Michigan Township Association has put together this helpful information for small business owners. See https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf for more information.
Starting Friday, April 3, they can enroll in the U.S. Treasury Department’s Payment Protection Program (PPP). MTA is working with the Small Business Association of Michigan to help get the word out to Michigan communities and businesses about the program, which authorizes up to $349 billion toward job retention and certain other expenses. The program is first-come, first-served. By April 3, a Michigan-specific website dedicated to the program will be live to provide information on the program, a checklist and documents needed to apply, instructions on how to connect with a bank and/or finding a lender, and a budget tool to track and ensure the loan is forgiven. A sample PPP loan application has been released by the U.S. Treasury Department.
- Starting April 3, 2020, small businesses, sole proprietorships and nonprofits can apply for and receive loans to cover their payroll and other certain expenses through existing Small Business Association (SBA) lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.