On Jan. 30, SBA reported disaster loan program for Michigan drought.
SBA announced the availability of Economic injury disaster loans (EIDLs) for small businesses in Michigan due to drought that occurred May 10 through Aug. 1, 2023.
Document dated Jan. 30, 2024, received from SBA on Feb. 1 summarized Feb. 5.
Applicability
Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations who suffered economic losses.
EIDL loans apply to eligible farm-related and nonfarm-related entities, nurseries who suffered financial losses, but not for agricultural producers, farmers, and ranchers.
Working capital loans to be used to pay fixed debts, payroll, accounts payable, bills.
Loans not to replace lost sales/profits, but only bills that could be paid before disaster.
