Resources For Michigan Businesses During Covid

According to SBA, making use of for the Advance won’t influence the status or sluggish current purposes. SBA has resumed processing EIDL functions that were submitted earlier than the portal stopped accepting new functions on April 15 and shall be processing these applications on a primary-come, first-served basis.

On March 27, 2020, President Trump signed into legislation the CARES Act, which provided extra help for small business homeowners and non-profits, together with the opportunity to stand up to a $10,000 Advance on an Economic Injury Disaster Loan . This advance could also be obtainable even if your EIDL application was declined or continues to be pending, and shall be forgiven. If you want to apply for the advance on your EIDL, please visit /Disaster as quickly as attainable to fill out a brand new, streamlined application. There can also be a loan reversal program, called the CalCAP, for small businesses who’ve defaulted on payments.

SBA will begin accepting new Economic Injury Disaster Loan and EIDL Advance functions on a limited foundation solely to provide aid to U.S. agricultural companies. Helping others can cut back stress and provide a wholesome outlet to assist handle nervousness surrounding the coronavirus outbreak.