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.
