DCEO Needs Input for Illinois Economic Injury Disaster Declaration
Input Needed for Illinois Economic Injury Disaster Declaration
SBA to Aid Small Business/Not-For-Profits Impacted by Coronavirus:
As small businesses and not-for-profits are impacted by social distancing to keep employees, customers and themselves healthy, the U.S. Small Business Administration (SBA) has been authorized to work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19).
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
To secure access to resources for small businesses throughout the State of Illinois, the Department of Commerce & Economic Opportunity (DCEO) is collecting information and data to use in requesting an economic injury disaster declaration from SBA.
To assist DCEO and the SBA in serving small business and not-for-profits, those impacted by COVID-19 are encouraged to complete this form–COVID-19 Impact Form
Responses to the questions will assist in evaluating a request for an economic injury disaster declaration from the U.S. Small Business Administration.
Once a declaration is made for designated areas within Illinois, information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities, businesses, and not-for-profits.
According to the SBA website, “these loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.”