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Loans, Grants & Financial Information

Discover loans and funding options available to small businesses

Paycheck Protection Program

The U.S. Small Business Administration (SBA) announced that it plans to begin a tiered opening for round 2 of the Paycheck Protection Program (PPP) the week of Jan. 11. Starting Monday, Jan. 11, only certain types of community financial institutions will be able to make first-draw PPP loans, and on Wednesday, they will be allowed to make second-draw PPP loans. 

Wednesday, Jan. 13, the U.S. Small Business Administration announced the final phase of opening the 2nd round of the Paycheck Protection Program (PPP) will be finalized by Tuesday, Jan. 19. The announcement said that small banks can start processing applications on Friday, Jan. 15 with all approved lenders–including large banks–able to begin taking applications on Tuesday, Jan. 19.

Two final interim rules were published late Wednesday, Jan. 6, 2021, outlining the process for applying under the 2nd round of the PPP.

The Community Bankers of Michigan has created this helpful resource on the Paycheck Protection Program Round 2.


If you had a first round Paycheck Protection Program loan, here is the forgiveness application:

PPP Forgiveness Application

Latest pandemic relief: Consolidated Appropriations Act, 2021 (CAA)

On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA) which included multiple tax law changes and the Coronavirus Response and Relief Supplemental Appropriations Act, a $900 billion pandemic relief provision. President Trump signed the CAA into law on Dec. 27.

In passing this latest round of coronavirus relief measures, Congress aimed to expand programs first introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act (FFCRA). For example, CAA adds $300 to extended weekly unemployment benefits and provides more than $300 billion in aid for small businesses. It also ensures tax deductibility for business expenses paid with forgiven PPP loans. The CAA also features several non-COVID-19-related tax provisions that had been set to expire at the end of 2020.

Additional Details on the Second Round of PPP Funding

The second round of PPP loans is similar to the first, with several important differences. Highlights include:

  • A total of $284 billion is available to first- and second-time eligible borrowers, through March 21, 2021.
  • Eligible first-time borrowers include: businesses with 500 or fewer employees that are eligible for other U.S. Small Business Administration (SBA) 7(a) loans; sole proprietors, independent contractors, and eligible self-employed individuals; not-for-profits, including churches; accommodation and food services operations with fewer than 300 employees per physical location.
  • Loan amounts: 2.5 times monthly payroll costs (3.5 times for accommodation and food service employers classified in North American Industry Classification System Code 72), with a maximum amount of $2 million.
  • Payroll costs include group life, disability, vision, and dental insurance costs.
  • Organizations drawing a second PPP loan must have fewer than 300 employees (or less than 500 for accommodation and food service employers classified in NAICS Code 72), must have used or will use the full amount of their first PPP loan, and have experienced a 25% decrease in gross revenue in any 2020 quarter compared to the same quarter in 2019.
  • The loan coverage period is flexible – recipients may choose any timeframe between 8 and 24 weeks.
  • Forgivable costs have expanded to include certain operating expenses, property damages from public disturbances, supplier costs, and worker protection (PPE).
  • Shuttered Venue Operator Grants, totaling $15 billion, are available to live venues, independent movie theaters, and cultural institutions. These funds, however, can’t be used in conjunction with PPP funding.
  • Economic Injury Disaster (EIDL) loan advances are no longer deducted from PPP loan forgiveness. In addition, $20 million is allocated for EIDL advances through Dec. 31, 2021.\
  • Business expenses paid with forgiven PPP loans are tax-deductible, superseding disputed IRS guidance that such expenses could not be deducted.
  • Forgiveness applications for loans under $150,000 will be simplified to a one-page certification, similar to the EZ forgiveness application previously provided.

Information provided by Rehmann.

Michigan Small Business Survival Grant Program

to provide $55 million in grants for COVID-19 relief efforts

Michigan Strategic Fund authorizes relief programs to support small businesses impacted by COVID-19 and recent public health orders.

Application will open January 19 at 9am EST at www.michiganbusiness.org/survival

Small Business Survival grants will be administered by 15 Economic Development Organizations covering all 83 counties. All applications received will be considered by EDOs in the review process. $3.5 million Michigan Stages Survival Grant program also approved to offer relief to live music and event venues statewide.

Learn more
waiter in mask

Employee Assistance Grants

The Employee Assistance Grants were made available by Senate Bill 748, and are designed to provide support to employees impacted by the MDHHS Gathering and Face Mask Order that took effect on November 18, 2020. The Michigan Restaurant & Lodging Association Educational Foundation is administering this grant program.

What is the application period for the Employee Assistance Grants?

The application period will open on January 15, 2021 at 9:00 a.m. and will be available until January 25, 2021 at 5:00 p.m. The grants are not first come, first serve and the application will be open for submissions for the entirety of that 10-day period. Please take the time to ensure your application is complete and correct.

Who is eligible to apply for the Employee Assistance Grants?

Employees who were impacted by the MDHHS Gathering and Face Mask Order of November 18, 2020.

Details on Employee Assistance Grants

The Barstool Fund

If you are a small business owner in need of help due to the impacts of COVID, you can submit your application at: TheBarstoolFund.com/apply

If you are able to help, you can make a tax deductible contribution to support small businesses featured here by clicking “Contribute to the Fund.” You can also support small businesses by purchasing one of the shirts here.

100% of the net proceeds will go towards supporting small businesses.

Learn more

COVID-19 Economic Injury Disaster Loans

U.S. Small Business Administration Disaster Loan Assistance

Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters

SBA is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.

Apply here

Shuttered Venue Operators Grant

The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Learn more

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