Harvard Business Review

For small businesses looking for direct relief from COVID-19, CLICK HERE to learn more about Paycheck Protection Loans. MEDC, at the side of Patronicity, developed a funding mechanism to supply quick access to capital for small native businesses experiencing financial challenges on account of COVID-19.

Paycheck Protection Program

The new website consists of reopening methods, concepts, hints and tips for businesses, business districts and organizations. MEDC’s Community Development and Capital Access teams have partnered with Northern Initiatives to supply a web-based studying portal that gives small businesses access to useful assets to assist them develop and thrive in at present’s financial system. MEDC’s Capital Access program uses public assets to generate private lender financing, offering small businesses in Michigan entry to capital that may not otherwise be obtainable. In response to COVID-19, the MI-STEP program has elevated the cap quantity for certain activities to assist assist corporations going world with their business, making it extra favorable to take part in export actions. Detroit Development Fund is accepting purposes from businesses in Detroit, Highland Park, and Hamtramck who’ve been impacted by the COVID-19 virus.

The Paycheck Protection Program prioritizes hundreds of thousands of Americans employed by small businesses by authorizing as much as $659 billion towards job retention and certain other expenses. The Paycheck Protection Program established by the CARES Act, is carried out by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay as much as eight weeks of payroll prices including advantages. Funds can also be used to pay interest on mortgages, rent, and utilities. The Paycheck Protection Program is providing small businesses with the resources they need to preserve their payroll, hire again employees who could have been laid off, and canopy applicable overhead.

  • If you know how to fix clothes, then you could have a rising market of finances-aware and/or personalization-obsessed clients.
  • Fashion, style, and grooming proceed to be a profitable side business thought that can be accomplished in your hours outdoors of work.
  • Many experienced entrepreneurs on this area say you want around two thousand dollars to start out an honest side business on this area of interest, however there’s no hurt in starting smaller and growing from there, as long as you can make magic with needle and thread.
  • Tell that to the highest taskers on the portal who reportedly earn as much as $7000 a month, making this a full-time business thought for some.

Businesses thinking about applying for a loan should contact DDF at , or by e mail at Stay updated on necessary information related to small business reduction programs for COVID-19. Provided below is a list of resources and information for Michigan businesses in the course of the COVID-19 (Coronavirus) outbreak. We will proceed to replace this page as extra sources turn out to be available. If you have any questions or want to converse to MEDC directly, please call 888.522.0103.


Review this listing of regularly asked questions and answers for businesses and communities through the COVID-19 outbreak. The Pure Michigan Pledge encourages businesses, tourists and local communities alike to follow and promote COVID-19 security tips to assist ensure one of the best experiences this summer season travel season and past. MEDC has partnered with Reopen Main Street to compile quite a lot of restoration assets into one, easy-to-use website.