COVID-19 Business Resources
All businesses plan and prepare for tough times on their way to sustained success, but our current circumstances simply could not be anticipated. The combination of public health considerations, operational restrictions and the resulting economic impacts have resulted in nearly every business in the country scrambling to find its footing. Our small businesses are the backbone of northern Michigan and 4Front remains committed to ensuring they not only survive current challenges, but emerge stronger than ever.
Help Is Here | We've got options to ensure you weather this storm
If you're unsure about making ends meet, please reach out to us right now. We've identified a variety of options to help both member businesses and non-member businesses handle any challenges headed their way. To expedite requests for assistance, we're offering the form below. Completed forms are directed to a team dedicated to identifying ways we can assist our impacted members.
The CARES Act | Relief for businesses impacted by the Coronavirus
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently signed into law. The CARES Act includes a variety of resources for small businesses impacted by the Coronavirus. For an overview of the Act, visit the Guide to the CARES Act, offered by the Senate Committee on Small Business & Entrepreneurship.
The CARES Act is comprised of programs and products intended to aid small business during these difficult times. Several of the initiatives with the CARES Act are administered from the Small Business Administration (SBA) and are highlighted below.
Please note that, due to the dynamic nature of this program, the below resources are provided to the best of our ability. We are unable to guarantee accuracy and encourage you to contact our Business Services team at 231.932.5225 to confirm details.
Paycheck Protection Program
UPDATE: Monday, April 27 - 10:30am ET
Additional PPP funding totaling $320 million was approved by Congress on Thursday, April 23 and signed by the President the following day. This second round of monies will be available beginning Monday, April 27 at 10:30am ET.
Please note that this second round of funding is expected to be exhausted even more rapidly than the initial outlay. SBA lenders like 4Front have continued to receive applications from small businesses anticipating this possible second round since the initial funds were exhausted. If you have not previously made application for PPP funds with 4Front or another SBA lender, please contact our Business Services team at 231.932.5225 to discuss possible additional options.
The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to eight (8) weeks of payroll costs, including benefits. Funds may also be used to pay interest on mortgages, rent, and utilities. The PPP authorizes forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Click HERE for more information.
Eligibility. Eligibility for PPP is limited to small businesses with 500 or fewer employees—including non-profits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Businesses with more than 500 employees are eligible in certain industries.
Amount Available. Up to $10 million, or 2.5 times your total payroll expenses for the loan period.
Rate & Terms. The initial rate is 1 percent, but it may rise. It's capped at 4 percent. Loan terms will be the same for all borrowers and forgivable.
Application. Application may be through existing SBA lenders, like 4Front. Contact our Businesses Services team at 231.932.5225.
Economic Injury Disaster Loans (EIDL)
UPDATE: Monday, April 27 - 6:30pm ET
The SBA has announced it is no longer accepting new EIDL loan applications as it expects existing applications It will exhaust current funding before consideration of new applications can begin. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. More information may be found HERE.
Economic Injury Disaster Loans (EIDL) provide small businesses with working capital loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Small businesses and non-profits harmed by COVID-19 are eligible to apply for an Economic Injury Disaster Loan emergency advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
Eligibility. Small business owners in all U.S. states, Washington DC, and territories. Economic Injury Disaster Loans are also available to residents in declared disaster areas. Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
Amount Available. Up to $2 million. An advance of up to $10,000 may be requested and is based upon business staffing levels. If approved, the advance is typically provided within three (3) days of application.
Rate & Terms. 3.75 percent and capped at 4 percent per year. Up to a 30-year term and amortization, determined on a case-by-case basis.
Application. Apply online, directly with the SBA. It's worth noting that the SBA has recently streamlined what was previously a rather cumbersome EIDL application process.
Small Business Debt Relief Program
The Small Business Debt Relief Program will cover all loan payments on all non-disaster SBA loans, in particular 7(a), 504 and microloans. Relief includes principal, interest and fees for six months. Under the SBA's Small Business Debt Relief Program:
- The SBA will also pay the principal and interest of new 7(a), 504 loans and microloans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a), 504 loans and microloans for a period of six months.
4Front SBA borrowers who have questions about their current loan and if your loan is automatically deferred are asked to contact our Businesses Services team at 231.932.5225.Go to main navigation