The COVID-19 pandemic has hit a lot of small businesses hard since many have had to close down temporarily to help slow the spread of the virus. There are a growing number of resources available to assist you if your business is one that will be recovering from economic losses.
Recent support came from the U.S. Small Business Administration statewide Economic Injury Disaster Loan (EIDL) declaration, with the support of the Michigan Small Business Development Center and the Michigan Economic Development Corporation (MEDC) which is the state’s lead advocate for business development, job awareness and community development.
MichiganBusiness.org reports that the “EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that suffer 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.”
Under the CARES Act, small businesses can receive up to $10M through the SBA Paycheck Protection Program. This loan can be used to pay up to 2 months payroll, rent and utilities. If at least 75% of the loan is used for payroll, then it is forgiven..you do not have to pay it back.
For more information on the SBA loans and to get assistance you can contact Colin Hutchinson in the Kalamazoo office at (269) 231-4660
Here at Contractors Insurance Agency we wish you and your loved ones health, safety and security. We are working remotely but we are still available to help you! Please don’t hesitate to reach out to us.