March 19, 2020
Coronavirus has rapidly changed the landscape of our country and our community. Not just in the way we go about our daily lives, but in the way we do business. Every business is feeling the effect of the virus on the economy, but our restaurants, bars, entertainment venues, other service businesses are taking the first major blow. We understand that everyone has a lot of questions about the future and how we can mitigate these challenges. New information is coming out multiple times a day as the federal and state government introduce new economic relief packages. Our role is to keep you informed of what programs are out there to help relieve the pain caused by this disaster. We will work towards sending out regular emails as things are delivered to us. Here are a few things to consider right now to prepare your business for the weeks ahead.
- The Small Business Administration has a disaster relief loan program for businesses. Right now we are waiting for the Governor to sign the Disaster Relief Bill so Federal dollars can flow to states and then to local communities. This loan will go through the SBA offices rather than through banks. Businesses must have been in business for at least 1 year and you will be required to show last years profit and loss statements so start gathering that information. It sounds like the loans can be used for anything cash flow related. We will keep you informed as we get more information on this program. Here is some additional information. https://www.sbam.org/Portals/0/Economic%20Disaster%20Interruption%20Loan%20Information_1.pdf
- If you are a bar or restaurant, check out the MI license and Beverage Association website. https://mlba.org/
- We have spoken with several Banks within the community. If you have a loan with a bank, contact them as soon as possible to discuss the terms of the loan. You may be able to get a lower interest rate or flexibility in your payments.
- The City is meeting regularly with regional economic development organization to share ideas and information to better serve our local businesses.
- Please fill out the survey in the link below from the Federal Reserve. They need the information by the end of the day Friday, March 20. This survey will help them determine need for our area. https://www.surveymonkey.com/r/MplsFed-COVID-Survey-Week1
- The Small Business Association of Michigan has a great resource page as well. It includes information on the Economic Injury Disaster Loans process. https://www.sbam.org/Resources/COVID-19-Resources
- If it is necessary to lay off employees, please see the link below regarding unpaid leave vs lay off.
This is a lot of information and we understand that you will have many questions. Please feel free to contact the Community Development Office via email or phone. We will do our best to answer your questions or put you in touch with someone that can. You are the heartbeat of our community and we will do our best to help you through the challenges that lie ahead.
Community Development Director
City of Ironwood
213 S. Marquette Street
Ironwood, MI 49938
906-932-5050 ext. 126