SBA Opens Disaster Loans for Lake County Businesses

SBA Opens Disaster Loans for Lake County Businesses

If you own a small business, run a private non-profit, or are self-employed in Lake County facing financial hardship due to coronavirus (COVID-19), the U.S. Small Business Administration has been authorized to start making low-interest disaster loans available.

Gov. Pritzker announced today that the U.S. Small Business Administration (SBA) has approved the state’s eligibility for disaster assistance loans for small businesses facing financial hardship in all 102 Illinois counties due to COVID-19. Eligible businesses can apply for up to $2 million in low-interest loans.

Applicants may apply online, receive additional disaster assistance information and download applications on the SBA website. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Local assistance can be found here and additional information regarding the program can also be found on the SBA’s coronavirus small business guidance loan resources web page.

Important Info For Lake County Businesses Affected by Coronavirus (COVID-19)

Important Info For Lake County Businesses Affected by Coronavirus (COVID-19)

Attention small businesses in Lake County who are affected by the recent Coronavirus precautions.

If you have or anticipate financial losses as a result of the pandemic or the response to the pandemic, you may be eligible for emergency disaster funding through the Small Business Administration, as ordered by the President of the United States.

Here is a link to a form, provided by the SBA, to fill out so that Illinois and Lake County can be opened up to receive emergency funding.

This is just the first step of the process. More information from the SBA will be forthcoming once Illinois and Lake County have been opened up for the disaster relief.

Tip:  Where it asks for an end date to the hardship, just put a date somewhat out into the future.  The SBA is well aware this is not yet known.

 

Again, here is the link: