Funding / Financial Relief Resources

Business Relief Grants, Loans and Financial Resources

Community Foundation Minority and Women-Owned COVID-19 Relief Small Business Grants

May 6, 2020 -The Economic Development Alliance of St. Clair County is pleased to collaborate with the  Community Foundation of St. Clair County  on a grant program specifically for minority and wowen-owned businesses affected by COVID-19.  

About the Grant: $25,000 Fund established to provide small business relief to minority and women-owned businesses in St. Clair County, MI.
Applications accepted:  Wednesday, May 6 - Wednesday, May 20 (GRANT IS NOW CLOSED)
Applicants can request grants of $1,000 and up (no specified limit)
Awards determined by funding committee (2 Community Foundation Members, 2 EDA Board Members, and a representative from the Community Foundation's Equity and Inclusion Committee
Award recipient announced by June 3 (or sooner).

Ineligible Small Businesses:  Non-profits of any kind are not eligible for this grant.   

Eligibility Requirements (You must meet either A or B; or a combination of both is also acceptable):  

A.  Be a minority owned business (at least 51% owned, operated and controlled by racial or ethnic minorities who are also a U.S. Citizen;  heritage of Hispanic, Asian, Middle Eastern, African or Native American). 


B. Be a business that is 51 percent owned, controlled, operated, and managed by a woman or women. 

1) Please type your business recovery plan (one page or less) in a word document that will be uploaded below.
2) Gather your 2019 Profit and Loss Statement and YTD 2020 Profit and Loss Statement (P&L) to be uploaded below. You must have a google account to upload files to the google drive associated with this grant.  If you don't have a basic google account (free) please set up a Google email now.  This will take only a few moments.  Be certain to write down and store your password. 


Michigan Entrepreneur Reslience Fund for Geographically / Economically Disadvantaged areas.
These grants or loans are applicable to HUBZone and Opportunity Zone areas (portions of Port Huron / Port Huron Twp. are eligible)

With the generous support of MEDC, NEI, Michigan-based foundations, corporate partners, individual donors, and in collaboration with the SBA, the Michigan Entrepreneur Resilience Fund has secured funds to provide recovery grants and loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan. This fund is intended to assist geographically and demographically disadvantaged individuals.

The Michigan Entrepreneur Resilience Fund will provide two primary avenues of funding:

Grants: $1,000 – $5,000 grants to assist with reopening or pivoting your business.

Microloans: $5,000 – $10,000 loans with a 1-3 year repayment period. Loans are fixed rate (8%), fully amortizing, term loans.

To learn more visit:  Michigan Entrepreneur Resilience Fund


Important Small Business Relief updates related to the CARES ACT
Coronavirus Aid, Relief, and Economic Security Act Details:

On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.  

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides $350 billion for 100 percent federally-guaranteed loans for eight weeks of assistance to small businesses and 501(c)(3) nonprofits. Sole-proprietors, independent contractors, and other self-employed individuals are also eligible for these loans.

Loans can be forgiven when used for payroll costs, interest on mortgage obligations, rent, and utilities.

SBA-certified lenders and non-SBA lenders would be authorized to make Payment Protection loans. All lenders participating in the Payment Protection Program, including banks, credit unions, and other financial institutions will be moved to delegated authority which allows lenders to process loans quickly without SBA approval.

The Secretary of the Treasury would have authority to work with the SBA to expedite the approval process and bring new lenders into the program.

Download/View: Small Business Owners Guide to the CARES Act

First, is my business eligible if I have over 500 employees?  Yes, possibly.

Depending on your industry, a small business can be a business with a maximum of 250 employees or a maxium of 1,500 employees.  This includes sole proprietorships, LLC’s, corporation and non-profits.  For those unsure if they meet industry guidelines, they can check our website ( or the website.

Need capital to cover the cost of retaining employees? Then this program may be right for you:

Paycheck Protection Program (PPP) - Applications open April 3 (work with your bank, credit union or current SBA lender)
*Update 4/16 - Due to high small business relief funding demands, applications may no longer be accepted until additional federal funding is secured (currently being debated by Congress and the Senate).  Please check with your lender.  

Relief is on the way to many small businesses with the $349 billion Paycheck Protection Program which April 3.  The PPP offers federally backed loans of up to $10 million to employers with fewer than 500 employees (and some larger employers depending on SBA size standards).  This program is for any small business including sole proprietorships, independent contractors and self-employed persons,  private  non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

The Paycheck Protection program provides funding for up to eight weeks of payroll, mortgage and rent payments as well as utilities to businesses that keep workers on during the crisis. It also can apply to companies that rehire recently laid-off workers. Loan forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels both during and after the pandemic. Loan forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness is tax-free.

The loan will be fully forgiven if the funds are 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). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.  Employee and compensation levels must be maintained.   

Program highlights:

  • All loan terms will be the same for everyone.
  • The loan amounts will be forgiven as long as:
    • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
    • Employee and compensation levels are maintained.
  • Payroll costs are capped at $100,000 on an annualized basis for each employee.
  • Loan payments will be deferred for 6 months.
  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • All businesses, including nonprofits, with 500 or fewer employees can apply for this program. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
  • You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender by June 30, 2020.
  • The SBA requirement that you try to obtain loan funding for other sources first is waived for PPP.
  • You can only take out one (1) loan under this program.
  • Loans can be used for:
    • Payroll costs, including benefits;
    • Interest in mortgage obligation, incurred before February 15, 2020;
    • Rent, under lease agreements in force before February 15, 2020; and
    • Utilities, for which service began before February 15, 2020.

Does your business need a quick infusion of a smaller amount of cash to cover you right now?
Then you may wish to consider: 

SBA Economic Injury Disaster Loan (EIDL) - $10,000 Advance
EIDL Advance of $10,000 is now live.  Clients who applied to EIDL should have received an email from SBA to reapply to new application and on page 4 check the box which asks if they want to take the advance.  Client may take up to $10,000 and will be forgiven.  New link and updated application (which is very simple) is

To ease your fears about keeping up with payments on your current or potential SBA loan?
Then you may wish to consider: 

Small Business Debt Relief Program

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans.  Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months.  This relief will also be available to new borrowers who take out loans within six month of the President signing the bill into law.


Economic Impact Relief / Small Business Federal Disaster Loans:

Updated CARES Act - -Small Business Loan Flyer (posted 3/31/2020)
*Update 4/16 - Due to high small business relief funding demands, applications are no longer be accepted until additional federal funding is secured (currently being debated by Congress and the Senate).  As of Wednesday, 4/15 - $305 billion of the $349 billion secured had already been exhausted and were expected to be depleted within the next day.

The U.S. Small Business Administration is making low-interest federal disaster loans available to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). This relief loan assistiance is provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act signed by the President.

Low-interest loans (up to $2 million per business) will become available to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 pandemic.  The SBA Underwriters will review your financial statements and determine an appropriate loan amount and repayment terms on a case-by-case basis. The entire process is projected to take approximately 30 days from application to receipt of funds. These low-interest loans will have up to a one year payment deferrment. 

  • 3.75% interest for small businesses without credit available elsewhere
  • 2.75% for non-profits 
  • Long term, low/affordable repayment options (max 30 years / terms made on a case-by-case basis)
  • Eleven month payment deferral---first payment due in month 12 after date of signing promissory note
  • Estimate 30 days from application to funding
  • As of 3-26-20, dropped credit score/worthiness requirement
  • As of 3-26-20, dropped credit elsewhere questions, don’t have to prove denials

Covid-19 related disaster assitance loans for small businesses may be used for:

  • Fixed debts
  • Payroll
  • Accounts Payable

For additional information or to obtain help preparing the loan application, please contact the Michigan SBA offices in Detroit or Grand Rapids. The official application for the Economic Injury Disaster Loan can be found here  You may also use the SBA disaster assistance hotline at 800-659-2955.

Great guidance on how to apply, what documents to gather, etc. is available from the MI-SBDC here:

Announced 3/25/20 
The Michigan Economic Development Corporation (MEDC) has approved a regional grant for the I-69 Thumb Region submitted collaboratively by Region 6 economic development partners.  Approval of this grant in the amount of $850,000 allows the I-69 Thumb Region, consisting of seven (7) counties, to issue prompt Small Business Relief funding.  St. Clair County’s portion of the grant is approximately $142,000. Applications are open Thursday, March 26 and close on Sunday, March 29.  You can also view more details on our news page here

Michigan Small Business Relief Program - 

  • Click HERE to view a list of small business relief grant recipients  

Businesses must meet the following criteria for this grant:

  • The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, that meets one or more of the following: provides support to impacted employees, is located in a downtown district or high impact corridor or has 50 employees or less, or is a company that provides services to companies outlined in the EO and requires additional employees to support to companies or employees impacted by EO;
  • The company has 50 employees or less;
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business; and
  • The company can demonstrate an income loss as a result of Executive Order 2020-9.

Michigan Small Business Relief Program - Loan
Applications are now closed.  Loan recipients will be notified by MEDC.   

The program will be used to provide low-interest loans to support certain small businesses that have realized a significant financial hardship as a result of the COVID-19 pandemic. Loans to eligible borrowers must be a minimum $50,000 and are capped at $200,000. Loans provided under the program may include the following terms:

  • Interest Rate: .25% per annum
  • Draw Period: 24 months following loan closing.
  • Term: Interest only for 60 months following loan closing followed by a fully amortizing 60 month term.
  • Repayment Terms: Anticipated to be monthly interest only payments for the first 60 month of following closing. Payments made in excess of interest due will be applied to principal. Payments of principal and interest will begin at 61 months following closing and will be paid monthly with all principal due to be repaid no later than 120 months following closing.
  • In order to qualify for loan support, businesses must meet the following criteria:
  • The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned;
  • The company has fewer than 100 employees;
  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business;
  • The company can demonstrate that it is unable to access credit through alternative sources;
  • The company can demonstrate an income loss of as a result of Executive Order 2020-9.


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