The following includes information on the Illinois Department of Commerce and Economic Opportunity’s (DCEO) efforts to secure federal relief for Illinois businesses impacted by Coronavirus (COVID-19) Pandemic.
First, DCEO needs to collect information from our small business owners and not-for-profit managers on COVID-19’s economic impact on your businesses and organizations.
Complete the form here.
Second, DCEO must submit that information to the Governor Office in order for the State of Illinois to apply with the United States Small Business Administration (SBA) for an economic injury disaster declaration. Following such SBA declaration and federal approval, DCEO’S Regional Economic Teams can walk businesses through the application process to receive a low interest loan.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million to overcome the temporary loss of revenue.
To assist DCEO and the SBA, small businesses and not-for-profits impacted by the Pandemic are encouraged to complete the COVID-19 Impact Form. Filling out the form does NOT constitute application or request for an SBA loan. Your participation will provide an assessment of need for businesses.
After an SBA declaration is made for designated areas within Illinois, information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities, businesses and not-for-profits.
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%.”
Given that an SBA loan is a short-term option, DCEO will continue to gather information around your industry, specific anecdotal data around your supply chain/transportation, distribution (if it applies) and overall information to give a thorough analysis/report to the Governor’s Office to account for the long-term impact of this pandemic.
Once approved by the federal government, business owners and non-profit leaders can apply for loans through the SBA. The City will share additional information as it becomes available.
Visit the SBA Website to Learn More
For more news and press releases visit Illinois Department of Commerce and Economic Opportunity