Business Relief Loans
The Community Choice Business Services team is working hard to help protect you and your business. Like you, we look forward to seeing your doors open, your employees working, and the health of our local economy strong once again. In the meantime, we’re doing what we do best—helping you, so you can help your employees. New federal and state regulation has created several options to provide relief.
Paycheck Protection Program Loan (PPP)
Under the Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act,” eligible businesses and non-profits may apply for a Paycheck Protection Program Loan (PPP). As an SBA approved lender, we’ll help you throughout the process.
You may need the following documents to complete your loan application:
2019 and 2020 year-to-date monthly profit and loss statement
2019 and 2020 year-to-date payroll reports
State income, payroll, and unemployment insurance filings
TAX ID/EIN and complete ownership information
1099s for 2019 employees and independent contractors that would otherwise be an employee of your business. Do not include 1099s for services.
For healthcare costs, all health insurance premiums paid by the business owner under a group health plan
Your company retirement plan funding paid for by the company
Economic Injury Disaster Loans
The Small Business Administration is also offering Economic Injury Disaster Loans of up to $2 million per business. Apply directly with the SBA here: https://covid19relief.sba.gov/#/
If you need assistance with your existing Community Choice business loan, contact our team at 877.243.2528, ext. 1043. We’re here to help.
Michigan Small Business Restart Program
The State of Michigan has allocated $100 million of CARES Act funding to implement the Michigan Small Business Restart Program to support the needs of Michigan Businesses directly impacted by COVID-19. This program is aimed at businesses with 50 employees or less, and helps with the costs of reopening. Learn more at https://www.michiganbusiness.org/about-medc/covid19/restart/.