SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19).
Small Business Association Disaster Assistance Loans
Due to the COVID-19 shutdowns, we know there will be financial hardship for our small business communities. On March 12th, the President announced that the Small Business Association (SBA) will Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
Now that this step is in motion, the next step is to gather information for Governor Whitmer to request an economic disaster designation for the entire state of Michigan. We know it will be difficult to determine actual losses at this point, however with one week into the shut downs, we can make a strong estimate for the first month of loss. This is only an estimate at this time.
Please send completed application (Page 3 of the link below) to Ed Legault, Executive Director for the Delta County Economic Development Alliance at email@example.com. The Delta County Commerce Center is is compiling all applications to send to the SBDC for Delta County.
List of some losses that may occur:
- Loss of sales
- Increase in payroll due to staff taking sick time.
- Unplanned expenses to offset public fear or expenses to insure public safety.
Two major points to be aware of:
- The estimated loss of $$ revenue is for period 1/31/2020-1/30/2021.
- Loss of employees can be addressed as previous versus current employee being scheduled. Example one company previously scheduled 80 people to work and now they are running with 2 staff.