Michigan Small Business Survival Grant Program

The State of Michigan has allocated $55 million to implement the Michigan Small Business Survival Grant Program to support the needs of Michigan businesses that have been disproportionately impacted by the COVID-19 virus and the Gatherings and Mask Order. The application to apply will open at 9:00 a.m. EST on Tuesday, January 19, 2021.

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Employee Assistance Grants

Employee Assistance Grants, administered through Michigan Restaurant & Lodging Association – open Jan. 15-25, 2021

The Employee Assistance Grants were made available by Senate Bill 748, and are designed to provide support to employees impacted by the MDHHS Gathering and Face Mask Order that took effect on November 18, 2020. The Michigan Restaurant & Lodging Association Educational Foundation is administering this grant program.

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Payroll Protection Program Round 2

Paycheck Protection Program Round 2 – open week of Jan. 11, 2021

This renewed PPP2 program is part of a $900 billion pandemic relief provision signed into law by President Trump on Dec. 27, 2020.

OVERVIEW

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Contact Your Banking Institution

Banks and credit unions are now offering deferrals and other relief programs to help support businesses. Contact them today.

West Shore Bank

West Shore Bank is a certified SBA lender.

If you are experiencing financial hardships related to family sickness or workplace closures due to the COVID-19 pandemic, we are here to help you. West Shore Bank will immediately offer the following
programs and will continue to evaluate considerations to extend:

Consumer Loan Payment Deferral Program: For West Shore Bank customers facing financial hardship related to family sickness or workplace closures due to COVID-19, the Bank will offer payment deferral on all consumer loans with no late fees or credit bureau impact for up to 90 days.

Mortgage and Home Equity Payment Deferral Program: For mortgage customers of West Shore Bank facing financial hardship related to family sickness or workplace closures due to COVID-19, the Bank will offer payment deferral with no late fees or credit bureau impact for up to 90 days.

Business Loan Payments: For West Shore Bank business borrowers that have been forced to temporarily close, are reducing services in response to the COVID-19 pandemic, or are experiencing residual impact on their business as a result of the pandemic, a variety of relief  programs are available, including payment deferrals up to 90 days. Please contact your Business
Banker to discuss the best solution for your circumstance.

ATM Fee Refunds: Effective March 9 through May 8, 2020, any ATM fee incurred using a non-West Shore Bank ATM, up to $7.00 per statement cycle, will be refunded and will appear as a
credit on the last day of your account statement.

Suspension of Foreclosure Program: West Shore Bank has suspended initiating new residential property foreclosure actions for the next 60 days.

Repossession Halt Program: West Shore Bank has suspended initiating new repossession actions for vehicles, RV’s, or marine craft for the next 60 days.

To request hardship assistance, contact your West Shore Bank Business Banker or call Customer Care at
888-295-4373 during regular banking hours.

Shelby State Bank

Shelby State Bank is a certified SBA lender.

More information coming soon.

Safe Harbor Credit Union

No fee auto/personal loan skip-a-payment: Offering a skip-a-payment program. Eligible loans include auto, ATV, and personal loans.

No fee Credit Card Skip-A-Payment: To accommodate our members, all Safe Harbor Credit cards are eligible for skip payment at NO CHARGE.

Here 2 Help Loan: We’re rolling out a personal loan special, with a competitive interest rate. Great for members who need help paying rent, auto loans, or help with grocery expenses.

Mortgage Payment Relief: To help our affected members in this time of need, if your mortgage or home equity loan is through Safe Harbor Credit Union you may be eligible for payment relief solutions.

Contacts:

Adam Johnson – 231-252-1160  ajohnson@safeharborcu.org.

Stephanie Overholt, 231-252-1157   soverholt@safeharborcu.org.

 

Preferred Credit Union

Members should contact them directly at 1-800-328-41.1 for details on the deferral and relief programs they are offering their members during the COVID-19 pandemic. 

Filer Credit Union

Offering members no fee skip-a-payment on loans, visa and mortgages. 

Fifth Third Bank

Highlights of the SBA program

Should you have any questions, please contact your local branch, your relationship team, or the Business Banking Support Center at 877-534-2264.

Chemical Bank

Are a SBA certified lender. Also, offering 90 deferments on loans. 

Contact:

Kristin Jordal – 231-845-5172

kristin.jordal@chemicalbank.com

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