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MEDC | SBA Provides Simplified Process for PPP Forgiveness

Michigan Business Network
October 16, 2020 8:00 AM


SBA Provides Simplified Process for PPP Forgiveness for Loans of $50,000 or Less

The U.S. Small Business Administration released a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to the more than 100,000 small businesses here in Michigan that have received PPP loans to date. Borrowers with loans of $50,000 or less are also now exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. Information on new instructions for PPP borrowers of $50,000 or lesscan be found here, with the new, simpler form for PPP forgivenessavailable here.

Financial Support Still Available for Small Businesses Impacted by COVID-19

Funding is still available for small businesses impacted by COVID-19 through Detroit Development Fund (DDF) and Flint-based Metro Community Development. These Community Development Finance Institutions (CDFIs) received $1 million and $2 million, respectively, in loan support through MEDC’s Capital Access program to make micro and small business loans ranging from $5,000 to $250,000 to Michigan’s small businesses in the communities they serve. Both of these CDFIs put an emphasis on businesses located in economically disadvantaged areas. These funds can be used for working capital, acquiring machinery and equipment, and to support inventory needs during this public health crisis. Click on one of the links below to learn more and apply today.


Michigan Celebrates Small Businesses 2021 Call for Nominations is Open

Nominationsare now being accepted for the 2021 Michigan Celebrates Small Business (MCSB) awards program, a prestigious annual competition that recognizes successful growing businesses and their supporters. The winners will be honored at the 17th annual Michigan Celebrates Small Business gala on May 4, 2021. The awards program provides an opportunity for business owners and supporters of small businesses to nominate a company that is growing and making an impact in Michigan. Nominations must be submitted by November 13 and all nominees will receive an e-mail with instructions to complete an online application by December 7.


MIOSHA Issues Emergency Rules to Clarify COVID-19 Safety Requirements for Employers

The Michigan Occupational Safety and Health Administration has issued emergency rules which clarify the safety requirements employers must follow to protect their employees from COVID-19. Governor Gretchen Whitmer also signed her concurrence of the need for a comprehensive set of emergency rules that will help protect Michigan workers, businesses, customers and communities from the spread of COVID-19. Under the Emergency Rules, businesses that resume in-person work must, among other things, have a written COVID-19 preparedness and response plan and provide thorough training to their employees that covers, at a minimum, workplace infection-control practices, the proper use of PPE, steps workers must take to notify the business or operation of any symptoms of COVID-19 or a suspected or confirmed diagnosis of COVID-19, and how to report unsafe working conditions.



Money Matters: Startup Capital: DBusiness White Paper

Entrepreneurs frequently cite access to capital as their biggest concern. Fortunately, Michigan-based startups are benefiting from a large and growing pool of investment capital in pre-seed, angel-level and venture capital resources. These investment resources support hundreds of Michigan-based startups in many different fields, from life sciences and health to mobility and cybersecurity. Many entrepreneurs find Michigan’s entrepreneurial ecosystem bewildering at first. This white paper is aimed at helping startups navigate the possibilities by explaining how pre-seed and other funding sources in Michigan operate.


Additional Resources Available Online

Access additional COVID-19 resources for businesses and communities by visiting michiganbusiness.org/covid19.

Read more about programs supporting economic recovery for Michigan businesses by visiting michiganbusiness.org/covid19response.

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


Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.