April 1, 2020

Dear Ironwood Business Owners,

I know we have been sending a large amount of information your way, but our goals is to continue to keep you updated on opportunities to help relieve some of the overwhelming strain that is being put on your business. Here are a few key things for today.

  1. Reminder that Sunday, April 5th at the end of day is the due date for the MEDC Small Business Relief Program Grant Application. For those filling out the application remember that there are two sheets in the application.  Make sure to fill out both the qualification sheet and the application sheet. If possible, get the application to me before Friday so I can give feedback just in case something is missing. Once again this grant is very competitive grant so its important to have a complete application.
  2. If you haven’t yet, please visit the SBA Disaster Loan website. They are offering a $10,000 advance when you apply for the Economic Injury Disaster Loan. This advance does not need to be paid back even if you don’t receive a loan.  https://www.sba.gov/page/disaster-loan-applications#section-header-0
  3. A new loan program is being introduced as a result of the CARES Act. It is referred to as the Payroll Protection Program (PPP). This loan program is through qualified lenders so you will want to talk to your bank about the application process. Attached to this update is a summary of the program for your information. The interest rates are very good on this loan (0.5%). This loan is also forgivable if an applicant meets the requirements. The loan period opens on April 3rd.
  4. The Federal Reserve is requesting that small businesses participate in a survey to update them on the impacts of the COVID-19 crisis. Two weeks ago the UP had very good participation. This is important as the Federal Reserve addresses areas of need. The survey closes Friday, April 3rd at Noon.  Here is the link to the survey. https://www.surveymonkey.com/r/COVID-Chamber-MplsFedSurvey-Week3

Additional Information:
Paycheck Protection Program
Caronavirus Emergency Loans

Take care everyone and please contact us with your questions and concerns.

Be well,

Thomas Bergman
Community Development Director

City of Ironwood
213 S. Marquette Street
Ironwood, MI 49938
906-932-5050 ext. 126