The U.S. Senate passed the Cares Act to help businesses and workers. The act is 500+ pages but we have a summary to the provisions that include the loan and grant programs and unemployment. Click here for the summary document.
Read carefully to determine the best loan and grant programs to fit your business. There are also expanded unemployment benefits to include persons that were not previously covered for unemployment.
Clarifications to the CARES Act:
- Applications for the Paycheck Protection Program (PPP) loans begin tomorrow April 3) for small businesses; LLC, S Corp, C Corp,etc
- Applications for Sole Proprietor, Self Employed and 1099 Contract businesses start on April 10
- Clarification on the the PPP terms: No matter the lending institution where you file the application the terms are: funds are 100% forgivable if used for the items as outlined in program. If all of the items are not forgiven then the balance of the funds will be due at .5% payable over two years (yes one half percent)
These applications are made through lending institutions. Contact your banker for the application.
Please call 248-219-4022 or email ddadirector@cityofclawson.com if you have questions.
Previous posts on this page describe the Stabilization Fund that includes state and county funding for loans and grants targeted to assist small businesses. These applications must be received by April 6 at noon. This is an online application process and all of the information is in the Stabilization post on the page.
The DDA is doing their best to get you information but please remember that you will want to go over this with your financial advisor, lawyer or accountant.
I hope the information we are providing helps you when talking with your advisors.
Contact DDA Director Joan Horton at ddadirector@cityofclawson.com or by cell 248-219-4022 if further direction is required.
Click here to visit the SBA website for information on all temporary relief programs enacted due to the Coronavirus pandemic.