UPDATE: Financial Assistance Available for Illinois’ Small Businesses
On March 19, 2020 the Small Business Administration (“SBA”) approved Governor Pritzker’s application for an economic injury declaration due to COVID-19. As a result, Illinois has been added to the list of Presidential and SBA Agency Declared Disaster States. Now small business in Illinois, affected by COVID-19, are eligible to apply for assistance pursuant to the SBA’s Economic Injury Disaster Loans (EIDL) program.
The EIDL program provides low interest loans of up to $2 Million to eligible businesses and private non-profit organizations, which may be used to pay fixed debts, payroll, accounts payable and other bills that a business can no longer afford as a result of COVID-19. Although the terms will be determined on a case-by-case basis, loan rates are expected to be 3.75% for businesses and 2.75% for non-profit organization and will provide long-term repayments in order to keep monthly payments affordable.
If your business has been affected by COVID-19, and you would like to apply for a loan under the SBA’s EIDL program please visit the following link: https://disasterloan.sba.gov/ela/.
For more information on the SBA’s EIDL program, eligibility requirements, and filing requirements contact the attorneys at Rock Fusco & Connelly, LLC