Small Businesses Association Funding Information

The Latest: SBA Disaster Recovery Loans Available Soon for COVID-19

The Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020 (H.R. 6074) expanded the Small Business Act’s definition of a disaster to include Coronavirus (COVID-19).  As a result, the U.S. Small Business Association (SBA) will be able to provide Economic Injury Disaster Loans (EIDLs) under a Governor’s Certification Disaster Declaration.

Yesterday, Governor Gretchen Whitmer formally requested the SBA to issue an Economic Injury Disaster declaration for the state. Once approved by the SBA, $1 billion in low-interest loans will become available to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 pandemic. An SBA Economic Injury Disaster declaration will make disaster loans of up to $2 million available to small businesses to help overcome the temporary loss of revenue they are experiencing. We expect the declaration to be approved within the next 24 hours.

Key Economic Injury Disaster Loan Details to Know: 

  • Unlike regular SBA loans, these are direct SBA loans to businesses.  (Regular SBA loans are private bank loans (re: via Wells Fargo), but are then guaranteed by SBA.)  Direct SBA loans can be processed much faster.
  • Loans can be used for general operations…so useful to maintain operations during a downturn such as now.
  • Max loan amount:  $2 million with an interest rate of  3.75% with a max loan length of30 yrs.
  • No payment(s) required for the first year of the loan (but interest charges will start accruing)

The SBA now has authority for a nationwide disaster – something that has never before been granted for a virus or illness. States must opt-in this disaster declaration in order for their businesses to be eligible for the loan program. Information on this is in Lansing and the Chamber, Small Business Association of Michigan, and other partner organizations are advocating for this on behalf of our members.

In the interim, small businesses that could benefit from SBA loans are encouraged to start collecting the information they’ll need to complete and submit their application. Examples of information needed can be found here. It is also helpful for small businesses to contact the Michigan SBA Office to speak to the hardship they’re facing as SBA can then use this to expedite the data gathering process. For additional information or to obtain help preparing the loan application in advance of the declaration, please contact the Michigan SBA offices in Detroit or Grand Rapids.

The Michigan Economic Development Corporation’s (MEDC) call center stands ready to support businesses looking for assistance through other available state programs. For more information, visit MEDC’s website or call 888.522.0103. The Michigan Small Business Development Center can also provide resources for small businesses impacted by COVID-19. Visit their website for additional information.

 

Small Business Taxes

Today, the Michigan Department of Treasury announced that small businesses that have experienced disrupted operations due to the COVID-19 pandemic now have additional time to make their sales, use and withholding tax monthly payment.

Effective immediately, small businesses scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. The state Treasury Department will waive all penalties and interest for 30 days.

Specific information about Treasury providing tax assistance to small businesses due to COVID-19 can be found in SUW Penalty and Interest Waiver Notice.

Treasury: Small Business Taxpayers Provided Tax Assistance

Small businesses that have experienced disrupted operations due to the COVID-19 pandemic now have additional time to make their sales, use and withholding tax monthly payment, according to the Michigan Department of Treasury.

Effective immediately, small businesses scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. The state Treasury Department will waive all penalties and interest for 30 days. Read more. 

TechTown launches emergency fund for Detroit small businesses

TechTown is launching the Detroit Small Business Stabilization Fund to support the needs of small businesses impacted by COVID-19. In an effort to accelerate access to capital for Detroit’s most vulnerable businesses, TechTown — in partnership with the City of Detroit, the Detroit Economic Growth Corporation (DEGC), and Invest Detroit — will administer working capital grants in amounts of up to $5,000 to qualifying small businesses.
TechTown is raising $250,000 for the fund to ensure that eligible applicants are supported as they navigate challenging times. The fund is part of a layered strategy that includes a continuum of support for businesses. It is modeled after a similar initiative recently launched in Seattle. Application instructions will be made available later this week at techtowndetroit.org. Donations to the fund can be made here.

The Detroit Regional Chamber has started compiling information for a COVID-19 business resource center, explore the latest updates and resources available, including small business resources.

For any questions, please contact Devon O’Reilly at doreilly@detroitchamber.com.

 

Small Businesses Association Funding Information

The Latest: SBA Disaster Recovery Loans Available Soon for COVID-19

The Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020 (H.R. 6074) expanded the Small Business Act’s definition of a disaster to include Coronavirus (COVID-19).  As a result, the U.S. Small Business Association (SBA) will be able to provide Economic Injury Disaster Loans (EIDLs) under a Governor’s Certification Disaster Declaration.

Yesterday, Governor Gretchen Whitmer formally requested the SBA to issue an Economic Injury Disaster declaration for the state. Once approved by the SBA, $1 billion in low-interest loans will become available to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 pandemic. An SBA Economic Injury Disaster declaration will make disaster loans of up to $2 million available to small businesses to help overcome the temporary loss of revenue they are experiencing.


Governor Whitmer announces SBA loans now available for small businesses impacted by COVID-19.

Economic Injury Disaster Loan Fact Sheet – Michigan

Coronavirus (COVID-19): Small Business Guidance & Loan Resources


The SBA now has authority for a nationwide disaster – something that has never before been granted for a virus or illness. States must opt-in this disaster declaration in order for their businesses to be eligible for the loan program. Information on this is in Lansing and the Chamber, Small Business Association of Michigan, and other partner organizations are advocating for this on behalf of our members.

In the interim, small businesses that could benefit from SBA loans are encouraged to start collecting the information they’ll need to complete and submit their application. Examples of information needed can be found here. It is also helpful for small businesses to contact the Michigan SBA Office to speak to the hardship they’re facing as SBA can then use this to expedite the data gathering process. For additional information or to obtain help preparing the loan application in advance of the declaration, please contact the Michigan SBA offices in Detroit or Grand Rapids.

The Michigan Economic Development Corporation’s (MEDC) call center stands ready to support businesses looking for assistance through other available state programs. For more information, visit MEDC’s website or call 888.522.0103. The Michigan Small Business Development Center can also provide resources for small businesses impacted by COVID-19. Visit their website for additional information.

 

Small Business Taxes

Today, the Michigan Department of Treasury announced that small businesses that have experienced disrupted operations due to the COVID-19 pandemic now have additional time to make their sales, use and withholding tax monthly payment.

Effective immediately, small businesses scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. The state Treasury Department will waive all penalties and interest for 30 days.

Specific information about Treasury providing tax assistance to small businesses due to COVID-19 can be found in SUW Penalty and Interest Waiver Notice.

Treasury: Small Business Taxpayers Provided Tax Assistance

Small businesses that have experienced disrupted operations due to the COVID-19 pandemic now have additional time to make their sales, use and withholding tax monthly payment, according to the Michigan Department of Treasury.

Effective immediately, small businesses scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. The state Treasury Department will waive all penalties and interest for 30 days. Read more. 

TechTown launches emergency fund for Detroit small businesses

TechTown is launching the Detroit Small Business Stabilization Fund to support the needs of small businesses impacted by COVID-19. In an effort to accelerate access to capital for Detroit’s most vulnerable businesses, TechTown — in partnership with the City of Detroit, the Detroit Economic Growth Corporation (DEGC), and Invest Detroit — will administer working capital grants in amounts of up to $5,000 to qualifying small businesses.

TechTown is raising $250,000 for the fund to ensure that eligible applicants are supported as they navigate challenging times. The fund is part of a layered strategy that includes a continuum of support for businesses. It is modeled after a similar initiative recently launched in Seattle. Application instructions will be made available later this week at techtowndetroit.org. Donations to the fund can be made here.

The Detroit Regional Chamber has started compiling information for a COVID-19 business resource center, explore the latest updates and resources available, including small business resources.

For any questions, please contact Devon O’Reilly at doreilly@detroitchamber.com.

 

Opinion: Metro Detroit a Hotbed for Small Businesses

November 17, 2019

The Detroit News

Mark S. Lee

According to the 2012 U.S. Census data, the City of Detroit is home to more than 62,000 small businesses. Regionwide, it seems there’s a new business opening every time you turn around, and this trend is gaining momentum.

As I’ve considered the entrepreneurial and business ecosystem here, a couple of questions emerge:

Is Metro Detroit a good place to relocate a business? If so, what’s the “state of this region” when it comes to attracting newcomers looking to grow their businesses?

“It was not that long ago,” says Glenn Stevens, executive director, MICHauto, Detroit Regional Chamber, “that Detroit and Michigan had a global perception (and, in many cases, a reality) that we were a city, region and state that was the “rust belt” and would never revive.”

But over time, the perception continues to evolve and change.

“Today’s reality could not be farther from that perception,” Stevens continues. “While we have our challenges, there is a collective focus that is synergized to address what we need to do to continue to make this a place where companies and people with ideas from around the world can come to find opportunity, live, work and play.”

Stevens also points out “the business climate, cost of living, quality of life, access to talent and the unique and special combination of culture and spirit of our people make the region and state more than a potential destination for startups and businesses to locate here.”

Read the full article here 

Parkshore Capital LLC – Competitive Financial Solutions for Business Development

Small businesses are the backbone of the local, regional and national economy.  No place is this more evident than in Michigan.

Yet many small businesses are essentially “financial orphans” who don’t fit the lending standards of local banks or investment criteria of private equity or venture capital firms.

Parkshore Capital helps small businesses seeking capital to operate or expand.  Founded by Jamal Mosallam, Parkshore Capital works with its clients to tailor financing solutions that fit specific goals and needs.

Parkshore Capital can customize financing options fit for small, medium, and large sized businesses with a broad portfolio of financial products to provide strong working capital solutions, with attractive terms and rates.

Parkshore Capital offers access to a variety of lending products including:

  • Working Capital Solutions
  • Accounts Receivable Financing
  • Purchase Order Financing
  • Factoring
  • Unsecured Lines of Credit
  • Heavy Equipment Leasing & Financing
  • Asset Based Lending
  • Medical Financing
  • Bridge and Hard Money Loans
  • SBA Financing
  • Business Acquisition Financing
  • Hotel Financing
  • Franchise Financing
  • Commercial Real Estate Loans
  • Private Equity

For further information, please visit parkshorecapital.com, email:  info@parkshorecapital.com, or call: (248) 562-6424 or (313) 573-8728.

Understanding Cash Flow

Understanding Cash Flow is designed for individuals who need a better understanding of the cash demands required to successfully start and manage a business. The use of Startup Cash Analysis and Cash Flow Projections will be discussed.
Forecasting cash flow more accurately and maintaining liquidity are two of the biggest issues facing businesses today. Having a good system in place to manage cash flow will contribute to your organization’s success.
“This may be the most important class a small business owner will ever take!”
Presented by One Stop Shop Business Counselors
Cost: $40 per person  Registration Required

‘The Secrets of Starting a Successful Business’ will be the focus of Butzel Long’s free webinar on January 23

DETROIT, Mich. – More than 90 percent of startup businesses fail. While a variety of factors go into this failure rate, it usually involves a combination of factors including lack of a proper business plan and start-up checklist; the failure to properly utilize and comply with legal requirements; a bad core product/idea and, the wrong “team” involved. With that, how can entrepreneurs and business owners increase their chances for success and get into that elite 10 percent?

Butzel Long is hosting a free webinar titled, “The Secrets to Starting a Successful Business: How to Increase Your Chances of Start-up Success from Idea to Launch (and Beyond)” from 12-1 p.m. on Wednesday, January 23, 2019. To register, please visit www.butzel.com/event.
The webinar, will be presented by both a successful entrepreneur and a nationally recognized business attorney who will provide the SECRETS to starting and operating a successful business, including a 20-step start-up checklist from the initial idea through the actual launch of the business (and beyond). Webinar participants will learn key business tips from successful entrepreneurs themselves, but also the best ways to navigate the frustrating legal and administrative requirements of starting a business.

Webinar presenters include:

• Bernie Fuhs, a nationally recognized Butzel Long business attorney. He has litigated and counseled clients in nearly all 50 states on a variety of business disputes, including non-compete/trade secrets, franchise disputes, and shareholder disputes. He also regularly advises start-ups and closely-held businesses, as well as sports and fitness industry members. Fuhs also is a successful entrepreneur in his own right, having founded FuhsFit, LLC (an online fitness and nutrition company), served as President/Co-Owner of Fastdater, Inc. of Michigan and works as a Color Analyst for College and High School Basketball.

• Trey Zackery, President and Owner Corporate Elevator Asset Management, which helps building managers and owners manage their elevators from design to finished product, and service thereafter. He also is the founder of “Mogul Secrets,” a podcast for entrepreneurs and aspiring business owners. http://mogulsecrets.com/.

About Butzel Long

Butzel Long is one of the leading law firms in Michigan and the United States. It was founded in Detroit in 1854 and has provided trusted client service for more than 160 years. Butzel’s full-service law offices are located in Detroit, Bloomfield Hills, Lansing and Ann Arbor, Mich.; New York, NY; and, Washington, D.C., as well as alliance offices in Beijing and Shanghai. It is an active member of Lex Mundi, a global association of 160 independent law firms. Learn more by visiting www.butzel.com or follow Butzel Long on Twitter:https://twitter.com/butzel_long

Digital Marketing Secrets Revealed

The Detroit Regional Chamber’s leading marketing event returns in 2018 with Digital Marketing Secrets Revealed, March 22 at Greektown Casino-Hotel. Focusing on advanced digital marketing strategy, this event will provide a glimpse into the industry’s future as well as tips on hiring and managing digital marketing talent. Speakers will focus on cutting-edge topics such as online reputation management and influencer marketing. Digital Marketing Secrets Revealed targets marketers with intermediate or advanced digital marketing knowledge.

LIFT and The Center Launch “LIFT Off” Webinar Series to Highlight Small Company Innovations

Lightweight Innovations For Tomorrow and the Michigan Manufacturing Technology Center (The Center) today announced the launch of a new webinar series, “LIFT Off.” Held on the third Thursday of each month at noon EST, “LIFT Off” will highlight a small to medium-sized manufacturer and the newest technologies being developed to advanced lightweighting or manufacturing processes.
“LIFT Off” webinars are designed to showcase valuable innovations that can positively impact lightweight manufacturing, design and implementation in the region and beyond.

The speakers and topics scheduled to-date are:
• August 17: Multi-Material Riveting – Dan Radomski, Optimal Inc.
• September 21: Breakthroughs in Low-Cost ADHSS Heat Treating – Gary Cola, Flash Bainite
• October 19: Lightweight Metals Enabling Software – Ravi Kunju, Altair

“These are people who have a great idea and have taken the risk to begin their own business because they believe so passionately in what they are doing and the difference it will make,” said Larry Brown, executive director, LIFT.

Future webinars will cover topics such as Multi-Material Friction Stir Welding, Cryogenic Machining, Morphing Software, Smart Virtual Prototyping, and Lightweight Metallurgy.

“Our goal is to give these innovators a platform to share their work with the rest of the industry and showcase some of the breakthroughs taking place at small companies,” said Gregg Peterson, The Center’s Principle Materials Engineer who works on-site at LIFT’s Detroit headquarters as part of a pilot program to propel the use of lightweight materials in manufacturing.

Manufacturing industry members, small company innovators and all others interested in lightweighting technology and innovation are welcome to join the webinars.

For more information on the webinars and LIFT’s technology work, please visit www.lift.technology/liftoff.


ABOUT LIFT
LIFT is a Detroit-based, public-private partnership committed to the development and deployment of advanced lightweight metal manufacturing technologies, and implementing education and training initiatives to better prepare the workforce today and in the future. LIFT is one of the founding institutes in the National Network of Manufacturing Innovation (NNMI), and is funded in part by the Department of Defense with management through the Office of Naval Research. Visit www.lift.technology to learn more.

ABOUT THE CENTER
Celebrating its 25th anniversary, the Michigan Manufacturing Technology Center is an organization dedicated to supporting Michigan manufacturers to work smarter, to compete and to prosper. The Center offers personalized consulting services to meet the needs of clients in virtually every aspect of their businesses. The Center is affiliated with the National Institute of Standards and Technology (NIST) and is part of the Hollings Manufacturing Extension Partnership (MEP Program). The Center also is closely affiliated with the Michigan Economic Development Corporation (MEDC) with the shared goal of making Michigan businesses vibrant, driving GDP growth and creating new and lasting jobs. For more information, visit the-center.org.

Contact:
Joe Steele
313-309-9132
jsteele@lift.technology