From Acme to Zeeland, Michigan small businesses have received federal government paycheck protection program repayable loans to help ease financial pressure from the coronavirus pandemic.
The Treasury Department this week released data on the companies that have received the funding. Our database below includes all Michigan companies that have received $ 150,000 or more. You can search by community, business, or loan amount.
Can’t see the database? Click here.
The PPP was passed by Congress at the start of the coronavirus pandemic as part of a $ 2,000 billion coronavirus aid package. To date, nearly 5 million loans have been approved for over $ 521 million – with an average loan size of around $ 107,000.
Loans are written off entirely if 60% of the funds are used for salary costs and the remainder is used for interest on mortgages, rent and utilities.
Loan amounts were determined on the basis of a formula taking into account labor costs and other factors.
COVID-19 PREVENTION TIPS
In addition to washing your hands regularly and not touching your face, authorities recommend practicing social distancing, assuming anyone can carry the virus.
Health officials say you should stay at least 6 feet from others and work from home, if possible.
Use disinfectant wipes or disinfectant cleaning sprays on frequently touched surfaces in your home (doorknobs, faucets, countertops) and take hand sanitizer with you when you go places like stores.
Michigan Governor Gretchen Whitmer also issued an executive order requiring people to wear face coverings over their mouths and noses when inside enclosed public spaces.
Additional information is available at Michigan.gov/Coronavirus and CDC.gov/Coronavirus.
Wednesday July 8: Latest developments on the coronavirus in Michigan
185 Michigan companies received at least $ 5 million in federal paycheck protection