With impact of the novel coronavirus (aka COVID-19), many small and medium sized business are finding themselves looking for funding to meet overhead because payroll, creditors, and other expenses continue to grow while income is diminished due to the pandemic.
Fortunately, there are a number of programs from the federal government, the State of Michigan, and even local counties and cities that may provide much needed access to capital in the form of COVID-19 disaster loans or grants. In addition, there are many large corporations that are providing access to coronavirus grants as well. Even Facebook has pledged $100 million to assist businesses affected by the novel coronavirus. Another resource for small and medium sized businesses is their bank or credit union. Many banks are providing longer term or low interest loan opportunities for businesses affected by the COVID-19 pandemic.
Under the CARES Act, the U.S. government has set forth additional small business funding opportunities. If 75% of the funds are used for proper designated purposes (payroll, rent, utilities, etc), the loan recipient can request that the loan be forgiven. This supports corporations that wish to continue employing their employees and prevents the need for layoffs. As there is only a limited amount of funds being made available, this resource is first come, first serve. So, speaking to a Michigan business lawyer can help you quickly, accurately, and safely secure this disaster relief for your business.
Consulting with a Michigan business lawyer can help you obtain a clearer understanding of the language on the forms for disaster loans and disaster grants. Michigan business lawyers can also assist in narrowing the available options so that Michigan businesses can focus their time and effort on the most likely funding sources.
The Michigan Law Firm, PC works with a number of Michigan companies to help walk Michigan businesses through coronavirus funding options. Call us 24/7 for Michigan legal help at 844.464.3476.