Are Small Business Administration (SBA) Paycheck Protection Program loans exempt from the legal lending limit for Michigan state-chartered banks?

Yes. The Michigan Banking Code of 1999 specifies the following loans and extensions of credit are not subject to the general legal lending limit for state banks:

A loan or extension of credit to a customer, secured or covered by guarantees or by commitments or agreements to take over or to purchase the loan or extension of credit, made by a federal reserve bank or by the United States, or a department, bureau, board, commission, or establishment of the United States, including a corporation wholly owned directly or indirectly by the United States.