PPP rescue program restarts for narrow slice of banks, small businesses
iStock/Getty Images
The popular Paycheck Protection Program was rebooted Monday morning, but it was not quite the mad dash for dollars seen last spring.
That s because under guidance released last week by the federal agencies administering the small business relief effort, only a narrow sliver of businesses and lending institutions are able to apply for and process loans.
Indeed, only one bank in the state, the Detroit-based First Independence Bank, was permitted to take in loan applications on Monday and Tuesday, based on the federal guidance. First Independence is a Minority Depository Institution (MDI), and one of a small number of Black-owned banks in the United States.
Share this article
Share this article
DETROIT, Jan. 8, 2021 /PRNewswire/ Comerica Bank and Comerica Charitable Foundation announced today contributions of nearly $240,000 to 11 nonprofit organizations to support food security, education initiatives, health and human services, and COVID-19 relief outreach in Michigan. These latest contributions bring total 2020 funding, contributions and community investments in Michigan to $4.3 million specifically for community and small business recovery amid the COVID-19 pandemic. Comerica recognizes the impact the pandemic has had on our communities – from food security to education, said Mike Ritchie, Comerica Bank Michigan market president. Our support aims to aid in Michigan s recovery by supporting essential resource programs right here in our neighborhoods. The stability of our communities is vital as we look towards the future, and Comerica will continue its state-wide support until recovery is achieved.
Best Car Insurance 2021 – What Are The Main Benefits Of Using Car Insurance Quotes Online?
LOS ANGELES, Jan. 8, 2021 /PRNewswire-PRWeb/ Compare-autoinsurance.org has launched a new blog post that explains what important benefits are gained by using free online car insurance quotes.
For more info and free quotes, please visit https://compare-autoinsurance.org/major-benefits-auto-insurance-quotes-online/
Car insurance quotes are a must for drivers searching to purchase their first insurance policy or to renew an existing policy. Car insurance is a major investment for anyone, and drivers should not recklessly purchase an insurance plan before comparing multiple car insurance quotes.
Persons looking for better insurance plans should consider the following benefits offered by online car insurance quotes:
Advertisement
Google Pay will be able to not only aggregate data from different banks but analyze that data and make special offers.
December 10, 2020
Google moved a step ahead of its Big Tech rivals in a major relaunch of its Google Pay digital wallet. The relaunch includes three new tabs: Pay, which includes peer-to-peer payments and tap-to-pay transaction history; Explore, for customizable deals and discounts; and Insights, an option to connect your bank accounts to get a searchable overview of your finances. Another opt-in function allows Google Pay to search your Gmail and Google Photos accounts for receipts to integrate into your finance tracking.
Grow Michigan fund to provide $100 million in loans to minority-owned businesses
Lenders see opportunities for suppliers to FCA expansion in Detroit
Deals targeted to companies who struggle to get traditional financing
Kenneth Kelly
A $200 million statewide mezzanine capital fund, with half earmarked for minority businesses, aims to help grow Michigan s bread-and-butter industries.
Bloomfield Hills-based Grow Michigan II LLC said Thursday that it will target companies with revenue of around $3 million to $50 million and provide loans of between $500,000 to $5 million.
While geared for a relatively small segment of the marketplace, fund Chairman Kenneth Kelly said Thursday that projects such as the expansion of Fiat Chrysler Automotive s assembly plants on the east side of Detroit present downstream opportunity.