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COVID-19

COVID - 19 Stimulus Payment - Individuals

If you have questions regarding your eligibility for the stimulus payment or would like to check on the status of your payment please visit the Internal Revenue Service website at https://www.irs.gov/

To check on your payment click on "Get my Payment" https://www.irs.gov/coronavirus/get-my-payment

To get answers to your questions click on "Economic Impact Payments" https://www.irs.gov/newsroom/irs-statement-on-getting-answers-to-economic-impact-payment-questions

 

Covid- 19 Helpful Resources for Small Businesses

This guide is only a compilation of the programs that are available to small businesses, the employers and employees as a result of the current COVID-19 situation. Please review and look to additional resources for more information regarding these programs.

COVID- 19 ECONOMIC INJURY DISASTER LOAN                                      

The Economic Injury Disaster Loan program provides small businesses with working capital to assist with vital economic support to overcome the temporary loss of income. According to SBA the loan advance will provide relief to businesses with funds that are made available within three days of a successful application, and the loan advance will not have to be repaid.

Please visit the following website for more information regarding this loan.

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Link to the online application: https://covid19relief.sba.gov/#/

 

PAYCHECK PROTECTION PROGRAM

The Paycheck Protection Program is designed to assist small businesses and eligible nonprofit organizations toward job retention and certain other expenses. Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

**Contact your local banker for more information regarding this type of loan**

 

MICHIGAN SMALL BUSINESS RELIEF GRANTS AND LOANS

*Applications begin March 30th Grant applications will be closed April 3rd at noon*
 

Small businesses in Hillsdale County can apply for grant or loan funding through the Small Business Relief Program. To see if you are eligible and for more information regarding the qualifications and application process please visit the Hillsdale Economic Development Partnership website listed below.

https://www.hillsdaleedp.org/covid19

 

PAYROLL TAX CREDITS FOR EMPLOYERS

The CARES act which was passed on Friday March 27th provides relief for employers by providing two credits relating to payroll taxes.

Payroll Tax Credit Refund: The bill provides advance refunding of the payroll tax credits enacted in the Families First Coronavirus Response Act. The credit for required paid sick leave and paid family leave can be refunded in advance using forms and instructions the IRS will provide.

Employee Retention Credit: The bill creates an employee retention credit for employers that close due to the coronavirus pandemic. Eligible employers are allowed a credit against employment taxes equal to 50% of qualified wages (up to 10,000 in wages) for each employee. An eligible employer is one who was carrying on a trade or business during 2020 for which the operation of that business is fully or partially suspended due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings due to COVID-19 outbreak.

Employers that have gross receipts that are less than 50% of their gross receipts for the same quarter in the prior year are also eligible, until their gross receipts exceed 80% of their gross receipts for the same calendar quarter in the prior year.

*We will provide additional information as it becomes available*

 

MICHIGAN UNEMPLOYMENT

Under the Federal CARES Act, individuals who are not already eligible for Michigan unemployment programs will now be provided a set amount of $600 a week for up to four months. These newly eligible individuals include self employed workers, independent contractors, low wage workers and those with limited work history.

The Michigan Unemployment Insurance Agency (UIA) will provide additional guidance regarding eligibility and application details in the coming days as it implements these new programs.

https://www.michigan.gov/leo/0,5863,7-336-78421_97241---,00.html