Covid-19: Updates and Resources

Last Update October 18, 2020
 
First and foremost, to our small business owners, we want to say - we got you. We know the current restrictions related to COVID-19 affect our small business partners more than any other industry in the State. We promise you are not alone. Here at Accounting Aid Academy, like you, we have spent the last three weeks assessing pivot points and re-tooling our offerings and the ways we work in order to best serve our clients during this crisis. At this time, we are working to deploy additional technology and capacity in order to continue to serve you remotely. Not only will these changes allow us to continue to meet small businesses where you are now, but will also expand access and capacity as this crisis abates which we intend to put to work for YOU. 
 
Below, you will find additional information, tools and resources specific to small business. This landscape is in constant flux at the moment, so we encourage you to check back frequently. We will be updating this page as information evolves, as well as adding new resources in the coming weeks, such as Instagram Live updates, workshops and a detailed blog where we walk you through the various loan programs and others currently taking shape across the region. 
 
In the meantime, we remain here in the trenches, right alongside you. If you'd like more info or to speak with one of our business analysts directly, please contact us online or via email at: info@accountingaidacademy.org. 

WAYS WE CAN HELP YOU

  • Tax Services -Tax filing for single member, rental income (Schedule E), 1099 and Partnership entities.
  • One-on-one Business Coaching - Individual coaching on topics such as accounting systems, financial systems, grant/loan preparation, federal or sales taxes and methods to increase revenue.

Interested in becoming an Accounting Aid Academy annual member? Click here to learn more about membership benefits and services. Click here to sign up.



GRANT AND LOAN OPPORTUNITIES

Updated as they develop GoFundMe.org Small Business Relief Initiative [Apply] The GoFundMe.org Small Business Relief Fund will provide one-time matching micro-grants to qualifying small businesses impacted by the COVID-19 crisis. To qualify, small businesses must create a GoFundMe fundraiser to raise at least $500 and verify your business has been negatively impacted by COVID-19 ( FAQs). Bridging the Gap Rapid Response Fund [Apply] The Bridging the Gap Response Fund will provide grants up to $2,500 to childcare providers (home-based and small/medium sized, licensed and unlicensed) and other initiatives supporting children. Hello Alice Business for All Grants [Apply] Grants up to $50,000, including $10,000 emergency COVID-19 Business for All Grants. Artist Relief [Apply] Grants up to $5,000 to artists facing dire financial emergencies due to COVID-19 ( FAQ). Deadline: October 21, 2020. Elevate Small Business Grants [Learn More] Level One Bank clients can be eligible for up to $25,000 to help support their business. (applicants must be a Level One Bank client). Contact Mr. David G. Watkins at (248) 871-0943 at Level One Bank for more information. Kiva Loans [Learn More] $15,000 loans at 0% interest. Unlike traditional loans, Kiva loans don’t require a minimum credit score, years of cash flow documents or collateral.



ADDITIONAL RESOURCES

  • Detroit’s COVID-19 Small Business PlayBook outlines a model policy with 6 elements for developing a ‘Covid-19 Safe Work Plan.’
  • SCORE’s Small Business Storefront Reopening Checklist.
  • Michigan Community Resources’ (MCR) COVID-19 Nonprofit and Small Business Legal Clinic provides Detroit’s nonprofits, small businesses and entrepreneurs with free, remote legal advice . MCR has over 50 attorneys representing a range of specialties, including those who are ready to counsel on PPP and EIDL compliance. Organizations can request an appointment by filling out this form. For additional questions, please contact (313) 962 - 3171 ext. 101 or legal@mi-community.org
  • DTE Energy’s Personalized Service Protection program - DTE is assisting business customers experiencing financial hardship to ensure they can retain the energy services they need during the COVID-19 crisis Businesses are encouraged to contact DTE at 855.383.4249 to explore options for help, and visit their COVID-19 response page for more information, tips and resources
  • Oakland County’s business center is offering free virtual business counseling (for Oakland County based businesses only). Make a counseling request here.
  • The Woodward Movement is providing an online platform for small business owners to sell merchandise during the COVID-19 shelter in place order. If you’d like to participate in the marketplace, click here to sign up.
  • The New Economy Initiative (NEI) provides additional online resources, tools, and information for small business owners on their StartUp Space website.​



PAYCHECK PROTECTION PROGRAM INFORMATION & RESOURCES

The Paycheck Protection Program (PPP) closed August 8, 2020. As such, the Small Business Administration (SBA) is no longer accepting PPP applications from participating lenders. Loan Details The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) authorizes forgivable loans to small businesses to keep their employees on the payroll during the COVID-19 crisis. The SBA will forgive loans as long as (1) all employees are kept on the payroll for 8 weeks and (2) the loan proceeds are used to cover payroll, rent, mortgage interest, or utilities. Click here for more details. Who Can Apply All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. How To Apply Small businesses can apply through any existing SBA 7(a) lender or any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Find a lender here. To apply, eligible participants should complete the PPP loan application and submit the application with the required documentation to an approved lender. Additional program information, rules and guidelines can be found on the SBA’s website. Additional PPP Resources The following organizations are providing opportunities for non-customers to submit their PPP applications. Please note: Accounting Aid is not guaranteeing an approval or declination.

  • Oklahoma State Bank (for-profits only) - accepting non-customers nationally. Contact Jim Canton at jcanton@osbbank.com.
  • Kabbage (for-profits only) - accepting non-customers nationally.
  • Harvest (for-profits only) - accepting non-customers nationally. Minimum loan amount of $20,000, minimum annual payroll or 1099 of $96,000.
  • IFF (non-profits only) - accepting non-customers in the following states: IA, IL, IN, KS, MI, MO, MN, OH, WI and Northern KY. Complete intake form here for an IFF representative to contact you.
  • Community Reinvestment Fund (for-profits only) - accepting non-customers nationally. Contact Joy DeFrance at JoyD@ApparatusSolutionsInc.com or Paul Trulik at PaulT@ApparatusSolutionInc.com. See page 2 of this document for additional instructions.



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