Re-opening Friday, May 22nd 12:01 am
Everyone is VERY excited to have their doors open again. As bars, restaurants and retailers open please keep in mind that it isn't as simple as turning the key in the door. There ARE a number of requirements that the State of Michigan is requiring.
An overview of programs available and where to find additional information and support.
GRANTS & LOANS
Match on Main Grant
Calumet, Michigan: Main Street Calumet is working in conjunction with the Keweenaw Economic Development Alliance (KEDA) to prepare an application for $50,000 of MEDC funding that can be disbursed to businesses in the Village of Calumet DDA district affected by the COVID 19 pandemic.
While the Main Street Calumet District does encompass property in Calumet Township this funding is for traditional downtown districts only. Eligible businesses must;
Grants may be used by the business for working capital to support payroll expenses, rent, mortgage payments, utility expenses, COVID-19 relief or recovery expenses or other similar expenses that occur in the ordinary course of business. Additional needs identified by the business and supported by the local community will also be considered.
The community application must be submitted by May 29th with funds available by June 10 if we are successful. If the funding is received from the MEDC, it will be disbursed to each business that participated in the application. There is a total of $1,000,000 in funding to be disbursed to communities across the state.
SMALL BUSINESS ADMINISTRATION (SBA) PROGRAM UPDATES
Economic Injury Disaster Loans (EIDL) are being processed but funds have been directed to assist only agricultural businesses.
If you have already submitted an application anticipate 2-3 weeks after application submission to hear from the SBA.
Payment Protection Program (PPP) funds are available!
Fill out an application online, which will then need to be submitted to a lender. PPP loans become grants if 75% of funding is used for payroll within the specified period.
FEDERAL & STATE - INCOME TAXES
Individual and corporate taxpayer now have an additional 90 days to pay their taxes. Taxpayers will have until July 15, 2020 to pay and file their taxes.
This applies only to income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for the 2019 taxable year, and estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year.
EMPLOYEE RETENTION CREDIT
If you have been able to retain some of your employees you may qualify for a federal tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.
If you need help assessing if you are eligible for this credit please contact Daniel Yoder at the SBDC (contact info below).
The Michigan Small Business Relief Program will provide up to $20 million in grants and loans to support for small businesses negatively impacted by COVID-19.
$133,000 in grants has been dispersed across the Western six counties of the UP. One Calumet business and one Laurium business did receive funds from this grant program.
Loan applications are still being reviewed. This program is closed and is not accepting applications.
TECH BASED START-UPS
If you own a technology based start-up that has been impacted by the COVID-19 pandemic there may be funding for to help. ID Ventures, with lead support from the MEDC, has launched a fund to help stabilize Michigan startups extend their runway, and put them on a path to scale when the downturn subsides. The fund will provide loans and investments typically ranging from $20,000 - $100,000 based on the startup’s sector, stage, estimated runway, and demonstration of need. It is expected that the average award will be $50,000.
There are people available from our local business development agencies to help you get applications completed. They will be working remotely but they are here to help!
Keweenaw Economic Development Alliance (KEDA)
Jeff Ratcliffe, Executive Director
Small Business Development Center (SBDC)
Daniel Yoder, Senior Business Consultant
906-231-0417 (text or call) | firstname.lastname@example.org
Sign-Up for assistance and you will receive a phone call to schedule within 1 business day.
Savannah Dougherty, Employer Specialist
Office: 906-482-6916 x 1606
Employers will not be charged for unemployment benefits if their employees become unemployed because of an executive order requiring them to close or limit operations.
if you've had the difficult task of laying off employees recently or are contemplating it now, review your options on layoffs, temporary leave and work share programs. Follow the link below to a view a presentation on what the state is providing for employers and employees.
Learn more about the expanded coverage provided for covered employees under the Family Medical Leave Act, and the tax credit provided to employers.
ACCLIMATING TO THE NEW ENVIROMENT
We strongly recommend visiting the U.S. Chamber of Commerce website for a wide variety of resources for crisis navigation including developing work from home policies, focusing on on-line sales and keeping your employees and customers safe!
Everyone is facing this crisis together, so be transparent about what your business is going through. Customers can empathize with brands facing a crisis, as long as you communicate with them properly.