Help For Your Small Business

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CARES Act - Small Business Support

As not-for-profit, community-based financial institutions, credit unions are uniquely positioned to serve Michigan’s more than 850,000 small businesses. From job creation to product and service innovation, small business owners are a cornerstone of our state and economy. As a local partner, your credit union is here to help in these uncertain times.

Access to financial support, guidance, and planning services are available to small business owners through the Small Business Administration (SBA) and the CARES Act with the help of your local credit union. The CARES Act includes resources such as the Paycheck Protection Program, Loan Forgiveness and Emergency Economic Injury Disaster Loan Grants to support small businesses (with fewer than 500 employees) through the current COVID-19 period of uncertainty.

As the SBA navigates an unprecedented economic disruption due to the Coronavirus outbreak, information is consistently being updated. Support is available through June 30, 2020.

Paycheck Protection Program

The Paycheck Protection Program would provide cash-flow assistance through 100% federally funded guaranteed loans to employers who maintain their payroll during this COVID-19 emergency.

  • This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
  • If all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities, the loans would be forgiven.
  • Benefits include the following: forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees and at least six months of deferral with maximum deferrals of up to a year.
  • Small businesses and other eligible entities are able to apply if they were harmed by the COVID-19 emergency between February 15, 2020 and June 20, 2020.
  • Loans are available through June 30, 2020. Lenders may begin processing loan applications as soon as April 3, 2020.
  • To apply, find an SBA 7(a) approved lender here.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender. 

A fact sheet with details of the CARES Act benefits, including FAQs on each program.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program.


Additional Resources

  • Small Business Emergency Loans, a guide and checklist from the U.S. Chamber of Commerce
  • Michigan Small Business Relief Program - Will provide up to $20 million in grants and loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
  • Michigan Paycheck Protection Program - The Small Business Association of Michigan (SBAM) and the Michigan Association of CPAs launched a new statewide website,, to provide businesses with key resources to assist with the PPP application and loan process.
    • Benefits include: Funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).


Emergency Economic Injury Disaster Loan Grants

Emergency Economic Injury Disaster Loan Grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by the COVID-19 emergency.

  • Funds are provided within three days of applying for an SBA Economic Injury Disaster Loan and requesting an advance.
  • The advance does not need to be repaid under any circumstances and may be used to keep employees on payroll, pay for sick leave, cover increase production costs due to supply chain disruptions or pay business obligations including debts, rent and mortgage payments.
  • To apply, visit here.


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