Low-Interest Disaster Loans
All Illinois small businesses (according to SBA’s size standards) and private non-profits can now apply for loans of up to $2 million through the U.S. Small Business Administration’s Economic Injury Disaster Loan Program. If your business has been affected by the coronavirus pandemic, this program offers working capital to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. Interest rates are 3.75% for small businesses and 2.75% for non-profits. Apply now here. If you are interested in a loan you should apply as soon as possible, as there are thousands of businesses that are applying for loans across the state. The process takes about 30 days.
If you have questions, the Illinois District Office is hosting regular webinars on the Economic Injury Disaster Loan program. Businesses and other stakeholders can register for these trainings here. Trainings will cover:
- Program eligibility
- Use of proceeds
- Filing requirements
- Additional small business resources
Sales Tax Delay
Governor Pritzker has announced that there are 20,000 small and medium-sized bars and restaurants in the state eligible for a two-month delay in paying sales tax to the state and local jurisdictions. Effective 3/20, the State will waive late filing fees and interest. Click here for more information.
Special Hours for Vulnerable Populations
If your business is offering special hours for vulnerable populations, please email us at firstname.lastname@example.org and submit them to the Illinois Retail Merchants Association here.
For information from the State of Illinois regarding eligibility for unemployment benefits due to COVID-19 related unemployment, click here.
- Information for small businesses affected by coronavirus is available here.
- Follow @SBA_Illinois on Twitter.
- Subscribe to email updates here to stay up to date on SBA news and events.
- SBA resource partners (Illinois Small Business Development Centers, WBDC, SCORE, Veterans Business Outreach Center) stand ready to help. Click here to find a counselor or mentor.
- You can also email Illinois.email@example.com or call (312) 353-4528 (Chicago office) or 217-(217) 747-8249 (Springfield office) to talk to a Small Business Administration team member directly.