Economic Injury Disaster Loans available in Michigan
Lansing — Federal Economic Injury Disaster Loans are available in Michigan for companies suffering losses due to excessive rain, flooding, hail and high winds between April 1 and Aug. 17.
The U.S. Small Business Administration says the loans are for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations in more than 40 counties.
Economic Injury Disaster loans are available to eligible farm-related and nonfarm-related entities that suffered direct weather-related financial losses. The Small Business Administration says it can’t provide disaster loans to agricultural producers, farmers or ranchers.
Loan amounts can be up to $2 million. They can be used to pay fixed debts, payroll, accounts payable, and other bills. The loans are not intended to replace lost sales or profits.