The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.
This guide provides information about the major programs and initiatives that are and will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
Help understanding the CARES Act. Several programs are available. Specific details for each of the programs are in the links below.
So, based on my reading thus far, my recommendation today of what to do first, second, third is:
If you have payroll the PPP is the first thing to do which means you should call your FDIC banker and ask what their procedures are and if you can make an appointment to obtain your PPP.
If you do not have payroll, or your payroll is small, I feel the EIDL/EEIG is the first thing to do which means you should begin the SBA Application (please click on the EIDL/EEIG link above for further information)
If you are going to do the PPP (which gives you money to spend in the next 8 weeks following the loan) and you feel you may need additional funding after the 8 weeks, then I suggest you also begin the SBA Application for the EIDL/EEIG. If, when the SBA reviews your case and determines the amount of the loan you are eligible for, you feel you no longer need the funds, you may simple close the case. At this time my understanding is the application process may take 2-3 weeks and the funding process 2-3 weeks after that.
I feel the above Federal programs do not preclude you from applying for State assistance. As an individual you may be eligible to apply for Unemployment Benefits (please read the information provided in Michigan Unemployment link found on the home page).
Please keep coming back to the website for updated information from us and feel free to read what you can to try and stay on top of an ever changing environment.