Thursday, March 19, 2020 | View in browser
Cook County Now Eligible for Economic Injury Disaster Loans
On Wednesday, March 18, the U.S. Small Business Administration (SBA) issued a disaster declaration for the State of Indiana, making Cook County (as a contiguous county) eligible for the SBA's Economic Injury Disaster Loan (EIDL). Businesses located in Cook County, who have suffered substantial economic injury due to the novel coronavirus (COVID-19) outbreak may now apply for these funds.
What types of businesses are eligible?
- Small Businesses
- Small Agricultural Cooperatives
- Most private nonprofit organizations
Loan Amounts and Use
- Up to $2 million to meet financial obligations and operating expenses that could have been met had disaster not occurred
- EIDL can provide necessary working capital to help businesses survive until normal operations resume
- Loan amounts based on actual economic injury and company's financial needs
Eligibility and Terms
- Interest rate not to exceed 4% per year
- Terms will not exceed 30 years
- Repayment terms determined by business' ability to repay loan
- Only available to businesses unable to obtain credit elsewhere
How to Apply
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.
Support for Illinois Declaration of Economic Injury
While the State of Illinois is still waiting for a disaster declaration from the SBA, members of the Illinois Congressional Congregation sent a letter to the SBA Administrator in support of Governor JB Pritzker's request for SBA Economic Injury Declaration for Illinois amid the coronavirus pandemic.
The state must identify businesses who have suffered substantial economic injury. Counties will only qualify if they have an identified business that has suffered economic injury or is contiguous to a declared county. To help demonstrate the economic impact in Illinois, please complete the online form below.
The State of Illinois portal for filing your business information is: https://form.jotform.com/200717156003039
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