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43,000 Michigan small businesses received more than $10 billion in first round of Paycheck Protection Program funding
Lansing, Mich. – Lt. Governor Garlin Gilchrist II, former Lt. Governor Brian Calley and Michigan Association of CPAs President & CEO Bob Doyle, today called on federal officials to reach an agreement and authorize additional funding to the Paycheck Protection Program funds from the U.S. Small Business Administration.
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. Nationally, $349 billion was authorized for the initial round of PPP, all of which was committed by April 16 – less than two weeks after the application period opened – demonstrating the continued need for small business relief.
“While thousands of Michigan businesses were able to receive relief through the Paycheck Protection Program, there continues to be a significant need for additional resources to support our small businesses,” Lt. Governor Gilchrist said. “Additional funding for the Paycheck Protection Program will be critical in helping our businesses keep their doors open and in protecting the livelihoods of their workers.”
Michigan small businesses (per SBA size standards) – including hospitality and food industry businesses and sole proprietorships, independent contractors and self-employed persons – were eligible to apply for loans through The Paycheck Protection Program (PPP) to help ensure employees continue receiving paychecks. The PPP loans were 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.
“For those businesses that applied but did not receive funding in the first round, please verify with your lending institution that your application is still active and in line for funding when Congress comes through,” Calley said. “If a business didn’t apply before, now is the time to get your application ready. These loans can save a business and keep thousands employed.”
The MIpaycheckprotection.com website includes key PPP eligibility information, videos and instructions to help with the application process, information on authorized SBA lenders and more. This Michigan Paycheck Protection Program website was built through 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.
“The PPP funds on a first come first served basis,” said Bob Doyle, MICPA President & CEO. “Once new funds are available, businesses interested in these forgivable loans, should gather their information and submit an application as soon as possible.”
“We will continue to leverage every resource available at the federal state and local level to provide relief to businesses across our state,” said Mark A. Burton, CEO of the Michigan Economic Development Corporation. “These are difficult times, but additional PPP funds would make a significant difference for many small businesses making every effort to keep their doors open.”
Through the MEDC, michiganbusiness.org/covid19 also features other resources for businesses across Michigan to assist them in recovering from economic losses as a result of the COVID-19 virus. This includes U.S. Small Business Administration emergency loans, support services offered through the SBDC and more. The MEDC has also developed a FAQ for Michigan businesses and communities at michiganbusiness.org/covid19-faq.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.