Situation update
With Illinois 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:
Tuesday Mar 31, 2020
ongoing
illinois@updates.sba.gov
Printed courtesy of www.palatinechamber.com/ – Contact the Palatine Area Chamber of Commerce for more information.
3400 W Stonegate Blvd, Arlington Heights, IL 60005 – (847) 359-7200 – info@palatinechamber.com