Coronavirus Response Bulletins
𝗦𝗲𝗰𝗼𝗻𝗱 𝗥𝗼𝘂𝗻𝗱 𝗣𝗣𝗣 𝗟𝗼𝗮𝗻 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗢𝗽𝗲𝗻 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 11th
The application process for a second round of PPP Loans will begin January 11th , 2021.
The mg官方游戏中心 encourages our members to apply as early as possible as a substantial number of
applicants are anticipated.
Following are important details to consider:
𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗡𝗲𝘄 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀
• PPP borrowers can set their PPP loan coverage period to be a length between 8 and 24 weeks
• PPP loans will cover additional expenses including operational expenditures, property damage costs, supplier costs, and worker protection expenditures
• PPP provides greater flexibility for seasonal employees
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan
𝗙𝗶𝗿𝘀𝘁 𝗧𝗶𝗺𝗲 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝗻𝘁𝘀
• Applications Open Monday, Jan 11th
• Your business must have been in operation prior to February 15th , 2020
• Your business must have less than 500 employees
• The amount you may apply for is 2.5x your average monthly payroll
• You may request a loan of up to $10M USD
𝗦𝗲𝗰𝗼𝗻𝗱 𝗧𝗶𝗺𝗲 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝗻𝘁𝘀
• Applications Open Wednesday, Jan 13th
• Your business must have been in operation prior to February 15th , 2020
• Your business must have less than 300 employees
• The amount you can apply for is 2.5x your average monthly payroll
• You may request a loan of up to $2M USD
• Banks which extend loans of $50K USD or less will receive incentives, thereby providing many of the businesses in SW Detroit qualification eligibility
• Restaurants may be able to qualify for 3.5x their average monthly payroll