| Friend,
After hearing from small businesses across Michigan about the serious financial challenges they are facing because of the Coronavirus pandemic, I helped pass bipartisan legislation that is now law to provide additional funding to small businesses that need help. I’d like to provide you with an update on the new funding, how you can apply and what I’m doing to help ensure small businesses that need help the most can get it.
SIGNIFICANTLY MORE FUNDING FOR SMALL BUSINESSES
I pushed for significant improvements to the initially proposed legislation during bipartisan negotiations, including:
- An additional $120 billion for the Small Business Administration (SBA)’s Paycheck Protection Program (PPP), Economic Injury Disaster Loan and Emergency Economic Injury Grant programs for a total of $370 billion in funding for small businesses;
- $60 billion of which is specifically dedicated to Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs) and other community-focused lenders – which I was proud to lead the fight to include for businesses in underserved areas, including minority-owned and rural businesses;
- $25 billion to dramatically expand testing – a necessary step towards reopening our economy safely; and
- $75 billion for our hospitals and health care providers, who are on the front lines working to mitigate the impacts of this crisis.
Importantly, the initial bill included a smaller amount for small businesses, and no funding for testing, health care providers or a dedicated funding stream for minority-owned businesses. I fought for additional funding for testing and hospitals, and I’m pleased that we were able to come together to make significant improvements to this aid.
But for small businesses, the fact remains that navigating federal bureaucracy can be a confusing and difficult process. I’m very concerned that Michigan small businesses have applied, but haven’t been able to access funding.
That was something I heard about last week, when I convened a virtual roundtable discussion with the SBA and representatives from CDFIs and MDIs to help answer questions from Michigan minority small business owners regarding the new round of funding and how to apply for assistance.
You can watch last week’s virtual meeting I convened with Michigan minority small business owners by clicking here.
HOW TO APPLY FOR FEDERAL SUPPORT
Are you a Michigan small business owner who had trouble applying previously? Or are you looking to apply now that additional resources are available? If so, I want to be a helpful resource and help you cut through the red tape.
I’ve put together an informational tip sheet on how to apply. You can find that guide by clicking here.
Whether you’re applying for an SBA loan for the very first time – applying for economic injury grants – or requesting counseling assistance – this guide can serve as a one-stop shop for many of your questions.
OVERSIGHT: ENSURING HELP GOES TO SMALL BUSINESSES THAT NEED IT MOST
I’m going to keep working to ensure that small business assistance is actually going to those that need it the most. I’ve called for a wide-ranging investigation to look into any problems with the PPP and how we can fix it so that small businesses – including minority-owned businesses – can get the resources they need to stay afloat. Right now, Michigan’s small businesses are hurting. That’s why I’m going to be doing everything I can to ensure we can get through this unprecedented public health and economic crisis – and emerge stronger than before.
Thanks for reading,
Gary Peters
United States Senator for Michigan |
