BUSINESS SUPPORT DURING COVID-19
There are a number of upcoming programming opportunities for small businesses in the U.P. Click the “More Info” links for more details.
Program Name | Summary | Dollar Range | Lead Agency | Deadline | Link | Notes |
|---|---|---|---|---|---|---|
Employee Retention Tax Credit | Businesses with 500 or fewer employees, more than 20% decline of gross receipts in a quarter compared to 2019 | Refundable, advanceable tax credit of up to $14,000 per employee | IRS | Based on your 2020 tax filing | More Info | Talk to your accountant or payroll expert |
Payroll Protection Program (PPP) Second Round | Businesses with 300 or fewer employees, exhausted first PPP loan, more than 25% decline of gross receipts in a quarter compared to 2019. Check with your local bank because certain industries can apply for 3.5 times payroll cost versus 2.5 times payroll costs. | Forgiveable loan up to $2 million | Small Business Administration Administered by any SBA 7a lender such as community financial institutions, CDFI, etc. | March 31, 2021 or when funds are exhausted | More Info |
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Economic Injury Disaster Loan (EIDL) | Businesses with 300 or fewer employees, located in a census tract eligible for New Market Tax Credit (businesses can verify if they are in an area here.) 30% reduction in gross receipts for an 8-week period between 3/2/20 and 12/31/20 compared to a similar period | Priority for a full EIDL grant of $10,000 for those who didn’t receive previous funding (if you received partial or were denied the first round you can re-apply for a max of $10,000) | Small Business Administration | This program will close once money has been exhausted | More Info | Can only receive the EIDL or Shuttered Venue Grant, not both. Can apply for both and accept one if approved for both. |
Shuttered Venue Operators Grant | A live venue operator or promoter, theatrical producer, or live performing arts organization operator, a museum operator, motion picture theatre operator, or a talent representative who has experienced at least 25% reduction in gross earned income | Grant of $10 million or 45% of 2019 gross earned revenue, whichever is less | Small Business Administration | This program will close once money has been exhausted | More Info | |
A collection of resources for U.P. business owners including financial assistance, industry specific guidelines, unemployment information, and more.
Contact information in all 15 U.P. counties that can provide further assistance to businesses.
Resources for residents regarding COVID-19 and vaccinations.