The U.S. Small Business Administration (SBA) has extended the deadline for businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a physical disaster loan to Sept. 30, 2020. Anyone in the declared Michigan counties with physical damages due to the severe storms and flooding on May 16-22, 2020 should apply for an SBA low-interest disaster loan.
The disaster declaration covers Arenac, Gladwin, Iosco, Midland, Saginaw counties in Michigan which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Alcona, Bay, Clare, Genesee, Gratiot, Isabella, Ogemaw, Oscoda, Roscommon, Shiawassee, Tuscola.
In accordance with health precautions for the Coronavirus (COVID-19), the SBA will not establish a field presence to assist survivors. However, SBA will continue to provide customer service and conduct outreach virtually with webinars, skype calls, phone assistance and step-by-step application assistance. As a result, SBA has opened a Virtual Disaster Loan Outreach Center/Business Recovery Center (VDLOC/VBRC) to help survivors apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at
https://DisasterLoanAssistance.sba.gov/ and there are virtual customer support representatives available to assist applicants with completing the online application.
The VDLOC/VBRC information:
Virtual Disaster Loan Outreach Center (VDLOC)
Open: Monday – Sunday (7 days/week)
Hours: 8 a.m. – 8 p.m. Eastern Time
Phone: (800) 659-2955
These services are only available for the Michigan disaster declaration as a result of the Severe Storms and Flooding on May 16-22, 2020, and not for COVID-19 related assistance. Survivors should contact a Disaster Assistance Professional at (800) 659-2955 to schedule an appointment for immediate one-on-one assistance in completing their applications. Requests for SBA disaster loan program information may be obtained by emailing [email protected].
The SBA will conduct extensive outreach to ensure that all impacted by the disaster are afforded the opportunity to seek assistance. Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. This includes detached structures and other improvements to property, such as wells and septic systems. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 3 percent for businesses, 2.75 percent for nonprofit organizations and 1.25 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at
To be considered for all forms of disaster assistance, applicants should register online at
DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected]. Loan applications can also be downloaded at www.sba.gov. Completed applications should be mailed to:
U.S. Small Business Administration, Processing and Disbursement Center
14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Sept. 30, 2020. The deadline to return economic injury applications is April 9, 2021.