Photo by engin akyurt on Unsplash

Coronavirus continues to spread throughout the United States. Michigan, specifically metro Detroit, has been hit particularly hard.  We would like to provide you with a few resources or tips that may help you during these trying times.


If you’ve lost your job you should attempt to contact the State of Michigan Unemployment Insurance Agency and apply for unemployment benefits.  This is their website: State of Michigan UIA.  Under normal circumstances, you can receive up to $362.00 per week for a maximum of 26 weeks.  Due to the coronavirus you can now receive up to $962.00 per week for a maximum of 39 weeks.  With the number of layoffs the website may be particularly slow, but it’s important to apply right away.  You have 28 days from the date of your work stoppage to apply for benefits.  Here is a guide to claiming unemployment benefits in Michigan during Covid-19: UIA Guide.


While a number of companies have been forced to layoff workers, there are over 40,000 jobs from more than 2,000 companies in Michigan looking to hire workers.  You can use the Covid-19 job portal to search for immediate openings.  The website is: COVID-19 Job Portal.


The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress on March 27, 2020. The CARES Act was intended to help business owners with their immediate needs.  Part of the CARES Act includes the paycheck protection program. The program will provide cash assistance through 100% federally guaranteed loans to employers who maintain their payroll during the coronavirus pandemic.  If you’re an employer, and you maintain your payroll, the loans would be forgiven.  This would help workers remain employed and businesses snap-back quicker.  The max loan is equal to 2.5 times your average monthly payroll costs.  You can also use the loan for interest on any mortgage obligation, rent, utilities and interest on any other debt obligations incurred before February 15, 2020. At this point, we have not found any banks accepting loan applications, but you should contact your bank to get more information.

Now, the loans are not automatically forgiven.  You must apply through your lender for forgiveness on your loan.  The application is likely to require documentation of the number of employees on payroll and pay rates, including IRS payroll tax filings and State income, payroll and unemployment insurance filings. Documentation verifying payments on covered mortgage obligations, lease obligations and utilities.


Governor Gretchen Whitmer has temporarily suspended evictions in Michigan until April 17.  This means even if you fall behind on your rent payments your landlord is prohibited from commencing any eviction action.  Foreclosure sales and evictions of homeowners has also been suspended.  In addition, many mortgage companies are offering forbearance or suspension of their mortgage payments.  The following lenders have programs in place: Ally Bank, Bank of America, Quicken Loans, TD Bank, and Wells Fargo. You should contact your mortgage servicing company as soon as possible to see if you are eligible for any relief due to coronavirus.

It is important to remember that mortgage forbearance is not forgiveness.  You will still have to pay back what you owe, but it may provide you with some temporary relief during these tumultuous times.


Similar to mortgage companies, many automakers are offering deferred payments.  Ford, Nissan, GM and Toyota have all said they will provide payment relief options to customers affected by the virus, including extensions and deferred lease payments. 

Some lenders are also offering to waive fees to skip a payment on loans.  Lake Michigan Credit Union is waiving all fees to skip a payment on credit cards, auto, boat, RV, 4-wheeler, personal watercraft, snowmobile, or unsecured term loans.

Communicating with your lender during the coronavirus pandemic is best way to increase your chances of continuing a mutually beneficial relationship.

We will continue to update the resources so be sure to check back soon.

Please contact us with any questions.  While we may not know the answer, we will try our best to help point you in the right direction.