Photo: Lt. Governor Garlin Gilchrist II
The Whitmer Administration announced that businesses across Michigan are now able to apply for $349 billion in Paycheck Protection Program forgivable loans through the U.S. Small Business Administration.
Lt. Governor Garlin Gilchrist II was joined by former Lt. Governor, and current president of the Small Business Association of Michigan (SBAM) Brian Calley as well as Bob Doyle, president and CEO of the Michigan Association of CPAs, in launching a new statewide website, MIpaycheckprotection.com which provides businesses with key resources to assist with the Paycheck Protection Program application and loan process and ensure the greatest amount of federal funding is able to be used by small businesses for economic relief efforts throughout the state.
The Michigan Paycheck Protection Program website was launched as a collaboration between the Small Business Association of Michigan, Michigan Association of Certified Public Accountants (MICPA), the Michigan Economic Development Corporation and the Michigan SBDC and includes key eligibility information, videos and instructions to help with the application process, information on authorized SBA lenders and more.
“All across Michigan, small businesses and families are doing their part to mitigate the spread of COVID-19, but this unprecedented time has, understandably, created uncertainty for many employers,” Gilchrist said. “That’s why we are working to make it as easy as possible for even the smallest businesses to apply for additional funding with the launch of the Michigan Paycheck Protection Program website. The Paycheck Protection Program offers much-needed financial support for our small businesses and their workers to help them get through this tough time.”
“Small businesses are the lifeblood of our economy and the Paycheck Protection Program is a lifeline,” said Calley. “These loans, much of which may be forgivable, are just what we need to get Michigan’s economy rolling as long as businesses apply.”
Michigan small businesses (per SBA size standards) – including hospitality and food industry businesses and sole proprietorships, independent contractors and self-employed persons – are eligible to apply for loans to help ensure employees continue receiving paychecks. The Paycheck Protection Program loans are designed to provide a direct incentive for small businesses to keep their workers on the payroll and may be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
The Paycheck Protection Program loans will be awarded on a first come, first serve basis with funding caps in place. So the state is encouraging Michigan small businesses to apply early – with the application period for small businesses currently open and for independent contractors and sole proprietors opening on April 10.