Coronavirus Relief Loans

  • SBA Loans
  • Wayne County/TCF Bank Loans


Federal Government SBA Loans

Paycheck Protection Program Loan (as of April 27)
For the second round of lending, there is more focus on getting the money into the hands of smaller businesses. There are safeguards built in like including new guidance regarding public companies’ eligibility and $60 billion reserved, especially for smaller community lenders. Unfortunately, on Monday,                  the first day of the second round, the SBA (Small Business Administration) computer system portal for accepting applications kept breaking down to prevent new applications from being filed.

An SBA lender must submit the PPP loans. If you keep all your employees for at least eight weeks and use the borrowed money only for payroll, utilities, and rent or mortgage costs, then as much as 100 percent of the loan will be forgiven. If these borrowed funds are used for other purposes, the loan will have to be repaid at 1% interest in two years.

Most banks and credit unions our Chamber contacted are not taking new applications, due to the volume from their customers. We have identified a few lenders that will accept applications after their customer's applications are processed. As we suggested last week, you need to get those applications in quickly due to the overwhelming backlog of applications from the first round. There are $321 billion in loans available.

Economic Injury Disaster Loans
The U.S. Small Business Administration didn’t resume accepting applications for the Economic Injury Disaster Loans (EIDL) on Monday because the additional money authorized by Congress could be exhausted by previous applicants, agency officials confirmed. Those loans can come with a low-interest rate and a cash advance. There is $60 billion set aside for these loans

SBA Express Bridge Loan
This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing. Small businesses who currently have a business relationship with an SBA Express Lender can access up to $25,000 quickly.

  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

SBA Debt Relief
As part of SBA's debt relief efforts,

  • The SBA will pay the principal, interest, and fees of current 7(a) loans for a period of six months.
  • The SBA will also pay the principal, interest, and fees of new 7(a) loans issued prior to September 27, 2020.

SBA Coronavirus Relief Options (loans) Overview
Link to SBA website with the 4 types of SBA Coronavirus Loans: SBA Overview 

It is highly recommended you talk with your banker about any SBA related loan to get assistance with completing the application and to discuss if it is the best option for your business.

TCF/ Wayne County Small Business Relief Loan

TCF/ Wayne County Small Business Relief Loan

Quick Reference Sheet

COVID-19 is negatively impacting small businesses throughout Wayne County. While there are
federal government programs that have been enacted to bring assistance to businesses, these funds are
slow to get to businesses in this time of need. Thus, TCF and Wayne County partnered together to
offer a microloan program for these businesses within Wayne County.
Ø Creation of Loan Fund
o Wayne County $3 million
o TCF Bank $3 million
o TCF will consider making an additional contribution of up to $4 million following six
months of experience; based on the level of repayments made on the loans

Ø Loan Terms
• Use of Proceeds: to pay employee wages, rent, bank notes, utilities and other business
expenses that are incurred during regular business operations
• Interest Rate: between 0% and 2%. Actual rate based on the credit risk presented
• Loan Duration: 12 months
• Repayment Schedule of Loans:
o Months 1-6: Interest only
o Months 7-11: Interest + Principal (amortized on the basis of a 12-month term)
o Month 12: balloon payment of remaining principal plus all accrued but unpaid interest

• Fees and Charges: No prepayment fees, late fees, and closing fees. Fees will be
applied for any filing or recording and search fees related to any security interest or
collateral securing the loan.
• Security Interest/Collateral: TCF may request an all personal property assets security
interest, and or a personal guarantee based on the credit risk presented by the borrower
• Loan Amounts: Based on the number of employees
o 1-4 Employees up to $5,000
o 5-9 Employees up to $10,000
o 10-19 Employees up to $15,000
o 20-49 Employees up to $35,000
o 50-99 Employees up to $50,000

Who Qualifies

o A business that employs less than 100 employees or has revenue of
approximately $1 million or less
o The business can demonstrate a 25% loss of revenue or more
o The business must have been in existence for over one year

Steps to apply
1. Complete the Small Business Relief Loan Fund application

o Provide the following documents:

ü Previous year’s business tax returns
ü Previous year’s personal tax returns on all owners with greater than 20%

2. Description of the impact to business due to COVID-19
3. Submit the application and requested documents to your TCF Bank representative
For More Information Visit: