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Businesses: COVID-19 Resources

Small Business Administration (SBA)

Small Business Administration (SBA)

Small Business Administration (SBA)

If a business owner can foresee that their operating funds may be affected negatively by the COVID-19 pandemic, that business owner should apply for an available program and plan on paying back any unused funds. That business owner should proceed with caution, however, to make sure that there is no double dipping.  For more information about the SBA loans listed on this page, visit https://www.help sba.gov/funding-programs/loans/coronavirus-relief-options


Paycheck Protection Program

Small Business Administration (SBA)

Small Business Administration (SBA)

 This is a loan program for small businesses with less than 500 employees, private non-profits, 501(c)(19) veteran organizations and certain businesses from specific industries with more than 500 employees if it meets the qualifying size standards. This is a forgivable loan as long as 75% of the loan is used for payroll AND headcount, salaries and wages do not decrease. If headcount, salaries, or wages decrease, then the amount of the loan that is forgivable decreases. The other 25% of the loan may be used for payroll costs, interest on mortgage, rent, and utilities.  There are several banks that have reached the maximum limit for the number of applications accepted. These banks may start accepting applications in the future. Please check with your bank for a current status.   

SBA Additional Debt Relief

Small Business Administration (SBA)

SBA Additional Debt Relief

The SBA is providing a deferment for current SBA Serviced Home and Business Disaster Loans that are in “regular servicing” status. Interest will still accrue during this time period and all automatic payments will still be processed. However, all payments will not be due until December 20, 2020.

SBA Debt Relief

Economic Injury Disaster Loan Emergency Advance (EIDL)

SBA Additional Debt Relief

The SBA will automatically pay for the principal, interest, and fees for any current 7(a), 504, and microloans and any new 7(a), 504, and microloan issued before September 27, 2020.  

Economic Injury Disaster Loan Emergency Advance (EIDL)

Economic Injury Disaster Loan Emergency Advance (EIDL)

Economic Injury Disaster Loan Emergency Advance (EIDL)

This SBA loan advance provides small businesses up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.  


SBA Express Bridge Loan

Economic Injury Disaster Loan Emergency Advance (EIDL)

Economic Injury Disaster Loan Emergency Advance (EIDL)

This program allows small businesses who currently have a business relationship with a SBA Express Lender quick access of up to $25,000.  

   Contact The Next Steps Law Firm about which SBA loan best fits your business needs.  

Internal Revenue Service (IRS)

Michigan Department of Attorney General

Official Michigan COVID-19 Updates

The Internal Revenue Service provides information for tax credits and filing deadline extensions for businesses and tax-exempt organizations. There are COVID-19 credits available for businesses: The Employee Retention Credit and small to mid-size business  tax credits provided for in the Families First Corona Response Act.

This information can be located at https://www.irs.gov/coronavirus/coronavirus-tax-relief-for-businesses-and-tax-exempt-entities 

Official Michigan COVID-19 Updates

Michigan Department of Attorney General

Official Michigan COVID-19 Updates

Michigan provides daily updates regarding Executive Orders, Directives, FAQs, Resources, Business Guidance, and Press Releases at https://www.michigan.gov/coronavirus

Michigan Department of Attorney General

Michigan Department of Attorney General

Michigan Department of Attorney General

The Attorney General provides information to both employers and employees about employment rights, unemployment, and critical infrastructure workers. There is a section where the Attorney General answers questions. The website also includes links to Business Resources, Executive Orders & Directives, and COVID-19 press releases. The link to this website is https://www.michigan.gov/ag.

Michigan Department of Treasury

Michigan Department of Licensing and Regulatory Affairs

Michigan Department of Attorney General

Michigan Department of Treasury provides information regarding the tax deadline extension and COVID-19 updates. The website also includes a link to the press releases regarding the Economic Impact Payment on the IRS website. 


Michigan Department of Licensing and Regulatory Affairs

Michigan Department of Licensing and Regulatory Affairs

Michigan Department of Licensing and Regulatory Affairs

LARA is directing businesses, through the LARA website, to send any questions regarding licensing and regulation in Michigan during the COVID-19 pandemic to LARA-COVID-19-Questions@michigan.gov.  


LARA posts relevant news articles on their website at https://www.michigan.gov/lara

Michigan Economic Development Corporation (MEDC)

Michigan Department of Licensing and Regulatory Affairs

Michigan Department of Licensing and Regulatory Affairs

This website provides helpful links to resources and information for Michigan businesses during the COVID-19 pandemic. These include MEDC programs for small businesses. This is page is updated with new resources as the resources become available.

https://www.michiganbusiness.org/about-medc/covid19/ 

 The Next Steps Law Firm can help with any federal, state, or local tax filing or tax credit concerns.  


  


 The Next Steps Law Firm can assist businesses with interpreting Executive Orders, Directives, employment rights, and communicating with the regarding important topics such as state licenses and regulations.  


 The Next Steps Law Firm can assist with structuring businesses  according to the State's guidance for employers and also assist businesses in applying for local programs to keep the business in operation.   


Policy and Contract Review

Business Closures/ Dissolution

Business Closures/ Dissolution

Business is changing rapidly – sometimes daily. Sometimes that means that the manner in which the business is operated needs to shift accordingly. Keeping up on the changing landscape, the changing directives, the new executive orders can be time consuming when also trying to keep essential employees safe or non-essential employees paid.

Business Closures/ Dissolution

Business Closures/ Dissolution

Business Closures/ Dissolution

If a business owner is unable to maintain business operations after considering all of the available resources, the business owner may consider permanently discontinuing operations.


Bankruptcy

Business Closures/ Dissolution

Bankruptcy

 If you have exercise all of the steps listed above to preserve the business's financial viability during this hardship and the business cannot make it through, bankruptcy may be an option.


Bankruptcy

The Next Steps Law Firm can assist with reviewing, updating, and drafting policies and  contracts. 


The Next Steps Law Firm can create an action plan for this process and file all necessary paperwork. 




The Next Steps Law Firm  can talk you through the bankruptcy options.