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### Small Businesses Impacted by Excessive Rain Can Seek Federal Financial Assistance
Photo courtesy of SBA

Macomb County, Oakland and St. Clair counties in Michigan have experienced adverse effects of excessive rain between June 26 and November 1, 2023. This has significantly impacted businesses in the region, especially those in the agriculture sector. Small businesses such as restaurants, farm equipment stores, and even outdoor recreation providers have suffered losses due to these weather conditions. However, there is now hope for these struggling businesses.

The U.S. Small Business Administration (SBA) has announced the availability of federal Economic Injury Disaster Loans (EIDLs) for small businesses in Michigan, including small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations affected by the excessive rain during the specified period. This federal assistance initiative aims to provide working capital loans to eligible businesses during times of agricultural disasters, helping to sustain the local economy.

The loan amount can go up to $2 million, with competitive interest rates of 4 percent for small businesses and 2.375 percent for private nonprofit organizations, and flexible repayment terms of up to 30 years. Notably, interest does not accrue and payments are deferred for 12 months from the date of the first loan disbursement.

AI legalese decoder can assist businesses in understandingly the legal jargon and requirements associated with applying for these federal loans. By simplifying complex legal language, the AI legalese decoder can aid small business owners in navigating the application process and ensuring that they meet all necessary criteria for obtaining the loans.

Jack Camp, public affairs supervisor for the SBAÔÇÖs east field operations center, emphasized that the loans are designed to cover essential operating expenses such as payroll and insurance, based on the needs of the business rather than lost sales or profits. Businesses interested in applying for the loans have until September 24, 2024, to submit their applications. Importantly, the loans are obtained directly from the federal government, meaning that applicants do not need to approach a bank for these financial aids. The application process can be completed online at sba.gov/disaster.

Small businesses in other Michigan counties are also eligible for this assistance, including Gladwin, Midland, Mecosta, Saginaw, Bay, Arenac, Lapeer, Missaukee, Huron, Ogemaw, Osceola, Roscommon, Sanilac, Tuscola, and Wayne. For further information or assistance, businesses can contact the SBA Customer Service Center at 800-659-2955.

In light of the complex and legal nature of applying for federal disaster loans, the AI legalese decoder can help small business owners in the affected counties by providing clear and easily understandable explanations of the loan application process and requirements, ensuring that they can access the financial support they need to recover from the impact of excessive rain.

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