For small business guidance and loan resources, click here.
Illinois Economic Injury Disaster Loan
The U.S. Small Business Administration is offering Illinois businesses low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). For Information on SBA COVID-19 related assistance, including loans and other business relief, click here.
- Disaster loan assistance: Click here or click here
- Stay up-to-date: Click here
- Register for webinars on the Economic Injury Disaster Loans by clicking here. The trainings will cover program eligibility, use of proceeds, terms, filing requirements, and additional small business resources.
Paycheck Protection Program (PPP)
- Eligible recipients may qualify for a loan up to $10 million determined by eight weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- On January 11, the SBA opened the portal to Community Financial Institutions (CFIs) to accept First Draw PPP loan applications for those borrowers who have yet to receive a PPP loan before the program closed in August 2020.
- On January 13, participating CFIs may begin submitting application information to SBA for Second Draw PPP loans eligible to borrowers that previously received a PPP loan, generally have 300 employees or less, and has suffered a 25% reduction in gross receipts.
- A few days later, additional lenders will be able to submit First and Second Draw PPP loan applications.
- For information on the Payroll Protection Program, click here.
7(a) Borrower Relief
SBA will pay the principal and interest of current 7(a) loans for a period of six months, beginning with the first payment due on or after March 27, 2020. The SBA will also pay the principal and interest of new 7(a) loans issued prior to Sept. 27, 2020. Your lenders will be receiving more guidance on this program soon.
SBA Express Bridge Loans
Small businesses that currently have a business relationship with an SBA Express Lender can access up to $25,000 to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. Contact your existing lender to see if they can participate in this program.
Contact Information for the U.S. Small Business Administration
Local staff is on-hand and ready to assist.