After approving more loans in six weeks than during the prior nearly 60 years combined, the U.S. Small Business Administration now looks to provide debt forgiveness to borrowers.
In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.
The second round of the U.S. Small Business Administration’s Paycheck Protection Program has seen more loans approved for lesser amounts, an indication that smaller businesses are getting assistance.
BELLAIRE — Short’s Brewing Co. has received a roughly $1 million loan through the U.S. Small Business Administration to help offset the impacts of the coronavirus, company officials told MiBiz today.
The U.S. Small Business Administration approved relief loans totaling $10.38 billion for nearly 43,500 small companies in Michigan before running out of money.
Huntington Bank has temporarily stopped taking application from companies seeking a U.S. Small Business Administration loan to get them through the economic hardship caused by the COVID-19 pandemic.
The historic $2 trillion federal economic stimulus bill signed into law Friday contains $350 billion in loans for small businesses that could transition into grants.
Gov. Gretchen Whitmer and federal lawmakers have taken a variety of steps to help businesses and employees navigate the short-term harm posed by the coronavirus.
The U.S. Small Business Administration promises to decide as quickly as possible on loan applications from small businesses hurt by the coronavirus and COVID-19 pandemic.
Business organizations are offering plenty of advice and information to employers about the coronavirus pandemic and how to manage through the crisis.