The U.S. Small Business Administration is taking steps with the Paycheck Protection Program to further promote equitable relief for the smallest small businesses. Yesterday, the SBA announced a number of actions to increase equitable access to PPP loans including:
- Establishing a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees, starting Wednesday, February 24.
- Allowing sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants.
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other changes will be implemented by the first week of March.
Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.
Michigan Strategic Fund Board Actions Laying Runway for Economic Recovery
The Michigan Strategic Fund board today approved a range of projects and initiatives to strengthen Michigan’s economy and further position the state for future prosperity, the Michigan Economic Development Corporation announced. In all, the developments approved today are expected to generate a total capital investment of $173.6 million, create 473 jobs, build on Michigan’s continued growth in electric vehicle manufacturing, and bring new vibrancy to Michigan downtowns in Alma, Holland and Detroit. The board also extended support for entrepreneurial programs supporting start-ups and tech entrepreneurs around the state.
Accelerating Innovation with Industry 4.0 | Thursday, Feb. 25 at 11:30 a.m.
Tom Kelly, executive director and CEO of Automation Alley, talks with Natalie Chmiko, MEDC’s VP of Pure Michigan Business Connect and International Trade, about the impact automation is having on manufacturing and new resources available for small to mid-sized manufacturers to adopt Industry 4.0 technologies.
Opportunities for Black-owned Businesses | Inc. National Small Business Town Hall
Join Inc. Magazine for a conversation on the biggest challenges impacting Black small-business owners. Knowledgeable experts and seasoned entrepreneurs, including a two-time Inc. 5000 honoree, will share resources and discuss available opportunities.
From the latest on PPE loans to finding funding for your business to winning government contracts and securing strategic partners, learn more about what Black-owned businesses can do now to grow and thrive in today’s economic environment.
Additional Resources Available Online
Access additional COVID-19 resources for businesses and communities by visiting michiganbusiness.org/covid19.
Visit michigan.gov/coronavirus to find other valuable resources for employers, workers, residents and communities.
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