SBA loans now available for small businesses impacted by COVID-19
LANSING, Mich. – Governor Gretchen Whitmer announced today the U.S. Small Business Administration (SBA) has approved her request for a statewide Economic Injury Disaster Loan (EIDL) declaration, opening the opportunity to small businesses to access low-interest loans from the SBA.
“This designation unlocks critical financial resources for small businesses across the state impacted by the tough, but necessary steps we have taken to mitigate the spread of coronavirus here in Michigan,” Whitmersaid. “While access to these loans is vital, we are continuing to look at every resource available to support our businesses, communities and entrepreneurs around the state impacted by coronavirus.”
The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 outbreak will now have the ability to apply for low-interest loans as part of $1 billion in funding made available to the SBA by Congress earlier this month.
“These SBA loans will provide critical capital for businesses facing a temporary loss of revenue as a result of coronavirus,” said Mark Burton, CEO of the Michigan Economic Development Corporation. “We are working closely with the Michigan SBDC and small business organizations around the state to ensure we can overcome the significant challenges coronavirus presents and protect the livelihoods businesses throughout the state provide.”
The application for disaster loan assistance is available at https://disasterloan.sba.gov/ela/. For businesses looking for more information on how to apply for an SBA EIDL loan or whether it is something they should consider, visit michiganbusiness.org/covid19.
“Making Economic Injury Disaster Loans available in Michigan is the first step in helping small businesses recover,” said J.D. Collins, State Director of the Michigan SBDC. “Our team is ready and available to help businesses evaluate this loan program and access support for their long-term success.”
Today’s EIDL declaration by the SBA adds to the growing number of resources available to small businesses in Michigan negatively impacted by COVID-19, including the Michigan Small Business Relief Program, authorized by the Michigan Strategic Fund, which will provide more than $20 million in grants and loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
The Michigan Economic Development Corporation’s (MEDC) call center stands ready to support businesses with questions about assistance available to small business through existing state programs by calling 888.522.0103. The Michigan Small Business Development Center can also provide resources for small businesses impacted by COVID-19. Visit their website https://sbdcmichigan.org/small-business-covid19/ for additional information.
Patients with confirmed infection have reportedly had mild to severe respiratory illness with symptoms of:
- Fever
- Cough
- Shortness of breath
The best prevention for viruses, such as influenza, the common cold or COVID-19 is to:
- If you think you have been exposed to COVID-19, call your health care provider. If you do not have a health care provider, call the nearest hospital.
- Wash your hands often with soap and warm water for 20 seconds. If not available, use hand sanitizer.
- Avoid touching your eyes, nose, or mouth with unwashed hands.
- Cover your mouth and nose with a tissue or upper sleeve when coughing or sneezing.
- Avoid contact with people who are sick.
- If you are sick, stay home, and avoid contact with others.
- Stay at least 6 feet away from others when in a public setting.
Information around this outbreak is changing rapidly. The latest information is available at Michigan.gov/Coronavirus and CDC.gov/Coronavirus.
For those who have questions about the state’s actions to mitigate the spread of coronavirus, please call the COVID-19 Hotline at 1-888-535-6136 between 8AM – 5PM daily.
