Help for Businesses and Non-Profits
We understand the large reaching impact the COVID-19 pandemic is having on our many small businesses and non-profits. As federal and state resources become available, know that we will work to communicate them to you.
Below are valuable resources that offer help to those impacted.
Michigan Economic Development Corporation
Michigan’s small businesses negatively impacted by the COVID-19 virus can now apply for the Michigan Small Business Relief Program. The program will provide up to $20 million in grants and loans to provide economic assistance to Michigan’s small businesses. Grants will be administered by 15 local and nonprofit economic development organizations (EDOs) around Michigan.
West Michigan COVID-19 Coalition
Leaders from Experience Grand Rapids, the Grand Rapids Chamber and The Right Place, Inc. convened the coalition aimed at making critical information more accessible to all area businesses and their employees. This website includes information on:
- Best Practices
- Business Continuity
- Organizations that can help
- Employee Resources
SBA Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
SBA Economic Injury Disaster Loan overview:
- Loans are direct with the SBA – not through a bank
- Loans up to $2,000,000
- 3.75% fixed interest rate on loans to for-profit companies
- 2.75% fixed interest rate on loans to non-profit companies
- Up to 30-year term and amortization (determined on case-by-case basis)
Paycheck Protection Loan Guide and Checklist
The Paycheck Protection Program provides small businesses with 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. Starting April 3, 2020, small businesses and sole proprietorships can apply.
Fully Forgiven 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). 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.
Please read all of the following before applying for a Paycheck Protection Loan:
How to I apply for a Paycheck Protection loan with ChoiceOne Bank?
We are currently building out our online application process for ChoiceOne Bank business customers and will notify you when it is ready for applications. All applications for a Paycheck Protection Loan will need to be made using our online application and must contain all the required documents to be processed.
Update 4/3: Due to demand, we are only accepting applications from current ChoiceOne Bank Business customers, other applications will be placed on a waiting list.
To be alerted when the ChoiceOne Bank application is ready, please fill out the below form.