Loans & Funding

Loans, Grants & Financial Information

Discover loans and funding options available to small businesses

Paycheck Protection Program

New legislation extends the Paycheck Protection Program (PPP) application deadline from March 31 to May 31. The PPP Extension Act of 2021 also gives the Small Business Administration (SBA) an additional 30 days beyond May 31 to process those loans.

The new deadline applies whether a business is applying for a first-time PPP loan or a second-draw PPP loan.

Visit the SBA website for details and loan applications.

Two final interim rules outline 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 May 31, 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.

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:

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

EIDL eligibility

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19. Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the pandemic. Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

EIDL increases

Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.

If an applicant accepted a loan for less than the full amount originally offered, the application will have up to two years after the date of the loan promissory note to request to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.

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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