Michigan Banks, Credit Unions Step Up to Support Small Businesses Through PPP
The state of Michigan says more than 110,000 small businesses across the state received forgivable loans as part of the Paycheck Protection Program.
At least $16 billion has been distributed for an average loan of about $147,000.
The state says at least 120 state-chartered banks and credit unions have taken part and given out loans.
The Small Business Administration will forgive those loans as long as all employees are kept on for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.