U.S. Small Business Administration statewide Economic Injury Disaster Loan
Small businesses around the state have a growing number of resources available to assist them in recovering from economic losses as a result of the COVID-19 virus. The most recent support came from the U.S. Small Business Administration statewide Economic Injury Disaster Loan (EIDL) declaration, requested earlier this week by Gov. Gretchen Whitmer, with the support of the MEDC and Michigan Small Business Development Center.
The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that suffer 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 application for disaster loan assistance is available at https://disasterloan.sba.gov/ela/. For more information about federal disaster loan assistance, visit https://disasterloan.sba.gov/ela/Information/Index. For businesses looking for more information on how to apply for an SBA EIDL loan or whether it is something they should consider, visit michiganbusiness.org/covid19.
Michigan Small Business Relief Program
The Michigan Strategic Fund recently authorized the funding of the Michigan Small Business Relief Program, which will provide up to $20 million in grants and loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
The program authorizes the MEDC to provide up to $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
The MEDC anticipates that at least 1,100 businesses across the state will benefit from this program. The Michigan Small Business Relief Program will be a top priority for the MEDC, with funds being available no later than April 1, 2020.
Details on eligibility are available here, with additional information on how to apply coming soon.
Virtual procurement and donation platform connects health and human services organizations, local municipalities with suppliers of critical products and services
The MEDC launched a new free, statewide online procurement and donation platform through its Pure Michigan Business Connect program for buyers and suppliers of critical health and human services across a broad range of categories, including local municipalities, to minimize the impact of the virus in the state. The platform will allow health and human service providers across Michigan in need of critical supplies to connect with vetted Michigan businesses and municipalities able to provide or donate goods and services.
Buyers that could benefit from the virtual platform include childcare facilities, community centers, educational institutions, healthcare facilities, municipalities, food distribution centers, homeless shelters, non-profits and more. Items to supply could include medical devices, pharmaceuticals, cleaning supplies, testing supplies, textiles, paper products, vitamins, water and more.
Additional resources available online
Access additional resources by visiting michiganbusiness.org/covid19.
Visit Michigan.gov/coronavirus for valuable resources for employers and workers, to sign up for regular COVID-19 updates and to stay informed on the Governor’s latest efforts to mitigate the impact of the virus on our state’s residents and economy.