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
. 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
Please be sure to check into this! Get your documents together and apply.
We realize there is so much information being passed around and it's confusing.
Simply click the link above to get the application and required documents list for your business.
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
or call 888.522.0103. The Michigan Small Business Development Center can also provide resources for small businesses impacted by COVID-19. Visit their
for additional information.
Tax Relief for Businesses
State to Waive Penalty and Interest for Sales, Use and Withholding Taxes. We just received news that the State will be waiving penalty and interest on sales, use, and withholding taxes for 30 days in light of the COVID-19 outbreak.
The State of Michigan Unemployment Insurance Agency is offering another round of informational webinars today (March 18, 2020). These webinars have been in high demand. Unfortunately, the state’s system caps attendance so we cannot guarantee access. The information is as follows:
3/18: 2:00 pm - 3:00 pm ONLY
Meeting ID - 494 668 484
Want to dial in from a phone? +1.866.226.4650 (US Toll Free)