COVID-19 Resources for Businesses
The Rockford Chamber of Commerce will be compiling the information that we find or are sent into this document for your review. If you require certain information please feel free to contact us at the Rockford Chamber Office and we will try our best to get you the information or get you in touch with someone who may be able to assist you.
Small Business Loans:
- Small Business Guide & Checklist prepared by the U.S. Chamber of Commerce
- Seeking Work Waiver – Unemployment
- Application process now live for Michigan Small Business Relief Program funding. Information on how to apply, as well as eligibility criteria, is available at: https://www.michiganbusiness.org/covid19/
- https://www.sbam.org/Resources/COVID-19-Resources – Small businesses harmed by the COVID-19 outbreak can apply for loans through the Small Business Administration at https://disasterloan.sba.gov/
- Save Small Business Fund: A grant making initiative to help small employers who are struggling during the COVID-19 outbreak.
Access to Capital: https://www.michiganbusiness.org/services/access-capital/
Follow the BBB on Facebook for helpful hints: https://www.facebook.com/BBBwmi
U.S. Chamber of Commerce:
- Path Forward: Navigating the Return to Work
- Other Resources from the U.S. Chamber of Commerce: https://www.uschamber.com/coronavirus
Covid Response Business Toolkit from the BBB
Michigan Chamber Coronavirus toolkit: https://www.michamber.com/coronavirus-toolkit
MEDA Compilation of resources: https://www.medaweb.org/blog
Update courtesy of H&S Companies:
Quick Summary of the Cares act that affect business. There are 2 main benefits of which you can choose one, not both .
- Employee Retention Tax Credit. Essentially, if you are shut down, partially shut down in any given quarter. Any wages paid in that given quarter, you will obtain a tax credit of 50% on the first $10,000 of each employee, max is $10,000 wages for the year on each employee (or $5,000 credit per employee). This will be great if the stay home order ends by the end of April and you all can get back to work no later than May 1st. All wages, per employee, paid in the 2nd quarter would then qualify for the tax credit. This program you do not have to obtain any application. So if you do not obtain a loan in the next section, you should qualify for this if you have been affected and pay wages.
- Paycheck Protection Program. This program you will have to apply for through the bank or SBA. You will be obtaining a loan that will be easy to get if you are affected by COVID-19. The max borrowing is ups 2.5 time average monthly payroll. The loan can be used to pay payroll, rent, utilities, and interest on mortgage.
- Loan Forgiveness. To obtain the loan forgiveness, we will have to work on documentation (which we can deal with at a later point). However, you may obtain loan forgiveness up to the amount you pay for those allowed items following 8 weeks after loan origination. Keep in mind there is a limitation clause in there. Main item is the employee count. It takes your average full time employee count during that 8 weeks period, divided by the average employees form last year. For example, if you employee 20 employees last year, then you only have 5 during that covered 8 week period. 25% of that loan is forgiven. Loan payments are deferred and the balance of the loan not forgiven or paid by 12/31/2020 will become a loan with an interest rate of up to 4%.