Michigan Small Businesses & Non-Profits Can Begin Applying for Emergency Loans Peters Helped Secure in Coronavirus Relief Package
Self-Employed Michiganders & Independent Contractors can Start Applying April 10
DETROIT, MI — U.S. Senator Gary Peters (MI) today announced that starting on Friday, April 3rd, small businesses and non-profits across Michigan can begin applying for Small Business Administration (SBA) loans to cover payroll costs and other essential expenses. This comes after Peters worked in a bipartisan manner to increase funding for SBA 7(a) small business loans in the recently enacted Coronavirus Aid, Relief And Economic Security (CARES) Act. Michiganders who are self-employed or identify as independent contractors can begin applying for these loans on April 10th.
“It is critical that hardworking men and women at small businesses and non-profits across Michigan can access the resources they will need to stay afloat,” said Senator Peters, a member of the Senate Commerce, Science and Transportation Committee. “Small businesses are the engine of our economy, and I fought for major increases to SBA loan funding so small businesses can access urgently needed federal resources and loans during this unprecedented public health and economic crisis.”
In addition to increasing funding for SBA 7(a) loans to $350 billion, Peters also worked on efforts to ensure that the CARES Act included tax relief for small businesses through paid leave and employee retention tax credits. The bipartisan bill additionally provides $10 billion for SBA emergency grants to provide immediate relief to small business operating costs and another $17 billion for SBA to cover six months of payments for small businesses with existing SBA loans. Furthermore, the bill will allow greater flexibility in how recipient organizations can use this funding, such as payroll support, employee salaries, medical leave, or mortgage payments.
Click here for more information on eligibility and how to apply for these loans. Click here for additional information on the new resources made available through the CARES Act to small businesses, non-profits and independent contractors.
Peters has led efforts to enact numerous measures that will directly help more Michiganders keep them and their loved ones healthy and safe throughout this public health and economic crisis. Last week, Peters worked to ensure that the CARES Act included legislation to expand unemployment benefits and measures to provide significantly more funding for hospitals and health care professionals during this crisis. The bipartisan legislation also includes Peters’ Pandemic Unemployment Assistance Act. It will create an unemployment compensation program to provide federally funded benefits to people unable to work because of the Coronavirus. It will expand who is eligible for unemployment to include workers who have exhausted their state unemployment benefits or other workers who would not usually qualify, such as self-employed workers like small business owners, freelance workers, independent contractors, and seasonal workers as well as individuals who’ve recently started or were about to start a new job. Workers can receive benefits for up to 39 weeks.
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