IMPORTANT BUSINESS UPDATE
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Saginaw Chamber Signs Onto Letter Urging Congressional Delegates to Add Funds to Paycheck Protection Program
The Saginaw County Chamber of Commerce signed on to a joint letter to the Michigan Congressional Delegation urging them to provide additional funding to the Paycheck Protection Program for small businesses which officially ran out of funds on Thursday, April 16. The letter follows:
April 16, 2020
To the Members of Michigan’s Congressional Delegation:
Michigan’s financial institutions and business community urge you to work swiftly to provide additional funding for the Paycheck Protection Program (PPP).
In just under two weeks, the PPP has provided an economic lifeline to over one million small businesses across the country and has allowed these small businesses to remain viable – and maintain their workforces – during the COVID-19 pandemic. Unfortunately, as of April 16, the PPP Funds allocated were exhausted. In Michigan, 24,974 loans were approved totaling $7,321,573,738 in approved dollars.
While we understand there are other ideas on the table and a possible “Phase Four” deal coming together, this matter cannot wait. We urge swift congressional action, including program enhancements and additional funding so the business community and financial institutions can continue to distribute these desperately needed dollars to small businesses, which form the economic core of our communities.
Sincerely,
ABC of Michigan
Bay Area Chamber of Commerce
Community Bankers of Michigan
Detroit Regional Chamber
Flint & Genesee Chamber of Commerce
Grand Rapids Chamber
Lansing Regional Chamber of Commerce
Michigan Bankers Association
Michigan Chamber of Commerce
Michigan Credit Union League
Michigan Farm Bureau
Michigan Manufacturers Association
Michigan Restaurant and Lodging Association
Michigan Retailers Association
Midland Business Alliance
Saginaw County Chamber of Commerce
Shiawassee Regional Chamber of Commerce
Small Business Association of Michigan
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Additional Economic Assistance for Small Businesses Approved from Michigan Strategic Fund
The Northern Initiatives program
will provide up to $2 million in loan funds to Northern Initiatives through MEDC’s Capital Access program to be used to assist businesses impacted by the COVID-19 virus. Northern Initiatives, a Community Development Finance Institution regulated by the U.S. Department of Treasury, provides business loans to existing and start-up businesses, primarily in underserved rural markets. Northern Initiatives will use the funds to make micro and small business loans ranging from $5,000 to $250,000 to Michigan’s small businesses in the 73 counties it serves, with an emphasis on women- and minority-owned businesses.
The program is aimed at assisting those businesses that have been most impacted by the COVID-19 virus, such as restaurants, coffee houses, retail stores, and service providers. Businesses can use these loans primarily for working capital, acquiring machinery and equipment, and inventory.
The MSF Awardee Relief Initiative program
authorizes emergency relief to businesses and community projects that have previously received grants, loans, or other forms of economic assistance from the Michigan Strategic Fund. The program would temporarily allow measures such as extended milestone due dates for up to a year, providing up to a year of deferred payments on financing agreements with MSF, and eliminating or reducing job creation requirements with a proportional reduction of the grant award to re-size the project scope.
This program would be available to support any MSF program awardee that is negatively financially impacted by the COVID-19 crisis. Applicants will be evaluated with relief prioritized based on suspension of tenant evictions, income loss, credit enhancement needs or restrictions, retooling of facilities to meet emergency needs, job creation issues, job retention issues, or other community needs or project delays due to COVID-19. Projects must also suspend owner distributions during the period of relief other than those that cover payroll and taxes. The length of relief will be determined based on the needs of the individual project.
The MSF board also authorized approval of awards on a delegated basis, rather than require the vote of the full board, in order to ensure immediate approval to projects during the crisis. The program will be temporary, with plans to sunset after one year and will not involve disbursement of any additional funds to any awardee.
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MEDC offers grace period for companies that received state incentives
As Reported in MiBiz.com
Companies and real estate projects that received state incentives through a grant, loan or equity investment from the Michigan Strategic Fund could get emergency relief under an initiative approved today to ease the economic hardship triggered by the COVID-19 pandemic. The Strategic Fund Board action allows the Michigan Economic Development Corp. to provide deferrals for up to 12 months on loan payments, as well as to extend for up to a year milestone due dates and maturity dates, or other dates that are built into existing loan, grant or equity agreements with companies. The MEDC also can extend for up to 12 months the deadlines for companies to execute loan, grant and equity agreements, plus eliminate and reduce milestones that companies must meet for creating jobs as part of their grant.
The Michigan Strategic Fund will offer the relief for a year to any “awardee or ultimate beneficiary negatively financially impacted as a result of the COVID-19 pandemic,” according to the MEDC staff memo. Applicants for relief would have to remain current in reporting requirements in their agreement with the Michigan Strategic Fund and submit periodic reports during the deferment period that could consist of lender updates, residential and commercial occupancy for real estate projects, jobs, and more.
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U.S. Chamber Foundation to Launch New "Save Small Business" Fund to Support Small Business Community
The U.S. Chamber Foundation is launching the Save Small Business Fund with Vistaprint to provide assistance to small business owners impacted by the coronavirus pandemic. With contributions from corporate and philanthropic partners, the Chamber Foundation will distribute $5,000 grants to small employers in the U.S. and its territories.
The Save Small Business Fund is part of the U.S. Chamber of Commerce’s Save Small Business Initiative—a nationwide effort to address small business owners’ immediate needs, mitigate closures and job losses, and mobilize the long-term support the small business community needs for recovery.
Grant applications
will open on Monday, April 20, 2020
. For information on eligibility, grant timeline, and more, visit
savesmallbusiness.com
.
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Midwest Governors Announce Partnership to Reopen Regional Economy
Governors Gretchen Whitmer (MI), Mike DeWine (OH), Tony Evers (WI), Tim Walz (MN), JB Pritzker (IL), Eric Holcomb (IN), and Andy Beshear (KY) announced that they will work in close coordination to reopen the economy in the Midwest region.
The governors said, “We are doing everything we can to protect the people of our states and slow the spread of COVID-19, and we are eager to work together to mitigate the economic crisis this virus has caused in our region. Here in the Midwest, we are bound by our commitment to our people and the community. We recognize that our economies are all reliant on each other, and we must work together to safely reopen them so hardworking people can get back to work and businesses can get back on their feet.
“Today, we are announcing that Michigan, Ohio, Wisconsin, Minnesota, Illinois, Indiana, and Kentucky will work in close coordination to reopen our economies in a way that prioritizes our workers’ health. We look forward to working with experts and taking a fact-based, data-driven approach to reopening our economy in a way that protect families from the spread of COVID-19.
“Our number one priority when analyzing when best to reopen our economy is the health and safety of our citizens. We will make decisions based on facts, science, and recommendations from experts in health care, business, labor, and education.
“We will closely examine at least these four factors when determining when best to reopen our economy:
- Sustained control of the rate of new infections and hospitalizations.
- Enhanced ability to test and trace.
- Sufficient health care capacity to handle resurgence.
- And best practices for social distancing in the workplace.
“Phasing in sectors of our economy will be most effective when we work together as a region. This doesn’t mean our economy will reopen all at once, or that every state will take the same steps at the same time. But close coordination will ensure we get this right. Over time, people will go back to work, restaurants will reopen, and things will go back to normal. We look forward to working together as one region to tackle this challenge together.”
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Resources for Business and the Community
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The Saginaw County Chamber of Commerce maintains a list of federal, state, and local resources that provide aid and information for your business, employees and our community during the COVID-19 (Coronavirus) pandemic. This information is ever-changing, please check the Chamber's
website,
Facebook, and your email frequently.
We will add links, resources, and updates as information becomes available. We are also converting our At A Glance Newsletter to include Coronavirus links and information as well as local updates, job availability, member coupons and most importantly Member News. Please let us know what your business is doing and how you are functioning during this uncertain time. We need to stay connected and support each other.
If you are offering a service to help the Saginaw County Community or local businesses weather this storm, please email your information to
info@saginawchamber.org.
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Thank you and stay healthy.
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