We know this is a trying time for most of us. In difficult times and beyond, we will be here to help you navigate the ever-changing tide.
As we continue to work 1-on-1 to support our clients, community partners, and their businesses, we wanted to take a moment to organize some essential resources and quick links for commonly requested information.
Please remember, we're here to help you. Whether it is an area we can personally assist you with or not, we have a large network of partners and support organizations that can help with items such as:
- strategic planning to help you navigate this unexpected time,
- marketing/client communication tips,
- the set up of remote communication & working tools,
- financial organization, tax preparation and more
If we can be of help to you or your team as you move forward, don't hesitate to reach out for virtual assistance! Be sure to follow us on Instagram, Facebook, and Twitter for helpful resources and tips for managing your business.
Please note, recommendations, resources, funding, and more are changing rapidly. Be sure to check the provided links for the most up-to-date information!
Small Business Administration (SBA) CARES Act Funding Options
- Economic Injury Disaster Loan and Advance - Designed to assist small businesses, independent contractors, self-employed individuals, non-profits, and 501(c)(19) veterans organizations that are currently experiencing financial difficulties due to COVID-19. Apply through the streamlined process here.
- Paycheck Protection Program - Provides potentially forgivable loans to assist businesses, independent contractors, and self-employed individuals with items such as payroll, rent/mortgage payments, and utilities. As stated on the SBA website, "you can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program." Helpful tips: Applications for traditional organizations opened April 3, 2020 and applications for self-employed individuals opened April 10, 2020. Funds are limited so it is strongly recommended that you apply as soon as possible. If you have trouble connecting with your bank or they are no longer processing applications, organizations such as Lendio and Kabbage are currently processing these applications as well.
Additionally, if you currently have a lending relationship with the SBA, you may be eligible for an Express Bridge Loan, which can provide up to $25,000 in funding or Debt Relief assistance such as payment deferments. Save Small Business Fund - Through the U.S. Chamber of Commerce Foundation, corporate and philanthropic partners have collaborated to offer $5,000 grants to businesses meeting the following criteria - 1) employ between 3 and 20 people, 2) are located in an economically vulnerable community, and 3) have been harmed financially by the COVID-19 pandemic. Applications open April 20, 2020 at 12 Noon PT. The amount of available funding has not been disclosed.
Helpful tips: Be sure to reach out to any existing lenders or vendors to see what options they may be able to provide for payment deferrals, reduced payments, or installment payments. Also, don't overextend yourself with additional lending obligations. Be sure to recalculate your breakeven point to determine your needs and what you can realistically repay.
Centers for Disease Control and Prevention: Resources for Businesses and Employers
Coronavirus Aid, Relief, and Economic Security (CARES) Act
IRS Coronavirus Tax Relief and Economic Impact Payments
Small Business Administration (SBA) Coronavirus (COVID-19): Small Business Guidance & Loan Resources
State of Michigan Executive Order 2020-21 (COVID-19) "Stay-At-Home Order" (Initial Order)
State of Michigan Unemployment Insurance Agency
- Information for Employers - Provides details about how to properly classify employees to ensure they're eligible for unemployment benefits and other Frequently Asked Questions
- Information for Employees - Contains helpful Frequently Asked Questions and tips for applying
Helpful tip: Applications for self-employed individuals and independent contractors opens April 13, 2020 at 8 AM. Individuals can apply based on their last name and the schedule provided. For more details, click here.
Sign up for your complimentary 30-minute virtual consultation now!