Requests Statewide SBA Disaster Declaration to Unlock Access to Emergency Loans for Michigan Businesses
Following through on her commitment to find solutions to support small businesses across Michigan impacted by COVID-19, Governor Gretchen Whitmer today formally requested the U.S. Small Business Administration to issue an Economic Injury Disaster declaration for the state.
“I understand that small businesses across our state are facing unprecedented challenges in the wake of the COVID-19 pandemic,” said Governor Whitmer. “I requested this disaster declaration from SBA as a critical step to ensure every possible resource is made available to businesses, communities, entrepreneurs and others around the state.”
“This request and supporting application is the result of the hard work and collaboration of the Michigan Small Business Development Center and partners around the state pulling together and demonstrating our state’s resilience in working to overcome the temporary loss of revenue businesses are experiencing as a result of coronavirus,” said Mark Burton, CEO of the Michigan Economic Development Corporation. “We appreciate their significant efforts and will continue to leverage every resource possible to support our businesses, and the livelihoods they provide, throughout Michigan.”
Earlier this month, Congress passed legislation that makes $1 billion available to the SBA to provide low-interest loans to small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 pandemic. Once granted, 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.
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 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: https://www.michiganbusiness.org/covid19/ 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 https://sbdcmichigan.org/small-business-covid19/ for additional information.
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.