SBA Loan Assistance

Illinois COVID-19 Relief Program

March 26, 2020 – This is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small businesses and non-profits negatively affected by the COVID-19 pandemic. The purpose of this program is to provide vital economic support to small businesses and non-profits to help overcome the loss of revenue they are experiencing. Read More | PDF

Illinois Receives Disaster Declaration

Illinois has been added to the list of Presidential and SBA Agency Declared Disaster States, therefore making Illinois businesses and non-profits statewide eligible to apply for assistance via the SBA Economic Injury Disaster Loan (EIDL) program, a program providing low interest loans of up to $2M to businesses and private non-profits. 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. Loan rates are expected to be 3.75% for businesses and 2.75% for non-profits with long-term repayments in order to keep payments affordable. Terms will be determined on a case by case basis.

What’s Needed to File

  • Go to SBA’s Disaster Page to apply
  • Basic filing requirements include:
    • SBA Form 413
    • SBA Form 5
    • SBA Form 2022
    • IRS Form 4506-T
    • Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business (an explanation if not available)
    • Additional information as needed
  • If you have questions related to SBA's EIDL loans, contact the SBA disaster assistance customer service center at 1-800-659-2955 or by email at disastercustomerservice@sba.gov

    Eligible Uses of Funds

    These working capital loans may be used to pay the following:

    • fixed debts
    • payroll
    • accounts payable
    • other bills that could have been paid had the disaster not occurred

    Ineligible Uses of Funds

    EIDL loans are not intended for:

    • replacing lost sales or profits
    • expansion
    • refinancing of existing debt

    Criteria for Loan Approval

    • Applicants must have a credit history acceptable to SBA
    • SBA must determine the applicant business has the ability to repay the loan

    State Treasurer to Make Low-Interest Bridge Loans for Businesses Available Soon

    March 23 – Illinois small businesses can tap into $250 million in low-interest bridge loans as soon as this week to help push through the COVID-19 pandemic, Illinois State Treasurer Michael Frerichs said today. Read More

    Illinois State Capital Building - IL COVID-19 Relief

    Leave us a message:

    We Help You Get to Your Next Level™

    Get in touch today and find out how we can help you meet your objectives.

    Call Us