Assistance for Small Business Owners
Small Business Grant Opportunity
Save Small Business Fund through the U.S. Chamber of Commerce Foundation
To extend a helping hand to small businesses suffering from the impacts of the coronavirus pandemic, the U.S. Chamber of Commerce Foundation – in partnership with Vistaprint and a coalition of supporting companies, foundations and philanthropic donors – is working to provide financial relief through the Save Small Business Fund. The Save Small Business Fund is a grant-making initiative to offer $5,000 grants that provide short-term relief for employers across the United States and its territories. A recent poll conducted by the Chamber and MetLife found that more than half of small businesses (54%) have closed at least temporarily or will close in the next two weeks. One in four (24%) are two months or less away from permanently closing. They need resources and relief – and they need it now. That’s why the Save Small Business Fund is providing $5,000 grants to help as many businesses as possible meet their most pressing needs – from rent, making payroll, or for overall business operations. These one-time supplemental cash grants are for businesses that have between 3 and 20 employees and operate in an economically vulnerable community. It is also for businesses that have been harmed financially by the COVID-19 pandemic. Grants will be distributed on a weekly, rolling basis until all funds have been allocated.
The grant application will go live on Monday, April 20 at 12:00 PM 3:00 Eastern Time.
Visit www.savesmallbusiness.com for more details and to get an email reminder when the application launches.
Michigan Small Business Relief Program
The Michigan Small Business Relief Program provides small grants and loans to support certain small businesses in Washtenaw and Livingston counties that have realized a significant financial hardship as a result of the COVID-19 outbreak.
The grant funds 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. Grants of up to $10,000 are available. Loans are available between $50,000 and $200,000 and are administered directly through the Michigan Economic Development Corporation.
Applications for this program can be submitted no later than April 4, 2020. Click the title link above for more information.
Paycheck Protection Program
Starting Friday, April 3, 2020 small businesses can enroll in the U.S. Treasury Department’s Payment Protection Program (PPP). The Michigan Township Association (MTA) is working with the Small Business Association of Michigan to help get the word out to Michigan communities and businesses about the program, which authorizes up to $349 billion toward job retention and certain other expenses. The program is first-come, first-served. By April 3, a Michigan-specific website dedicated to the program will be live to provide information on the program, a checklist and documents needed to apply, instructions on how to connect with a bank and/or finding a lender, and a budget tool to track and ensure the loan is forgiven. A sample PPP loan application has been released by the U.S. Treasury Department.
- Starting April 3, 2020, small businesses, sole proprietorships and nonprofits can apply for and receive loans to cover their payroll and other certain expenses through existing Small Business Association (SBA) lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.