Funding / Financial Relief Resources

Business Relief Grants, Loans and Financial Resources


On March 30, 2021, President Biden signed an extension for the Paycheck Protection Program (PPP), which was created last year to help small businesses during the coronavirus pandemic. The deadline to apply for a PPP loan has been extended from March 31st to May 31st, and the law extends authorization of loans to June 30th to give the Small Business Administration additional time to process applications. Complete information on the PPP is available at

SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans

The US Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000. Businesses that received a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.

Complete information:

The following information is from the US Small Business Administration and can be viewed at

  • $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
  • Additional funds allocated for the Shuttered Venues Operators Grant (SVOG) program, and now allows businesses to apply for both a PPP loan after December 27, 2020, and the SVOG
  • $15 billion additional for Targeted Economic Injury Disaster Loan (EIDL) Advance payments, including NEW $5 billion for supplemental Targeted EIDL Advance payments for those hardest hit
  • NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants
  • NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID-19 pandemic assistance programs and resources


Restaurant Revitalization Fund

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurant with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

When to apply: Registration for the SBA application portal will begin on Friday, April 30, 2021, at 9:00 am ET. Applications will open on Monday, May 3, 2021, at noon ET.

Priority Period: Days 1 through 21

SBA will accept applications from all eligible application, but only process and fund priority group applications.

Open to All Applicants: Days 22 through fund exhaustion

SBA will accept applications from all eligible applicants and process applications in the order in which they are approved by the SBA.

Program website:

Shuttered Venue Operators Grant

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Har-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by the US Small Business Administration’s Office of Disaster Assistance. Eligible applicants by qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. The SVOG application opened on April 8, 2021.

Eligible entities include live venue operators or promoters; theatrical producers; live performing arts organization operators; relevant museum operators, zoos, and aquariums who meet specific criteria; motion picture theater operators; and talent representatives.

Paycheck Protection Program (PPP)

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness. The Small Business Administration is currently offering PPP loans until March 31, 2021.

COVID-19 Economic Injury Disaster Loans (EIDL)

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all US states, Washington DC, and territories can apply for an Economic Injury Disaster Loan (EIDL). The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for a decision and disbursement on an EIDL, they may qualify for an SBA Express Disaster Bridge Loan.

SBA 7(a) Loans

The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.

SBA 504 Loans

The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation. 504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.

7(a), 504, and Microloans Initial Debt Relief Assistance

As a part of the CARES Act, SBA is authorized to pay 6 months of principal, interest, and any associated fees that borrowers owe for all 7(a), 504, Microloans reported in regular servicing status (excluding PPP loans). This debt relief to borrowers was originally dependent on the loan being fully disbursed prior to September 27, 2020 and does not apply to loans made under the EIDL program. These original provisions were amended on December 27,2020 through the Economic Aid to Hard-Hit Small Businesses, Non-profits and Venues Act (Economic Aid Act). The Economic Aid Act revised the eligibility criteria for assistance to all 7(a), 504, and Microloans approved up to September 27, 2020 even if not fully disbursed. All other provisions for initial debt relief remained the same.

Michigan Economic Development Corporation’s Collateral Support Program

The Collateral Support Program seeks to enable suppliers to acquire the necessary financing that might otherwise be unavailable due to a collateral shortfall according to the lender’s analysis. The program will supply pledged cash collateral accounts to lenders to achieve this goal for approved projects.

Michigan Economic Development Corporation’s Loan Participation Program

The Loan Participation Program seeks to enable companies to acquire the necessary financing that might otherwise be unavailable due to cash flow shortage according to the lender’s analysis. The program will participate in loans with the lenders to pursue this goal for approved projects.

Michigan Economic Development Corporation’s Capital Access Program

The Capital Access Program uses small amounts of public resources to generate private lender financing, providing small businesses in Michigan access to capital that might not otherwise be available. Similar to a loan loss fund, the bank, the borrower, and the Michigan Economic Development Corporation pay a small premium into a reserve that makes it possible for the borrower to receive financing.


Current Grant Opportunities:

There are no current grant opportunities (other than the Restaurant Revitalization Fund) 

Closed Grant Opportunities:


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