Message from Constance Logan, Michigan District Director
Michigan’s small businesses are an important part of both our local economies and communities and the SBA is using multiple programs to provide them with the help that they need to overcome the challenges caused by this health crisis.
Both the Paycheck Protection Program and Economic Injury Disaster Loan Program are providing critical support to small business owners and employees. As of May 1, 2020, more than $16 billion in emergency capital had been approved for Michigan's small businesses and non-profits through the Paycheck Protection Program. I'm also happy to announce that, as of May 4, 2020, the Economic Injury Disaster Loan Program has been opened up for agricultural businesses.
Our agency is working with state and local agencies to maintain the safety, security and health of the American people. I want to thank our partners for their efforts in helping the small business community during this time. Together we can get through this crisis.
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SBA’s Great Lakes Region Paycheck Protection Program Updates
104,000 Loans Totaling $16 Billion Approved For Michigan Small Businesses
The U.S. Small Business Administration’s updated numbers for the second round of the Paycheck Protection Program funding as of May 1 indicates the Great Lakes Region, which includes Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin, has supported nearly 308,000 small businesses and non-profits with a total of $22.8 billion in approved PPP loans. The second round of PPP funding re-opened on April 27, 2020, after the first round of funding, which opened on April 3, was exhausted on April 16.
“In the Great Lakes Region, in one week, we have already surpassed our total first round PPP loan numbers by nearly 10,000 and loans continue to be processed. Overall, more than $88 billion in emergency capital via the PPP already has been approved to help small businesses and non-profits affected by COVID-19 in the six states,” SBA’s Great Lakes Regional Administrator Rob Scott said. “We are dedicated to supporting them and are tirelessly working to ensure money is getting out to those that need it during these challenging times.”
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Click Here For PPP Frequently Asked Questions
SBA Makes Economic Injury Disaster Loans Available to U.S. Agricultural Businesses Impacted by COVID-19 Pandemic
U.S. Small Business Administration Administrator Jovita Carranza announced on May 4, 2020 that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal reopened as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President on April 24, 2020, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic.
“For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by President Trump, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital,” said Administrator Carranza. “These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains.”
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Additional Resources For Small Businesses
The SBA is committed to helping small businesses recover from the economic impact of COVID-19. Additional assistance includes:
Stay Updated
Continue to get updated information and resources at sba.gov/coronavirus
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Subscribe to get email alerts at sba.gov/updates
All SBA programs and services are extended to the public on a
nondiscriminatory basis. This article does not constitute or imply an
endorsement by SBA of any opinions, products, or services of any private
individual or entity.
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