U.S. Rep. Elissa Slotkin is urging Michigan's small businesses to apply for Small Business Administration loans if they've taken a hit from the coronavirus crisis.
Recent legislation has set aside $1 billion to the SBA that has been allotted to subsidize disaster relief loans for small businesses, nonprofits, and agricultural cooperatives experiencing economic hardship after the coronavirus pandemic. Loans can be as high as $2 million.
"I want our Michigan businesses to be first in line when SBA begins processing loan applications related to the coronavirus situation," Slotkin said in a press release. "I am hearing from business and community leaders across the district who are concerned that the disruptions to daily life will have a major impact on business, and small business in particular. My office is ready to help 8th District businesses take advantage of the support Congress has made available."
Slotkin's advice on applying to SBA loans is as follows:
• Start immediately to collect the information needed to apply for loans. Examples can be found at https://disasterloan.sba.gov/ela/Information/PaperForms, but you'll need things like tax returns from recent years and balance sheets.• Get the latest information by visiting the SBA's coronavirus website, www.sba.gov/disaster-assistance/coronavirus-covid-19, or calling SBA's national disaster relief line at 1-800-659-2955.• Once familiar with the details, contact Michigan SBA offices in Detroit or Grand Rapids (https://www.sba.gov/offices/district/mi/detroit) to talk to them about your specific case and get advice on filling out the right SBA disaster assistance loan. SBA staffers are busy during this crisis period, but will call back if you leave a message.
Congress is gearing up to create legislation on economic recovery after coronavirus, and Slotkin is seeking input from her constituents. You can reach message Slotkin here.
She will also be holding a tele-town hall meeting for 8th District constituents on Tuesday, March 17 at 5PM to discuss the coronavirus and its impact. You can sign up for the tele-town hall here.
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