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 The disaster declaration makes SBA assistance
available in the entire state of Illinois; and the contiguous
counties of Clinton, Des Moines, Dubuque, Jackson, Lee, Louisa,
Muscatine and Scott in Iowa; Benton, Gibson, Knox, Lake, Newton,
Posey, Sullivan, Vermillion, Vigo and Warren in Indiana; Ballard,
Crittenden, Livingston, McCracken and Union in Kentucky; Cape
Girardeau, Clark, Jefferson, Lewis, Lincoln, Marion, Mississippi,
Perry, Pike, Ralls, Saint Charles, Saint Louis, Saint Louis City,
Sainte Genevieve and Scott in Missouri; and Grant, Green, Kenosha,
Lafayette, Rock and Walworth in Wisconsin.
“SBA is strongly committed to providing the most effective and
customer-focused response possible to assist Illinois small
businesses with federal disaster loans. We will be swift in our
efforts to help these small businesses recover from the financial
impacts of the Coronavirus (COVID-19),” said Administrator Carranza.
SBA Customer Service Representatives will be available to answer
questions about SBA’s Economic Injury Disaster Loan program and
explain the application process.
“Small businesses, private non-profit organizations of any size,
small agricultural cooperatives and small aquaculture enterprises
that have been financially impacted as a direct result of the
Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic
Injury Disaster Loans of up to $2 million to help meet financial
obligations and operating expenses which could have been met had the
disaster not occurred,” said Carranza.
“These loans may be used to pay fixed debts, payroll, accounts
payable and other bills that can’t be paid because of the disaster’s
impact. Disaster loans can provide vital economic assistance to
small businesses to help overcome the temporary loss of revenue they
are experiencing,” Carranza added. Eligibility for Economic Injury Disaster Loans is based on the
financial impact of the Coronavirus (COVID-19). The interest rate is
3.75 percent for small businesses.
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The interest rate for private
non-profit organizations is 2.75 percent. SBA offers loans with
long-term repayments in order to keep payments affordable, up to a
maximum of 30 years and are available to entities without the
financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance
information and download applications at
https://
disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800)
659-2955 or email
disastercustomerservice@sba.gov for more information on SBA
disaster assistance. Individuals who are deaf or hard of hearing may
call (800) 877-8339. Completed applications should be mailed to U.S.
Small Business Administration, Processing and Disbursement Center,
14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec.
21, 2020.
For more information about Coronavirus, please visit:
Coronavirus.gov.
For more information about available SBA resources and services,
please visit: SBA.gov/coronavirus.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of
business ownership a reality. As the only go-to resource and voice
for small businesses backed by the strength of the federal
government, the SBA empowers entrepreneurs and small business owners
with the resources and support they need to start, grow or expand
their businesses, or recover from a declared disaster. It delivers
services through an extensive network of SBA field offices and
partnerships with public and private organizations. To learn more,
visit www.sba.gov.
[Michael Lampton]
Small Business
Administration Fact Sheet - Economic Injury Disaster Loans - Pdf |
