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Small Business - PPP (Paycheck Protection Program)

Small Business - PPP (Paycheck Protection Program)

 

 

The Pay Check Protection Program (PPP) for Michigan is now live. These are forgivable loans for small businesses. This funding may be used by small businesses to pay their utility bills and rent. This is such a popular program, it is expected that funds will be gone in one to two weeks. First come, first served and Consumers and DTE are all over this with their customers.

http://www.paycheckprotectionprogrammichigan.com/

The PPP should not be confused with the Economic Injury Disaster Loans (EIDL) which are also available to help small businesses and can be used for utility bill and rent payments. However, there are different conditions. I would suggest using the following chart for customers to determine which program is best.

https://s3.us-east-2.amazonaws.com/www.paycheckprotectionprogrammichigan.com/cares-act-ppp-vs-eidl.pdf