AMDG Financial and AMDG Business Advisory Services have been hosting webcasts this week to help our clients and the public understand the funds available as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act is the largest economic relief bill in U.S. history, earmarking $2.2 trillion for individuals and businesses affected by COVID-19 and its economic impact.
Since President Trump signed the bill into law on March 27, we have been compiling a variety of resources that help explain the scope of the Act, as well as links to articles that explain how to apply for funds. Here’s a roundup of the various sources we’ve compiled:
New as of May 6, 2020: Updated Guidelines for PPP Loans:
Recent AMDG Financial Webcasts
Download the slides from The CARES Act: Understanding Unemployment Opportunities here.
Download the slides from The CARES Act for Individuals and Families here.
Download the slides from The CARES Act and Your Business here.
H.R. 6201, Families First Coronavirus Response Act
This site provides a summary of the act, and what eligible families can receive: https://appropriations.house.gov/sites/democrats.appropriations.house.gov/files/Families%20First%20summary.pdf
US Treasury Resources
SBA Disaster Assistance Loans for Michigan Businesses and Nonprofits
For help determining whether your business qualifies for an Economic Injury Disaster Loan, or EIDL, visit: www.michiganbusiness.org/covid19. We understand that this site may be slow because of the traffic it’s receiving right now. When you visit the site, please note that you’ll need to use the search function to find Michigan and Wayne County, because those two do not appear on the first page.
To apply for an Economic Injury Disaster Loan (EIDL), visit: https://disasterloan.sba.gov/ela/
These links may help you understand the requirements for unemployment and how to navigate the system:
- Michigan Unemployment Eligibility Fact Sheet
- Unemployment Information for Michigan Employers
- Michigan Work Share Program Fact Sheet
- Frequently Asked Questions Related to UI and COVID-19
- Gov. Whitmer Executive Order Expanding Unemployment
- Gov. Whitmer Press Release Explaining Executive Order
- Unemployment Insurance Agency PowerPoint (3/17/20)
- Claiming UI Benefits in Michigan, COVID-19 Guide
- State Guidance to Employers Contemplating Potential Layoffs
Funding for Michigan’s Small Businesses
Michigan Economic Development Corp. Information
The MEDC has a call center available to support businesses looking for assistance. Visit www.michiganbusiness.org or call 888-522-0103. The Michigan Small Business Development Center can also provide resources for small businesses. Visit https://sbdcmichigan.org/small-business-covide19/ for more information.
Disaster Loan Assistance from the Small Business Administration
Facebook Small Business Grants Program
If AMDG Financial or AMDG Business Advisory Services can be of assistance, please feel free to contact us, or call 734-737-0866. We would be glad to schedule a virtual meeting with you while Michigan’s shelter-in-place order is in effect.