SBA Offers Disaster Assistance to Illinois Small Businesses Economically Impacted by the Coronavirus (COVID-19)
March 21, 2020

On Tuesday March 17, 2020, Illinois Governor JB Pritzker requested that the US Small Business Administration (SBA) declare the entire state of Illinois a disaster zone to qualify for SBA assistance. This request was accepted and SBA Administrator Jovita Carranza declared on Thursday March 19, 2020 that Illinois was a disaster zone. As a result of the declaration, small Illinois businesses may qualify for Economic Injury Disaster Loans up to $2 million, with interest rates at 3.75% for small businesses and 2.75% for private non-profit organizations, to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These loans can be used to pay fixed debt, payroll, accounts payable or other bills that can’t be paid because of the disaster’s impact.

Contact your Miller Cooper representative for further information.

The SBA has put together a simple Three Step Process for Disaster Loans. Read the SBA’s full press release for additional information.

You might also like

HR Compliance Alert: Illinois Passes Pay Transparency Law

Illinois is the ninth state to pass a pay transparency law, which requires employers with 15 or more employees to disclose pay scales and benefits for both new jobs and promotional opportunities in their job postings. Even though the new pay transparency law does not...

read more
IRS Suspends Processing of ERTC Claims

IRS Suspends Processing of ERTC Claims

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of...

read more