U.S. Small Business Administration (SBA) – SBA Disaster Assistance – Illinois

Agency / Department: U.S. Small Business Administration (SBA)

Resource: SBA Disaster Assistance – Illinois

Details: Illinois businesses have statewide eligibility in a federal loan program, administered by the U.S. Small Business Administration. The low-interest loans offer up to $2 million in assistance per eligible small business or non-profit organization that applies. These loans can be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the COVID-19 pandemic. The interest rate for businesses without credit available elsewhere is 3.75%, and the non-profit rate is 2.75%. According to the Small Business Administration, loans are available with long-term repayments to keep payments affordable, up to a maximum of 30 years.

Link: https://www2.illinois.gov/sites/coronavirus/Resources/Pages/EconomicAssistance.aspx