LANSING, Mich. — The Whitmer Administration announced businesses across the state are now able to apply for $349 billion in Paycheck Protection Program (PPP) 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 Brian Calley along with president and CEO of the Michigan Association of CPA's Bob Doyle to launch a new statewide website MIpaycheckprotection.com, to give businesses key resources to assist with the PPP application and loan process and while making sure the greatest amount of federal funding is able to be used by small businesses for economic relief efforts throughout the state, according to a statement from Whitmer's administration.
“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.”
The administration said the website was launched as a collaboration between the Small Business Association, the Michigan Association of Certified Public Account, the Michigan Economic Development Corporation and the Michigan SBDC.
The administration said small businesses including hospitality and food industry, sole proprietors, independent contractors and those who are self-employed are eligible to apply for the loans to help make sure that employees will keep receiving paychecks.
The administration said the PPP loans are designed to give 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 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,” said Mark Burton, CEO of the Michigan Economic Development Corporation. “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 federal loans, like the Paycheck Protection Program, will be paramount to economic recovery efforts in the state.”
The administration said PPP loans will be awarded on a first come first serve basis with funding caps in place.
The application period opens Friday, April 3 for small businesses.
On April 10 the application opens for independent contractors and sole proprietors.
“This is a great opportunity to support Michigan small businesses during this difficult time,” said Bob Doyle, MICPA President & CEO. “Because these loans are designed to be forgiven assuming certain requirements are met, applicants should view this opportunity more like a grant application rather than a traditional loan.”
Want to see more local news ? Visit the FOX47News Website.
Stay in touch with us anytime, anywhere.
Download our free app for Appleand Android
and
Sign up for newsletters emailed to your inbox.
Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.
