Resources for Small Businesses and Nonprofits
As small businesses and nonprofits are impacted by the “social distancing” to keep employees, customers, and themselves healthy in communities, the U.S. Small Business Administration has been authorized to “work directly with state governors to provide targeted, low-interest loans to small businesses and nonprofits” to help them mitigate the damages.
“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,” according to the SBA website. “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 nonprofits is 2.75%.”
The Department of Commerce and Economic Opportunity of Illinois is collecting information and data to use in requesting an economic injury disaster declaration from the SBA. Small businesses and nonprofits impacted by COVID-19 are encouraged to complete a form available using the link COVID-19 form.
DCEDC sent an electronic communication to our database that includes the link to the online form. We hope by requesting an economic injury disaster declaration from the SBA, our small businesses and nonprofits can have the supportive resources necessary to assist them through this crisis.
Meanwhile, ComEd is providing “payment assistance programs and imposing a moratorium on service disconnections and waiving new late payment charges through at least May 1.” The attached ComEd Press Release provides information. ComEd Energy Assistance Release for the web For additional information, please visit ComEd.com/CARE or call 800-334-7661.
Exercising Social Distancing and following the recommended precautions issued by the CDC, the Spring Workforce Development Workshop, scheduled on March 31st, has been postponed. We are hopeful to re-schedule this complimentary workshop in the coming weeks. Please stay tuned to the DCEDC News section of our website for updates.
For DeKalb County Health Department information-please visit DeKalb County Health Department Home Page
Input Needed for Economic Injury Disaster Declaration
