DETROIT – There’s help for small businesses coming from both the local and federal levels.
President Trump signed a bill that includes more than $320 Billion for the Paycheck Protection Program which quickly ran out of money in March. It also includes more money for small business loans.
Meanwhile, Detroit Mayor Mike Duggan announced a partnership aimed at helping small businesses.
Detroit’s Mayor Mike Duggan said there’s good news for small businesses, struggling during this crisis, “To have Goldman Sachs to step in with $50 Million worth of loans is basically saying the money is for you,” said Mayor Mike Duggan.
Money that is now available, thanks to a partnership with Goldman Sachs.
ORIGINAL STORY: Goldman Sachs committing $15 million in loans to Detroit small businesses
Jamesha Lucas with Bronzed and Glow said that’s music to her ears. She’s one of the co-owners of Bronzed and Glow, a retail and beauty experience nestled on the Avenue of Fashion on Livernois, “We sell hair products, for all hair types and textures. We’re a place where anyone can come, men, women and children.”
Lucas said they were getting ready for the grand opening this Spring, until Governor Gretchen Whitmer issued a ‘Stay-At-Home’ order because of coronavirus. This is not stopped the grand opening, but also incoming revenue for the business, “But when you don’t have anything coming in, it makes it very difficult.”
But with the recent news or extra funding for small businesses, like hers, that gives her hope, “We’re grateful to see that the government, is thinking of small business, and not just government agencies, but other agencies that are coming up with different grants and loans programs,” said Lucas.
Also there’s help on the Federal level. The $320 Billion in the Paycheck Protection Program or PPP, well $60 Billion of that funding is for small businesses, who haven’t established banking relationships. Also there’s funding for disaster relief, hospitals and coronavirus testing.