Underwood-Backed Emergency Small Business Assistance Now Accessible to Illinois Businesses
Washington – Today, Rep. Lauren Underwood (IL-14) announced that Illinois small businesses suffering economic injury as a result of the coronavirus (COVID-19) are now able to access low-interest federal loans from the U.S. Small Business Administration (SBA). Underwood championed the expanded loans in the House-passed Coronavirus Preparedness and Response Supplemental Appropriations Act. The announcement follows a letter sent by members of the Illinois delegation supporting Illinois Governor JB Pritzker’s request for a SBA Economic Injury Declaration for Illinois amid the coronavirus pandemic.
“Small businesses are the backbone of our economy and deserve the support of the federal government while they are faced with extreme uncertainty,” Underwood said. “These loans are an important step to aiding small businesses during this global public health crisis. I will continue to work with Governor Pritzker and local chambers of commerce to ensure that the small businesses who need these funds are able to access them.”
A fact sheet on SBA Economic Injury Disaster Loans can be found here.
Illinois small business owners may apply by visiting the SBA website here. Illinoisans seeking additional assistance applying for SBA loans should contact Underwood by sending an email via underwood.house.gov or calling (630) 549-2190.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 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. The interest rate is 3.75 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75 percent.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.