When can I apply?
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Where can I apply?
Fill out the inquiry form to be contacted by a University Bank Lender.
Who can apply?
*Currently we are only taking applications for businesses within Michigan*
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
Required Document Checklist
- 2019 IRS forms 940 or 941 Employers Annual or Quarterly Wage/Tax Reports.
- 2019 Wage Detail Report and W-2 report
- 2019 1099’s for independent contractors.
- Documentation showing total of all health insurance premiums paid by the company under a group health care plan.
- Documentation showing the sum of all retirement plan funding that was paid by the company (do not include employee funded contributions).
- Borrower’s Tax ID (EIN) assignment letter from the IRS.
- Applicable borrower organization documents (Articles, Operating Agreement, By-Laws, Partnership Agreement) as appropriate to the borrowing entity.
- Evidence of good standing in the state of organization.