Coronavirus (COVID-19)

The Coronavirus and its transmission to the United States has dominated media coverage. As This virus impacts Michigan residents and businesses.
Stay tuned for future updates.

𝗦𝗲𝗰𝗼𝗻𝗱 𝗥𝗼𝘂𝗻𝗱 𝗣𝗣𝗣 𝗟𝗼𝗮𝗻 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗢𝗽𝗲𝗻 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 11th

The application process for a second round of PPP Loans will begin January 11th , 2021.
 
The mg官方游戏中心 encourages our members to apply as early as possible as a substantial number of
applicants are anticipated.
 
 
Following are important details to consider:
𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗡𝗲𝘄 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀
• PPP borrowers can set their PPP loan coverage period to be a length between 8 and 24 weeks
• PPP loans will cover additional expenses including operational expenditures, property damage costs, supplier costs, and worker protection expenditures
• PPP provides greater flexibility for seasonal employees
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan
𝗙𝗶𝗿𝘀𝘁 𝗧𝗶𝗺𝗲 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝗻𝘁𝘀
• Applications Open Monday, Jan 11th
• Your business must have been in operation prior to February 15th , 2020
• Your business must have less than 500 employees
• The amount you may apply for is 2.5x your average monthly payroll
• You may request a loan of up to $10M USD
𝗦𝗲𝗰𝗼𝗻𝗱 𝗧𝗶𝗺𝗲 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝗻𝘁𝘀
• Applications Open Wednesday, Jan 13th
• Your business must have been in operation prior to February 15th , 2020
• Your business must have less than 300 employees
• The amount you can apply for is 2.5x your average monthly payroll
• You may request a loan of up to $2M USD
• Banks which extend loans of $50K USD or less will receive incentives, thereby providing many of the businesses in SW Detroit qualification eligibility
• Restaurants may be able to qualify for 3.5x their average monthly payroll
 

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