The loans are designed so that if businesses primarily put the money towards payroll, rent, or utilities, they will be completely forgiven.
The program is funded through the coronavirus CARES act which recently passed through congress.
Lt. Governor Garlin Gilchrist says the program is aimed at keeping employers, and their staff, afloat.
“Making sure they have the ability to retain their people and also to be able to have loans to open up that they will not have to pay back if they retain their people.”
Self employed, freelance and gig workers are also eligible to apply.
A spokesperson for the Michigan Association Certified Public Accountants recommended businesses apply early - the national program is capped at 349 billion dollars.
