The U.S. Small Business Administration (SBA) reminds small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that June 20 is the filing deadline for federal economic injury disaster loans in Illinois due to moisture and flash flooding that began June 1, 2021.
Low-interest disaster loans are available in the following counties and city: Brown, Calhoun, Cass, Champaign, Christian, Clark, Clinton, Coles, DeWitt, Douglas, Edgar, Ford, Franklin, Greene, Hamilton, Jefferson, Jersey, Livingston, Logan, Macon, Macoupin, Madison, Marion, Mason, McClean, Menard, Monroe, Montgomery, Morgan, Moultrie, Perry, Piatt, Pike, Randolph, Saint Clair, Sangamon, Schuyler, Scott, Shelby, Tazewell, Vermilion, Washington, Wayne and Woodford in Illinois; Vermillion and Vigo in Indiana; and Jefferson, Lincoln, Pike, Saint Charles, Saint Louis, Saint Louis City and Sainte Genevieve in Missouri.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
The loan amount can be up to $2 million with interest rates of 2.88 percent for small businesses and two percent for private non-profit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 17249.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or by sending an email to [email protected] Loan applications can be downloaded from the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to SBA no later than June 20.