The Small Business Administration has re-opened its Disaster Relief portal for small businesses in Illinois.
In an email on June 16, the organization announced it was providing “low-interest loans” for businesses to offset COVID-19 related losses.
“These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan,” the email said. “The interest rate is 3.75% for small businesses and 2.75% for non-profits. The first payment is deferred for one year.”
The national Small Business Administration also expanded its Economic Injury Disaster Loan program, per a June 15 tweet from @SBA_gov.
In the June 16 email, the Illinois branch added that Illinois small businesses can apply for an Economic Injury Disaster Loan advance in addition to loans. The email stipulated that advances won’t need to be repaid and that a business may get an advance even if it isn’t able to get a loan.
The Small Business Administration has been hosting a series of webinars for small business owners during the pandemic. In the email, it announced a webinar about the Paycheck Protection Program that was scheduled for today, June 18.
It also provided a link to a June 12 webinar that discussed the Paycheck Protection Program Flexibility Act, which allows businesses more time to spend Paycheck Protection Program funds, among other changes.
Small businesses, many nonprofits, sole proprietors, independent contractors, and self-employed persons can receive loans up to $10 million that can be forgiven if used on payroll and other designated purposes, through the Paycheck Protection Program.
A recording will be available and those interested can listen to last week’s webinar here.