March 27, 2020
Dear Ironwood Business Owners,
Charly Loper from the City of Bessemer posted a great update today on resources for small businesses. I will include it in this update. Be sure to keep checking the update906.com website for changes. City of Ironwood staff is currently being trained to help with the SBA disaster loan process so we can better assist local businesses.
The bill passed late last night by the senate includes the following provisions for small businesses:
➢ $350 billion for forgivable SBA Section 7(a) loans to small businesses to cover payroll, mortgage interest, rent and utility payments associated with the crisis;
➢ $192 million for grants for Small Business Development Centers;
➢ $48 million for no-match grants to Women’s Business Centers; and
➢ $10 million for Minority Business Centers
This still has to go to the House but Nancy Pelosi said it should pass. I will keep you all posted when I learn more about applying.
If you haven’t already, Nicole Young Potvin with the Small Business Development Center recommends the following:
- Talk to your banker to see if they will waive loan payments for the next couple of months
- Talk to your landlord to see if they will defer lease/rent payments for the short term
- Talk to your credit card companies to see if they will allow you to suspend payments for now
- Apply for the SBA EIDL loan: https://disasterloan.sba.gov/ela/
- Watch for the application for the MEDC loan/grant program to become available here: https://www.michiganbusiness.org/about-medc/covid19/
- Apply for expanded unemployment benefits once the federal package is approved: https://www.michigan.gov/leo/0,5863,7-336-78421_97241_98585—,00.html
- You may also receive a one-time check from the government once the relief package is approved.
- Remember to communicate regularly with your customers
- Pivot where you can
- Encourage people to support our local small businesses!
Finally, if you haven’t already sign up for the Small Business Development Center’s Covid-19 emails. They are doing daily webinars helping businesses through this tough time https://sbdcmichigan.org/small-business-covid19-2/
Bessemer City Manager
(906) 663-4311 │ cityofbessemer.org
Community Development Director
City of Ironwood
213 S. Marquette Street
Ironwood, MI 49938
906-932-5050 ext. 126