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(CBS DETROIT) – Detroit businesses can now apply for loans of up to $2 million during the second round of the federal Paycheck Protection Program.
The city says this round focuses on women- and minority-owned businesses in low-income neighborhoods. Loans are available at 1 percent interest paid back over 30 years. Loans may be forgiven if spent on eligible expenses, primarily payroll.
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During the first round, nearly $650 million was distributed to 5,412 Detroit businesses. The average loan was $120,000, and an estimated 58,000 jobs were preserved.
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Applications for the latest round of the program are being accepted through March 31 at Detroitmeansbusiness.org.
First Draw Eligibility
If you did not receive a loan in round one, here are the qualifications:
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- Small business with fewer than 500 employees or a sole proprietor
- Were in operation by Feb. 15, 2020 and have a tax ID
Second Draw Eligibility
If you did receive a loan in round one, here are the qualifications:
- Small business with fewer than 300 employees or sole proprietor
- Was operating by Feb. 15, 2020 and have a tax ID
- Demonstrate a loss of 25% in any quarter in 2020 compared to 2019
- Round one funds must be spent before receiving round two funds
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