On Feb. 5, SBA activated disaster loan program for excessive heat.
SBA has made Economic injury disaster loans (EIDLs) available to small businesses in Michigan due to drought and excessive heat that began on Apr. 7, 2023.
Eligibility
Covers primary MI counties of Alcona, Alpena, Delta, Montmorency and Schoolcraft.
Also adjacent MI counties of Alger, Cheboygan, Crawford, Iosco, Luce, Mackinac, Marquette, Menominee, Ogemaw, Oscoda, Otsego and Presque Isle; WI Door.
EIDLs are available for small businesses, agricultural cooperatives, businesses engaged in aquaculture, private nonprofits with economic losses due to drought, excessive heat.
Aid Available
EIDLs up to $2mn are available with interest rates of 4% for small businesses and 2.375% for nonprofits, with loan terms of up to 30 years for borrowers.
Eligibility is based on the size of the applicant, type of activity and its financial resources and is not intended to replace lost sales or profits caused by disaster.
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Application Deadline
Completed EIDL loan applications must be submitted by Sep. 26, 2024.
