Deadline Approaching To Apply For Disaster Loans
November 1, 2024
Jessica Mathews / news@whmi.com
The deadline is approaching for small businesses facing economic losses from severe storms and flooding last year to apply for federal loan assistance.
The U.S. Small Business Administration (SBA) is encouraging small businesses in Michigan with economic losses due to severe storms and flooding that occurred August 24th through 26th of 2023 to apply for working capital disaster loans before the November 8th deadline.
Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private non-profit organizations in the following counties are eligible to apply: Allegan, Barry, Calhoun, Clinton, Eaton, Genesee, Gratiot, Ingham, Ionia, Jackson, Kent, Lapeer, Lenawee, Livingston, Macomb, Monroe, Montcalm, Muskegon, Newaygo, Oakland, Ottawa, Shiawassee, St. Clair, Washtenaw and Wayne in Michigan and Lucas in Ohio.
The federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
On August 24th, 2023 a complex of severe storms brought seven tornadoes and damaging wind gusts across Michigan's lower peninsula - killing one person and injuring three. It was the most tornadoes Michigan had produced in one day in August. Over 460,000 people lost power due to the storms.
The National Weather Service confirmed a level EF-2 tornado touched down in Ingham County and crossed into western Livingston County in the area of I-96 near Fowlerville.
Wind speeds of 90 MPH were reported in the area, causing downed trees and power lines, along with an overwhelming amount of car accidents along I-96 near Williamston. 41-year-old Robert Edward Russell of Hartland Township was killed while driving to a work site in Holt when the tornado came through Ingham County.
More information about how to apply for the loans is available in the attached release.