LANSING, MI (WKZO AM/FM) — Governor Whitmer’s administration has joined with the Small Business Association of Michigan (SBAM) and Michigan Association of Certified Public Accountants (MICPA) to announce a second round of Paycheck Protection Program (PPP) funding.
Businesses across Michigan are now able to apply for an additional $310 billion in Paycheck Protection Program forgivable loans through the U.S. Small Business Administration.
Officials say forgivable loans will help businesses negatively impacted by COVID-19 keep employees on payroll and pay bills.
“There continues to be a significant need for additional resources to support our small businesses facing many challenges in the face of the COVID-19 virus,” Lt. Governor Garlin Gilchrist II said. “This additional funding for the Paycheck Protection Program offers much-needed financial support for our small businesses and their workers to help them get through this tough time.”
As a result, small businesses are being encouraged to apply for this $310 billion in federal relief. Businesses that have a pending application are encouraged to verify their application status with their lender. Businesses that have not yet applied are encouraged to do so quickly.
“We recommend that businesses double check with your lending institution that your application is still in line for a PPP loan,” SBAM President Brian Calley said. “Businesses that haven’t applied, please act quickly since this money will be committed in a very short time.”
All information regarding the program can be found at MIpaycheckprotection.com. This website includes key PPP eligibility information, videos and instructions to help with the application process, information on authorized SBA lenders and more.
More than 43,000 businesses in Michigan impacted by the COVID-19 outbreak received more than $10 billion in forgivable loans during the first round of PPP funding. Officials say that the funds were committed less than two weeks after it became available.
“The additional PPP funds will provide critical capital for businesses facing a temporary loss of revenue as a result of coronavirus and protect the livelihoods for workers across the state that these businesses provide,” Michigan Economic Development Corporation (MEDC) CEO Mark Burton said. “While we are looking at every resource possible to support our small businesses and workforce in the face of the significant challenges they are facing, we know that the Paycheck Protection Program will be paramount to economic recovery efforts in the state.”
Further information about the program can be found through the MEDC at michiganbusiness.org/covid19. This includes U.S. Small Business Administration emergency loans, support services offered through the SBDC and more. A FAQ page can also be viewed here.
All businesses are encouraged to apply as soon as possible, as it is uncertain whether there will be any further PPP funding authorized at this time.
The latest information on COVID-19 is available at Michigan.gov/Coronavirus and CDC.gov/Coronavirus.
