The U.S. Small Business Administration released Economic Injury Disaster Loan (EIDL) funds to support Michigan small businesses who are in need of financial assistance during the COVID-19 crisis. Read the press release.
EIDL provides up to $2 million of financial assistance to small businesses or private, non-profit organizations. Exact amounts of the low-interest loans are based on the amount of economic injury and other factors.
These loans provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing because of COVID-19. The EIDL helps meet the necessary financial obligations that a business could have met had the disaster not occurred. EIDLs do not replace lost sales or revenue.
The application for disaster loan assistance is available at this link. For businesses looking for more information on how to apply for an SBA EIDL loan or whether it is something they should consider, visit this website.
The Michigan Economic Development Corporation’s (MEDC) call center may be reached by calling 888.522.0103. The Michigan Small Business Development Center also provides resources for small businesses impacted by COVID-19. Visit their website for additional information.
In addition to financial relief for small businesses, the Department of Labor and Economic Opportunity is providing guidance to Michigan employers on how to avoid potential layoffs related to COVID-19. The guidance provides insight on the Work Share program, difference between temporary leave and termination and other resources to help navigate employee challenges during this time.