ANN ARBOR, Mich. – The University of Michigan has compiled a list of resources to help small businesses in Detroit to find financial aid during the coronavirus (COVID-19) pandemic.
The federal government set aside funds for small businesses within the $2 trillion economic rescue package signed into law last month to assist with the financial impact of the COVID-19 outbreak.
The university conducted research to help small businesses navigate the federal aid available to them and find financial stability amid the pandemic.
U-M is sharing the following resources, which offer information about aid programs, documents required to apply for aid and more:
- COVID-19 Resources for Small-Business Owners: Highlights resources to find, prepare and apply for funding. This guide points to free assistance to help with required financial statements and offers practical advice on updating websites and social media.
- Coronavirus Funding for Small Businesses: Provides details about the most widely available funding programs including SBA Disaster Loans, the Paycheck Protection Program, TechTown Stabilization Fund Grants and Detroit Economic Growth Corporation Grants.
The research was compiled by U-M’s Ford School of Public Policy’s Center on Finance, Law and Policy through its Detroit Neighborhood Entrepreneurs Project.
“For a lot of small-business owners, this is their first time dealing with bank lending and navigating the complexities involved in the process,” said Justin Erickson, program manager for the Detroit Neighborhood Entrepreneurs Project. "We have a team of interdisciplinary students responding in various ways: law students researching legal questions related to Small Business Administration lending, public policy students creating easy to understand guides, and design students designing templates for businesses moving to online sales.
"We have also expanded our team of students who are consulting directly with businesses on accounting and finance issues, as well as helping businesses navigate different loan opportunities and fill out applications."
Businesses can meet with U-M accounting and finance students virtually using their website here.
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