This Week’s Updates
- Michigan Small Business Relief Program will offer up to $20 million ($10 million in grants, $10 million in loans) for small businesses affected by COVID-19. Read more here.
- Employer childcare options have been expanded during the COVID-19 emergency: employers are able to set up provisional daycare centers. Read more here.
- With a new executive order in place, small businesses have more time to make monthly sales, use and withholding tax payments. Read more here.
Mackinac Economic Alliance
COVID Disaster Assistance Update
There are two sources of COVID relief funds from the Michigan Economic Development Corp & the US Small Business Administration. They are primarily in the form of loans with very low interest & flexible terms, including forgiveness for the portion of loans covering payroll during the crisis. Businesses & Non-Profits are treated the same for these programs.
In addition to loans, the Michigan Economic Development Corp. has also announced a grant fund program, which has attracted a great deal of attention. Unfortunately, what has not been promoted is the fact that only $18,000 has been allocated for Mackinac County, which will be prioritized toward health & safety measures in the county. The MEDC loan funds are similarly limited. If you’d like to file for either MEDC program, applications are due April 5th & available at
Thus, the chances for any business to acquire MEDC grant or loan funding is extremely limited & MEA is recommending the use of the SBA Economic Injury Disaster Loan as outlined below. To assist with SBA loan applications, MEA has helped to launch online workshops to be held daily at
When considering your loan application, please consider the recommendations of the Michigan Small Business Development Center & US Small Business Administration, which are:
- Request your bank to waive loan payments for the next 2 – 3 months.
- Request your landlord to defer lease/rent payments for 2 – 3 months.
- Request vendors/creditors to suspend payments for 2 – 3 months.
- Apply for SBA Economic Injury Disaster Loan to cover remaining needs.
- Laid-Off Employees apply for Expanded Unemployment Benefits.
The Michigan Small Business Development Center will be holding 3 Webinars on how to Fill out the SBA Economic Injury Disaster Loan Application and answer questions about the CARE Act, Payroll Protection Program, and Bridge Loans.