LANSING – Please click here to review the application details and requirements for the SBA Disaster Recovery Loans. As a reminder, there are credit requirements: a credit history acceptable to SBA and applicants must show the ability to repay the loan.
Businesses Can Get Cash Now To Weather COVID19 Pandemic
Businesses that need cash now to expand, buy equipment or get a bridge loan to stay afloat, third generation banker Bob Moore may be able to help. Moore can help all businesses types – including Cannabis and Hemp businesses – with purchase order and invoice financing, just to name a few of his financial tools. Finance specialist Moore said businesses of all sizes are eligible to apply, including the hard hit Cannabis and Hemp startups just launched in Michigan.
To find out more about immediate financing, click on https://mitechnews.com/featured/cannabis-general-businesses-can-get-cash-now-to-weather-covid19-pandemic/
Michigan Strategic Fund Authorizes New Funds
The Michigan Small Business Relief Program will authorize the MEDC to provide up to $20 million in support for small businesses. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
The Families First Coronavirus Response Act contains leave provisions applicable to private employers with fewer than 500 employees, as well as some governmental employers.
The new FMLA and Paid Sick Leave requirements for businesses with fewer than 50 will sunset on 12/31/2020. Read more FAQ here.
SBAM encourages state-sponsored relief for shuttered small businesses using the Business Interruption Insurance system
To help small businesses shuttered by the state due to the COVID-19 pandemic, we are encouraging the state to use the Business Interruption Insurance system to help those affected. Business Interruption Insurance covers the loss of income that a business suffers after a disaster. Though many small businesses have these types of policies, they don’t cover pandemics, viruses or government action.
