Written By: Mark McAndrew
Illinois recently applied for the Economic Injury Disaster Loan Program to assist small businesses and private non-profits in paying expenses during the COVID-19 disaster. Loans are available now. This approval allows Illinois businesses and non-profits to begin submitting their applications.
This is a direct loan program. Applicants will apply directly to the SBA and the SBA will disperse funds directly from the U.S. Treasury to the applicant. There will be considerable funding available, get applications in as quickly as possible. You can amend your application downstream to ask for more funds, if your need becomes greater.
More information on this SBA Disaster Assistance Program can be found at SBA.gov/disaster.
If you have questions about how these new laws may impact your business, contact us at 630-668-8500. Our online contact form may be found here.
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