MI Chamber of Commerce: SBA Disaster Recovery Loans Available Soon!March 18, 2020
SBA Disaster Recovery Loans Available Soon!
Yesterday, Governor Gretchen Whitmer formally requested the U.S. Small Business Administration to issue an Economic Injury Disaster declaration for the state. Once approved by the SBA, $1 billion in low-interest loans will become available to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 pandemic. An SBA Economic Injury Disaster declaration will make disaster loans of up to $2 million available to small businesses to help overcome the temporary loss of revenue they are experiencing. We expect the declaration to be approved within the next 24 hours.
In the interim, small businesses that could benefit from SBA loans are encouraged to start collecting the information they’ll need to complete and submit their application. Examples of information needed can be found here. For additional information or to obtain help preparing the loan application in advance of the declaration, please contact the Michigan SBA offices in Detroit or Grand Rapids. The official application for the Economic Injury Disaster Loan can be found here.
The Michigan Economic Development Corporation’s (MEDC) call center stands ready to support businesses looking for assistance through other available state programs. For more information, visit MEDC’s website or call 888.522.0103. The Michigan Small Business Development Center can also provide resources for small businesses impacted by COVID-19. Visit their website for additional information.
Please let Dan Papineau know if you have any questions at email@example.com.Contact:Bob Thomas, Chief Operations Offer(517) 371-7639
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