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Planning and Economic Development


Times are tough and Macomb County Planning and Economic Development is here to help.

If you have any questions, complete this form with as many details as possible and a business development specialist will be in touch. 


On Tuesday, April 21 the Senate approved additional funding for the Paycheck Protection Program which was introduced in early April as well as the Economic Injury Disaster Loan through the SBA. The new bill still has to be approved by Congress, signed by the President, funded by the Treasury and dispersed to the banks. It is at least a week or more before it is available to companies. 

These programs, as with most programs for funding, will be administered by the banks. The programs have been expanded beyond the large banks and now includes regional and local banks as well as credit unions.

As such, the first step to having a chance to obtain funding is to reach out to the bank you work with daily. Your banker will be able to assist you through the process, not only for the Paycheck Protection Program but any other grants and loans which may be offered. So, please talk with your banker as soon as possible.

  • If you worked with a bank or other lender for the original program, check with them to make sure they know you still need funding. Make sure your application is active and ready to be processed.
  • If you did not apply for the first round of funding, we recommend reaching out immediately to your bank or credit union to submit an application. The sooner it gets processed and submitted the better chance you have of getting approved.


Review of Small Business Administration Loan Programs:

Economic Injury Disaster Loan (EIDL)

  • Application on the SBA Website
  • Up to 6 months of operating expense not to exceed $2 million
  • Interest Rate 3.75%, 30 year fixed rate
  • No payments for the first 12 months
  • Option to get a $10k advance
  • Changes to the SBA EIDL Loan application
    • Anyone who previously applied under the old format should reapply if:
      • They were previously denied. The CARES Act loosened criteria and these applicants may now be eligible
      • They would like to be considered for the $10,000 automatically forgiven advance
    • The new format does not require any supporting documentation
  • Designed to be simple and take fear and frustration out of the application process  

SBA Express Bridge Loan

  • Must have a current business relationship with a SBA Express Lender (contact them directly)
  • Loans up to $25,000
  • Term loan or gap loan until the EDIL is awarded 

Paycheck Protection Program

Lenders for PPP: SBA has released a lender look-up. However, this does NOT mean that they are accepting applications. For example, we are still hearing that Bank of America is only taking applications for existing customers who have a loan with them.

  • Application is through SBA Lender
  • 2.5 x average monthly payroll for prior 12 months
  • May be forgivable. If unforgiven, interest rate is .5% for a 2 year fixed rate
  • No payments for 6 months

SBA Debt Relief

  • For businesses with a current and new SBA 7(a) and 504 Loans
  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

Economic Development Foundation

As many of you are aware, Economic Development Foundation (EDF) is a non-profit Certified Development Company of the SBA serving businesses and banks throughout the State of Michigan by offering SBA 504 Loans. In an effort to keep you updated on the availability of the loans and other relief in response to the COVID-19 crisis, we want to provide this update and summary of the CARES Act.

Additional Financing Resources through the State of Michigan