collected data from affected small businesses, an SBA economic injury disaster loan declaration has been made. Your efforts were critical for this and I thank you for sharing our message with the small business community to get this done.
What comes next
The declaration allows all Illinois
small businesses (according to SBA’s size standards) and private non-profits with a substantial economic injury related to COVID-19 to apply for loans of up to $2M. These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. Interest rates are 3.75% for small businesses and 2.75% for non-profits. Business owners can apply for a loan now at https://disasterloan.sba.gov/ela/
Keeping you – and small businesses – informed
We expect small business owners and stakeholders will have some questions. The Illinois District Office is hosting twice daily webinars on the Economic Injury Disaster Loans starting Thursday, March 18. You can find details and register for these training events at www.sba.gov/il
. These trainings will cover:
- Program eligibility
- Use of proceeds
- Filing requirements
- Additional small business resources
We’ll continue to share information out as it becomes available. Add the SBA Illinois District <email@example.com
> to your safe-senders list to make sure you’re getting the information. Also, follow us on Twitter @SBA_Illinois
We’re especially interested in hearing about the challenges your clients and constituents are facing. This will help us create training and provide resources to continue to help small businesses through this.
Questions? Get in touch with the SBA in Illinois at Illinois.DO@sba.gov
or via phone in Chicago at
312-353-4528 and Springfield at 217-747-8249.