Disaster loans available for Illinois small businesses suffering impact of coronavirus

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The Small Business Administration has opened application for low-interest disaster loans for small businesses in Illinois. It is offering webinars on the program and how to apply. More information about the program is available at  https://www.sba.gov/disaster-assistance/coronavirus-covid-19

From a recent SBA  press release:

The  Illinois District Office is committed to hosting free webinars as long as there is demand. These trainings will cover:

  • Eligibility
  • Use of proceeds
  • Terms
  • Filing requirements
  • Additional small business resources

Choose the date and time most convenient for you. Click the link to register now. There is a webinar 

Monday, March 23, 3 p.m. CT  but more webinars will be announced soon.

Among the details of the loans

  • The SBA’s Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the coronavirus pandemic.
  • These working capital loans can be used to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years. 
  • Interest rates are 3.75% for small businesses and 2.75% for private non-profits. Loans will have a deferred payment of one year from the date of note.

Apply now

Stay updated

Visit sba.gov/coronavirus for updates on the loan program, guidance for businesses and employers, and other SBA resources.

Follow @SBA_Illinois on Twitter.

Need to talk to a small business coach or SBA team member? Visit sba.gov/local-assistance to find a resource near you, or e-mail questions to illinois.do@sba.gov.

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