business news

Micro-Grants Available for St. Clair County Entrepreneurs

Port Huron, MI — Blue Water Startups & Entrepreneurs is offering micro-grants to St. Clair County entrepreneurs who need a boost to their businesses.

Micro-grants are small, one-time cash awards that can help a small business fund an innovative idea or project they are working on. Grants can help with marketing efforts, educational training, or memberships to professional organizations.

Matt Brooks, Founder of Blue Water Startups & Entrepreneurs said, “When I started my first business, a micro-grant could have helped in many different areas. Now as the founder of over five different businesses, I want to help others fulfill their dreams through our nonprofit Blue Water Startups & Entrepreneurs. A big business starts small. Micro-grants are opportunities to grow your success.”

The grant process begins with filling out a short survey at Blue Water Startups’ website <HERE> , and it only takes about 15 minutes to apply. Applications are due by Friday August 28, 2020.

Funding was provided through the generosity of the Community Foundation of St. Clair County.

Reporting for WGRT – Jessie Wiegand

 

PPP Loan Forgiveness Window Opens

Port Huron, MI — As the time for businesses to use SBA payroll protection funds begins to expire, financial institutions are preparing to process millions of applications for loan forgiveness. Companies that received funds in early April can start to submit forgiveness applications at the end of May.

Lenders will be called on to help prepare detailed application documents and turn them over to the Small Business Administration for approval. Banks made about 4.3 million Paycheck Protection Program or PPP loans for a total of more than $500 billion. The program allows every borrower to request forgiveness.

The SBA released an 11-page document last week listing the criteria small businesses must follow to get their PPP loans forgiven. Among the guidelines are directions on how to calculate payroll costs, which must account for 75% of loan proceeds spent. The document is complex, so it will fall to lenders to help borrowers complete it.

Over the two rounds of the PPP, which began in April, Michigan companies received 103,811 total PPP loans totaling $15.9 billion in funding.

Reporting for WGRT – Marty Doorn