SBA Loan Deadline for Small Businesses Affected by Civil Unrest in 2020 is Approaching
February 26, 2021
The U.S. Small Business Administration (SBA) is reminding Illinois businesses that Economic Injury Disaster Loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by civil unrest that occurred from May 26 to June 8, 2020. The application deadline is March 23, 2021.
The declaration covers Lake County, along with Cook, DuPage, Kane, McHenry, and Will.
Working capital loans up to $2 million are available at 3 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.
Applicants may apply online using the Electronic Loan Application via SBA’s website at DisasterLoan.sba.gov and should apply under SBA declaration # 16494 (do not select COVID-19 incident).
Businesses may also obtain information by:
- Calling the SBA’s Customer Service Center at 1-800-659-2955 (TTY/TDD 1-800-877-8339)
- Emailing DisasterCustomerService@sba.gov.
Completed applications should be mailed to:
- U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road, Fort Worth, TX 76155