet the limited number of businesses funded.
Loan: Statewide, MEDC has designated $10 million to distribute to businesses that have been negatively impacted by COVID-19 with 100 or fewer employees. Loans are between $50,000-$200,000. Lakeshore Advantage will be working with local banking leaders to vet and process these applications. MEDC will make the final funding decisions for this program.
Applicants, please have the following information ready and available:
Current employee count, and employee count in 2017, 2018 and 2019
Annual revenue over the last three years, with profit & loss statements to attach
Capital investment made in your business over the last three years
Forecasted revenue loss for the next six months
Immediate working capital needs defined (rent, utilities, payroll, accounts payable, debt service, other)
Economic Injury Disaster Relief Loans
SBA Economic Injury Disaster Loans have been opened up to Michigan allowing small businesses to access low-interest loans from the SBA. The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 outbreak will now have the ability to apply for low-interest loans as part of $1 billion in funding made available to the SBA by Congress earlier this month.
Small businesses that could benefit from SBA loans are encouraged to start collecting the information they’ll need to complete and submit their application.
Examples of information needed can be found on the paper copy.
For additional information or to obtain help preparing the loan application in advance of the declaration, please contact the Michigan SBA offices in Detroit or Grand Rapids.
The Michigan Economic Development Corporation’s (MEDC) call center stands ready to support businesses looking for assistance through other available state programs. For more information, visit MEDC’s website or call 888.522.0103.
Paycheck Protection Program Loan
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.If you are interested in applying for a PPP loan, please review the resources provided by the U.S. Department of Treasury for additional information.These loans will be issued on a first-come, first-serve basis starting April 3. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
Families First Coronavirus Response Act
Resources for Employee Mental Health Concerns
Call Centers and Hotlines If you are experiencing high levels of stress, anxiety or depression, reach out for support.
Crisis Text Line: Text 741741
National Suicide Prevention Lifeline: 1-800-273-8255
Resource Links for Employers