Business Resources for COVID-19
Business Relief Helpline: (866) 997-4734
CARES Act - $2.2T Relief Package
The CARES Act provides a number of relief programs for people and businesses, but likely the most beneficial to small businesses is the Paycheck Protection Loan ("PPL") available to businesses with fewer than 500 employees.
Paycheck Protection Loan
Businesses can borrow up to 2.5x their regular monthly payroll to use for payment of payroll, mortgage interest, rent, and utilities.
Loans will be available through most FDIC insured financial institutions, including community banks and credit unions.
Loans will be forgiven if used to pay qualified expenses during the 8 weeks following loan origination and there is no reduction in employees or wages.
Other U.S. Federal, Michigan, and Illinois Assistance
Relief is available to businesses recovering from the COVID-19 crisis. Several opportunities are provided below. We are available to help businesses obtain relief.
$10,000 Michigan Business Grant: Available to Michigan businesses with 50 employees or less and able to demonstrate an income loss as a result of the COVID-19 coronavirus.
$5,000 Detroit Small Business Stabilization Fund Grant: Available to small businesses in Detroit with fewer than 10 employees and negatively impacted the COVID-19 coronavirus.
$10,000-$50,000 Illinois Hospitality Emergency Grant Program: Available to qualifying small hospitality businesses, including bars, restaurants, hotels, motels, and other lodging businesses to be chosen by lottery. Applications due by April 1st.
Illinois Downstate Small Business Stabilization Program: Available to qualifying small businesses with fewer than 50 employees and located in select non-urban Illinois counties.
Up to $2,000,000 SBA Disaster Recovery Loan: Available to small businesses as a direct cash (non-SBA guaranteed) loan with first year repayment obligation waived.
$50,000-$200,000 Michigan Small Business Loan: Available to Michigan businesses with fewer than 100 employees and can demonstrate and income loss due to COVID-19 and are unable to access credit through alternative sources.
$5,000-$50,000 Wayne County-TCF Bank Small Business Relief Loan: Available to qualifying small businesses located in Wayne County, Michigan in a low income census tract.
$50,000 Illinois Small Business Emergency Fund Loan: Available to qualifying Illinois small businesses (located outside the city of Chicago) with fewer than 50 employees.
$50,000 Chicago Small Business Resiliency Fund Loan: Available to qualifying Chicago businesses with fewer than 50 employees and can demonstrate a 25% loss of revenue due to COVID-19.
Federal income tax filing deadline extended to July 15 (Note: Michigan and Illinois have not extended the deadline from April 15).
Federal income tax payment deferral to July 15 without interest and penalties up to $1M for individual and $10M for corporate taxpayers.
Unemployment Benefit Programs
Michigan expansion of unemployment benefits in response to COVID-19: Unemployment benefits have been extended from 20 to 26 weeks and apply to any employee who is unable to work due to being sick, quarantined, or immunocompromised, or having to care for a sick or quarantined family member, or have childcare responsibilities due to school closures.
Michigan Work Share program to help employers maintain employees: Program allows employers to keep their employees working with reduced hours, while employees collect partial unemployment benefits to make up a portion of the lost wages.
Paid Sick and Child Care Leave Credit
Federal dollar-for-dollar tax offset against payroll taxes (or refund) for qualifying COVID-19 employee sick leave and child care leave.
Private Grants and Banking Assistance
Private companies are providing grants to qualifying businesses as well as loan payment deferrals offered by several commercial banks. We are available to help businesses apply for grants and deferrals.
Facebook relief grants for small businesses in the form or cash or advertising credits.
Banking Relief Assistance
Banks offering loan deferments, waivers of fees and penalties, and other relief to qualifying COVID-19 affected businesses.
Insurance Payouts Related to COVID-19
Many businesses may be entitled to file claims for losses on existing policies for COVID-19 related losses, including for "Business Interruption" insurance. We can assist in assessing your coverage and filing a claim.
Contractual Remedies and Supply Chain Resolutions
Many businesses have contracts and supply chain agreements that have been disrupted by COVID-19, resulting in losses and harm to the business, including nonperformance, non-payment, and even claims against the business for breach of contract. We have reviewed the "force majeure" laws in Michigan and Illinois to help pursue legal remedies and swiftly negotiate favorable settlements.
Employee Related Challenges
Businesses face many employment related issues arising out of COVID-19, including claims against the business for wrongful termination, unlawful discrimination, back pay, and others. We are prepared to assist clients in resolving employment issues as quickly as possible.
Government Restrictions on Business
Federal, state, and local governments are taking extraordinary actions to fight COVID-19 that impact and impede many industries, including moratoriums on certain businesses. We have reviewed these executive orders and are able to help businesses understand their obligations and discover workable solutions.
Immediate phone assistance is available. Initial consultations to qualified potential clients are free. Please call us for questions or assistance at (866) 997-4734.