Michigan Hospitality Industry | Financial Assistance
SBA DISASTER LOANS
The U.S. Small Business Administration (SBA) has approved Michigan’s request for a statewide Economic Injury Disaster Loan (EIDL) declaration, opening the opportunity to small businesses to access low-interest loans from the SBA.
The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 outbreak will now have the ability to apply for low-interest loans as part of $1 billion in funding made available to the SBA by Congress earlier this month.
The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 outbreak will now have the ability to apply for low-interest loans as part of $1 billion in funding made available to the SBA by Congress earlier this month.
