Editor’s note: As a service to our community, MiBiz’s coronavirus coverage is available free to all website visitors. We encourage you to support our journalists by subscribing to our website.
The U.S. Small Business Administration has approved a statewide Economic Injury Disaster Loan declaration, unlocking low-interest loans for Michigan small businesses as requested two days ago by Gov. Gretchen Whitmer.
Businesses can qualify for up to $2 million in low-interest loans, which were made available earlier this month under $1 billion approved by Congress to help companies overcome the temporary loss of revenue. The loans are available for small businesses, small agricultural cooperatives and nonprofits seeing losses amid the coronavirus pandemic.
“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,” Whitmer said in a statement. “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 SBA loans are among several state and federal policy actions to help small businesses. Earlier today, the Michigan Strategic Fund approved $20 million in grants and loans through its Michigan Small Business Relief Program. Whitmer has also expanded the state’s work-sharing program meant to help companies avoid layoffs.
Loan applications are available here.