Michigan has approved over 89,482 EIDL applications of over $7,085,452,239 in their SBA EIDL program.
The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that supports small businesses’ recovery from the COVID-19 disaster’s economic impacts by providing accessible and borrower-friendly capital.
Michigan SBA EIDL
Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Michigan’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan.
In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL).
Loan directly from SBA that must be repaid; low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses.
Michigan SBA EIDL Loan Increase Request
Once you log in to SBA’s online EIDL portal, you will see the button “Request an Increase” or “Request more funds”.
If you can see that button in your portal, then that means you are eligible for a loan increase. If not, you might not be yet eligible for the increase in the loan amount, or need to file a manual loan increase request / loan modification.
NOTE: That button will only be visible if your current loan amount is not already at the maximum loan limit (currently $2,000,000 max).
Click on the button and use the slider bar to select a new increased loan amount.
If you don’t see the button to increase the loan amount, you can directly reach out to SBA by email and request a loan increase.
Send an email to [email protected] with the subject line “EIDL Increase Request for [insert your 10-digit application number]“. Make sure to include all the necessary information such as application number, phone number, etc. in the body of the email.
You will receive a confirmation email for your Michigan SBA EIDL loan increase request saying “Thank you for contacting the Covid EIDL Increase Team. Your request has been received and will be processed in the order it was received.“
It may take several weeks before you receive a response from Michigan SBA. The deadline for businesses who have never applied for the Michigan SBA EIDL loan increase is 12/31/2021.
Michigan SBA EIDL Loan Increase Request Guidelines
Here are some terms and rules when you apply for a Michigan SBA EIDL loan increase:
- 30-year term with a 3.75% fixed rate for business and 2.75% for nonprofits
- SBA will record a UCC filing for loan amount over $25,000
- No real estate collateral required for any loans below $500,000
- Can’t invest the money in an interest-bearing bank account
Michigan SBA EIDL Deadline for Michigan Businesses
The U.S. Small Business Administration (SBA) popular COVID Economic Injury Disaster Loan (EIDL) loan program has a deadline of December 31, 2021, for certain businesses, but not all. This has caused a lot of confusion for small business owners and principals.
For business entities that have never applied for an EIDL loan yet, the 12/31 deadline applies. For those businesses wanting to do a loan modification increase request up to the current $2 million maximum, or that have been denied in the past six months or less, and need to file a reconsideration request to appeal a decline, these will continue into 2022.
You can read about this in more detail from here: SBA EIDL Deadline 12/31: What it Means for Businesses in 2022.
How to Apply for a Michigan SBA Disaster Assistance Loan?
Apply online for a Michigan SBA disaster assistance loan. Michigan SBA will send an inspector to estimate the cost of damage, once your application is completed and submitted.
Complete, sign, and date IRS Form 4506-T with your application, giving permission for the IRS to provide SBA with your tax return information.
Michigan SBA EIDL Conclusion and Summary
Michigan SBA EIDL disaster loans are a great way to get some much-needed cash for your business.
The process can be long and tedious, but it’s definitely worth it to get much needed funds to help your business recover, and to pay and get credit for your employees in Michigan.
Make sure to submit all the required documents and information, filled out properly, so that your application can be processed as quickly as possible. More importantly, be approved.
Michigan SBA EIDL Help: Get Loan Assistance for Your EIDL in MI
Was Your Michigan SBA EIDL Loan Denied?
Has your Michigan SBA EIDL loan been denied?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your Michigan business.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your Michigan business with the SBA EIDL Loan Reconsideration Process.
Need an Increase on Your Michigan SBA EIDL Loan?
Did you already receive a Michigan SBA EIDL loan for your business?
We can assist your Michigan business in requesting additional SBA EIDL loan funds through the increase request / loan modification process.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your Michigan business with the SBA EIDL Increase Request Process.
Cover Image Credit: 123RF.com / Fizkes / Disaster Loan Advisors.