Last Updated Thursday, May 21, 2020
West Michigan Resources for Small Businesses Impacted by COVID
GROW continues to gather resources here to help you keep your business operating and stay afloat in these uncertain times. We’ll keep this page updated to add more vetted resources for you to reference, often multiple times a day. As financial assistance with loans, grants and other programs are released, you will find it all in one place here. There is a lot of activity to support Small Businesses, which means a lot of things are changing quickly. Our staff continues to work remotely supporting GROW clients and other small business owners to navigate all of these resources. Please contact us for assistance in identifying which options may be best for your business and your unique situation – simply use the form at the bottom of this page.
Financial Resources to Small Businesses
Economic Injury Disaster Loan
Notice: Lapse in Appropriations: SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Overview: In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
- There is now an additional $60 billion for the EIDL program, including $50 billion in loans and $10 billion in grants
- SBA will resume processing EIDL Loan and Advance applications that are already in the queue in the order they were received
- The EIDL application portal is not accepting new applications at this time
- Due to appropriate funding level, SBA is unable to accept new applicants. Applications already submitted will be processed on a first-come, first-served basis.
- For update on EIDL portal reopen time frame, please sign up SBA newsletter for update here.
- The District Office has no visibility on the status of EIDL Loans and no authority to overrule the loan decisions made by Office of Disaster Assistance.
- Please call our Disaster Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm, Saturday and Sunday from 8:00 am to 8:00 pm Eastern Time) or email firstname.lastname@example.org.
The U.S. Small Business Administration (SBA) has designated COVID-19 as a qualifying event for the provision of Economic Injury Disaster Loans (EIDL) for businesses and private non-profits in declared zones. All information below can also be found here on a page we created just for the EIDL
Paycheck Protection Program
Notice: PPP Resumes April 27, 2020: The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- Loan Status Check? Please check with your PPP lender directly.
- SBA PPP Lender Search Tool, click here.
- List of PPP lenders by States, click here.
- For an unofficial list of FinTech companies helping SBA with PPP loans, click here.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
More information is available on the SBA.gov website here.
PPP Loan Forgiveness Overview
What’s the Difference between EIDL and PPP?
Additional SBA Funding Options at SBA.gov
Kiva Lenders: Coronavirus Small Business Support
Effective immediately, U.S. applicants for a Kiva loan will have access to the following:
- Expanded eligibility: More businesses in the US will be eligible for a Kiva loan.
- Larger loans: The maximum loan on the Kiva platform will increase from $10,000 to $15,000.
- Grace period: New borrowers may access a grace period of up to 6 months for greater financial flexibility.
0% interest loans up to $15,000 with a 6-month grace period.
US Chamber of Commerce Foundation
The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories. This fund seeks to provide $5000 grants to small businesses with 3-20 workers who have been financially impacted by COVID 19.
One Fair Wage Emergency Fund: Tipped and Service Worker Support
Cash assistance to restaurant workers, car service drivers, delivery workers, and personal service workers.
Restaurant Workers Community Foundation COVID-19 Crisis Relief Fund
A relief fund for restaurant workers facing economic or health hardships.
0% interest loans to businesses to maintain payroll, or reopen after the crisis.
Rapid Response Fund
The Rapid Response Economic Relief Fund is aimed at delivering short-term financial support to small businesses in need.
This fund is focused on supporting small, for-profit businesses with 5-25 full-time employees located in Kent County with grants from $5000 – $10,000.
We will continue to add new webinars and trainings here. Many resources offer these on-demand if you missed the live webinar/call. Those are linked below, too!
- Friday Forum: Friday’s at 2:00 p.m. Click HERE to register
- Human Resources: On-Demand – Click HERE
- Managing the Cash Flow Crunch – Click HERE to watch
- Open Mic – Small Business Revival – C001: Every Tuesday and Thursday, 11:00 a.m.
- Live virtual Q&A with our SCORE Business experts, clients, and anyone who has new opportunities to share. Read more
- Emprendedorx: Friday’s, 2:00 p.m.
- Live discussion on entrepreneurship for the Hispanic Community)
- *All discussions will be in Spanish (Full but follow along for other events)
- Click HERE to follow on Eventbrite
- See more Start Garden webinars HERE
Michigan West Coast Chamber of Commerce
- Several different webinars and virtual happy hours available
- Click HERE to see their events calendar
- On-demand and public webinars related to HR and much more. Click HERE
- Webinars on demand HERE
Clark Hill: COVID-19: Updated Guidance on Families First Coronavirus Response Act and CARES Act Debrief
- On-Demand | Details HERE
- Click HERE to view the presentation
Michigan Good Food Fund
- Food and Farm Business Sales Channel Deep Dive – En Español | On Demand HERE
Additional Resources (Click links to learn more)
Taxes & Accounting
West Michigan Community
Health Organizations Guidance for Employers
How Can We Help?
Complete the form below and connect with us today. Due to the high volume of inquiries at this current time, you may experience a delay in response. We are doing our best to reach out to clients in a timely manner.
We look forward to talking with you soon.