Covid-19: Updates and Resources

Last Update January 21, 2021
 
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. 

GRANT AND LOAN OPPORTUNITIES

Updated as they develop Michigan Small Business Survival Grant: [Apply] New funds are available to Detroit small businesses 1-100 employees. Learn more and apply by 12pm on Friday, January 22, 2021. 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. 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). 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

The Paycheck Protection Program (PPP) now allows eligible borrowers who previously received a PPP loan to apply for a second loan. The SBA began accepting applications for Second Draw PPP Loans on January 11, 2021, giving priority to minority-owned businesses during the program’s first two days. What is the Paycheck Protection Program? The Paycheck Protection Program - commonly known as ‘PPP,’ is a business loan program established by the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, intended to help businesses, self-employed workers, sole proprietors, certain nonprofits and tribal businesses to continue paying their workers. The program is managed by the Small Business Administration (SBA) and allows lenders to distribute PPP loans on behalf of the SBA. On December 27, 2020, the program received additional funding and opened a second PPP loan for those who used up their first PPP loan. The SBA began accepting loans on January 11, 2021, giving priority to minority-owned businesses for the program’s first two days. Eligible borrowers can apply until March 31, 2021. Who can apply for a Second Draw PPP Loan? A borrow is generally eligible if the borrower:

  • Previously received a PPP loan and will, or has, used the full amount
  • Has 300 employees or less
  • Can demonstrate at least a 25% reduction in gross receipts
What can Second Draw PPP Loans be used for? Second Draw PPP loans can be used to help fund:
  • Payroll costs (including benefits)
  • Mortgage interest
  • Rent
  • Utilities
  • Worker protection costs related to COVID-19
  • Uninsured property damages costs caused by looting or vandalism during 2020
  • Certain supplier costs and expenses for operations.
How do I apply? Eligible borrowers can apply until March 31, 2021 through any existing SBA 7(a) lender or federally insured depository institution or credit union, eligible non-bank lender, or participating Farm Credit System. Participants should complete the loan application form with the required documentation and approved lender. Additional program information, rules and guidelines can be found on the SBA’s website.