Eonomic Injury Disaster Loan Program – Updated 3/18/2020
We are monitoring the COVID-19 Virus impacts to our customers and local economy. The SBA has an Economic Injury Disaster Loan Program that will provide low interest loans to businesses affected by the COVID-19 Virus. Currently, the State of Illinois has not received the disaster declaration.
As a valued customer and friend, we wanted to get you the available information. This loan program may be something that you will want to take advantage of. We encourage you to forward this message to other Small Business Owners so that they are aware of the possibility of obtaining a low interest loan. If and / or when the State of Illinois receives the disaster declaration. The paragraph below has a link to an online form to complete to assist Illinois obtain the disaster declaration.
What’s happened so far
The SBA has received authorization to provide small business assistance through the Economic Injury Disaster Loan (EIDL) program. This program can provide low interest loans of up to $2M to businesses and private non-profits. It’s important to recognize that the state has not yet received a disaster declaration, so loans are not yet available to Illinois businesses and non-profits.
SBA is working with the State of Illinois to support their efforts to submit the Governor’s request for a declaration. To accomplish this, the state is identifying businesses who have experienced substantial economic injury. This step is important as a county can only qualify if they either have an identified business that has suffered economic injury or the county is contiguous to a declared county. Once the state has pulled together its request, it goes to SBA for review. If a disaster is declared, businesses located in the declared counties can begin to apply for loans.
How you can help
Help the state identify affected businesses – You can directly help the disaster declaration process through your assistance in identifying affected business. The state of Illinois has created a portal to assist with this at: https://form.jotform.com/200717156003039 Please forward to other small businesses to help aggregate this critical information.
1. Stay informed – The Illinois District will send out updates as the situation evolves. We plan to share information via webinars, through our twitter (@SBA_Illinois), and via email (sba.gov/updates). In addition, you can find continually updated information on this situation at www.sba.gov/coronavirus . Refer impacted small businesses to SBA – Even in the absence of a declaration, SBA has a broad range of programs that can help small businesses through these challenging times including business advisory and lending services. Call or email the Illinois District Office or go to sba.gov/il for more information. Local staff stand ready to assist.
3.Please follow https://www.flanaganstatebank.com/resources/consumer-alerts for additional information.
Thank you for choosing Flanagan State Bank; where we are “One Family, Helping Another”.