SBA COVID-19 Economic Injury Disaster Information
On March 19th the U.S. Small Business Administration approved Governor Pritzker's application for an economic injury declaration due to the coronavirus. Now small businesses across the state of Illinois are eligible to apply for Economic Injury Disaster Loans (EIDL) through the SBA.
SBA COVID-19 Economic Injury Disaster Loan Information:
- To apply, log onto the SBA Disaster Loan Assistance application page. If you do not already have a login, you can register to create an account. You will then be directed to the required application form.
- In addition to the application form, be prepared to submit: a completed and signed
Tax Information Authorization (IRS Form 4506T); complete copies of the most recent Federal income tax returns for the applicant business; completed and signed Personal Financial Statement (SBA Form 413) and a Schedule of Liabilities listing all fixed debts (SBA Form 2202).
- EIDL's offer up to $2 million in assistance per small business.
- EIDL's may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Please be sure to forward this information along to interested parties. Due to the swiftly changing nature of this situation, SomerCor will be sending an increased number of communications to ensure our community has the most updated resources. If you have any questions, please do not hesitate to reach out directly to your SomerCor contact for additional information. Our main e-mail at hi@somercor.com is also available for general inquiries.