The SBA has received authorization to provide small business assistance through the Economic Injury Disaster Loan (EIDL) program. This program can provide low-interest loans of up to $2M to businesses and private non-profits. This [document] discusses the Economic Injury Disaster Loan (EIDL) program and provides high-level information related to the loan caps, use of proceeds, and interest rates. It’s important to recognize that the state has not yet received a declaration, so the EIDL program is not yet available to Illinois businesses and non-profits.
How you can help:
- Help the state identify affected businesses – You can directly help the disaster declaration process through your assistance in identifying the affected business. The state of Illinois has created a portal to assist with this at: https://form.jotform.com/200717156003039. Please forward to local economic development or small businesses to help aggregate this critical information.
- Stay informed – The Illinois District will send out updates as the situation evolves. We plan to share information via webinars, through our twitter (@SBA_Illinois), and via email (www.sba.gov/updates). In addition, you can find continually updated information on this situation at www.sba.gov/coronavirus.
- Direct impacted small businesses to SBA – Even in the absence of a declaration, SBA has a broad range of programs that can help small businesses through these challenging times including business advisory and lending services. Call or email the Illinois District Office or go to www.sba.gov/il for more information. Local staff stand ready to assist.