Illinois has been declared a disaster state due to the COVID-19
pandemic. Illinois small and mid-sized businesses are now qualified
to apply for SBA Economic Injury Disaster Loans up to $2 million
directly through the Small Business Administration.
These loans are designed to be working capital loans used to pay
ongoing business expenses. For example, payroll, accounts payable,
fixed debts and ongoing bills that could have been paid if the
disaster had not occurred are valid uses for the loan. Re-financing
existing debt is not.
Basic loan terms include:
- Eligible entities may qualify for
loans up to $2 million.
- Interest rates for this disaster are
3.75% for small businesses and 2.75% for not-for-profit
organizations.
