SBA Disaster Loan Assistance
Businesses in Michigan have access to low-interest loans for small businesses that have been negatively impacted by COVID-19. To apply, you can locate the online application here. If you prefer to submit your application by mail, please print, complete and return your application.
Shuttered Venue Operators Grants
The Shuttered Venue Operators Grant (SVOG) program is Section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) signed into law on Dec. 27, 2020.
Following are answers as of Feb. 5, 2021, to frequently asked questions about the program. These will be updated as new information comes available and additional program details are finalized.
Paycheck Protection Program
The Main Street Loan Program (US Treasury and Federal Reserve)
The Federal Reserve is taking additional actions to provide up to $2.3 trillion in loans to support the U.S. economy with the creation of a Main Street Lending Program (Main Street Program) to provide financing to lenders that make direct loans to main street businesses. The Federal Reserve will work with banks to give out up to $600 billion in four-year loans. These loans would be at least $1 million and could go up to a maximum of $25 million. This emergency loan program will support small and mid-sized businesses that were in good financial standing before the pandemic and that may be too small to access broader capital markets or the Federal Reserve’s facilities supporting larger corporates, or that may not qualify for the SBA’s Paycheck Protection Program. More information on the program can be found here.