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Quickfacts:

• The Economic Injury Disaster Loans now include a $10k forgivable advance
• The NEW Paycheck Protection Program (PPP) provides loan forgiveness for retaining employees. Find Eligible Lenders online.
• The Oakland County Small Business Stabilization Grant application is due by April 6.
  

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Federal Small Business Administration Coronavirus Relieve Options

Economic Injury Disaster Loan (Now with a $10k forgivable advance)

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. This program can now provide a forgivable advance of up to $10,000, available to you within 3 days of a successful application

Our Advice: Apply online if you are interested, even if you aren’t sure you are eligible. You do not need to accept the loan if you later determine it isn’t the right fit for your business.
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Paycheck Protection Program (PPP) (Includes forgivable funding)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Lenders may begin processing loan applications as soon as April 3, 2020 and the program will be available through June 30, 2020.

  > Find Eligible Lenders online.

Local Participating Lenders Confirmed as of 4/2/20: Credit Union One, Huntington Bank, Level One Bank

Our Advice: Apply online if you are interested, you do not need to accept if you later determine this product isn’t the right fit for your business.

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For more federal small business administration coronavirus relief options, click here.

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Oakland County Small Business Stabilization Grants or Loans

The applications for the Oakland County Small Business Stabilization Grants and Loans are available on the Oakland County website. The deadline for application is April 6. Either program can support payroll expenses, rent, mortgage, utility, or other similar expenses.

NOTE: We have received questions regarding the definition of a "high impact corridor." A definition will be shared by Oakland County shortly.
If you have already applied, please keep an eye on your email as you may be asked to revise or resubmit portions of the application.

Process: After all eligible applications have been confirmed, they will be forwarded to local review teams for funding consideration. After reviewing the applications, the local teams will forward their recommendations for grant funding to Oakland County. It is anticipated that successful applicants will be notified the week of April 13th.

For Questions Contact: StabilizationFundGrant@OakGov.com

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