The following includes information on the Illinois Department of Commerce and Economic Opportunity’s (DCEO) success in securing federal relief for Illinois businesses impacted by Coronavirus (COVID-19) Pandemic.
The State of Illinois has received its statewide Economic Injury Declaration from The United States Small Business Administration (SBA) which means small businesses in all 102 Illinois counties may be eligible for low-interest, economic injury disaster loans up to $2M per business to overcome temporary loss of revenue.
According to the SBA website, “these loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.”
Businesses can access additional information and apply for the loan online here. Eligibility requirements are determined by SBA and can be found here.
In addition, business advisors at Illinois Small Business Development Centers (SBDCs) are available to assist small businesses with the loan application process and are currently operating remotely. Businesses can locate their nearest Small Business Development Center here.
For businesses owned by minorities, women, veterans, or persons with disabilities, the Office of Minority Economic Empowerment (OMEE) Business Development Managers are also available to assist and provide information. Their contact information can be found below.
If any business or organization is interested in sharing information about the economic impact of COVID-19, they are encouraged to complete COVID-19 Impact Form. Filling out this will also add the business to DCEO’s distribution list so you can receive information regarding the latest resources being made available. Complete the form here.
Visit the SBA Website to Learn More
For more news and press releases visit Illinois Department of Commerce and Economic Opportunity