Kane Businesses Can Get Up To $2M For Newly OK'd SBA Loans For Impacts of Civil Unrest

Kane Businesses Can Get Up To $2M For Newly OK’d SBA Loans For Impacts of Civil Unrest

State officials on Thursday announced the U.S. Small Business Administration has approved the state’s request for federal assistance to help businesses and private non-profits in more than 60 counties recover from economic injury stemming from civil unrest that took place in Illinois between May 26 and July 30.

Qualifying businesses will be eligible for up to $2 million in emergency loans for working capital, which includes operational costs, PPE, payroll and more.

These Economic Injury Disaster Loans from the SBA are available for qualifying businesses in Kane County as well as the following counties: Adams, Boone, Champaign, DuPage, Knox, LaSalle, Macon, McLean, Morgan, Peoria, Sangamon, St. Clair, Stephenson, Tazewell, Will and Winnebago.

Businesses in the contiguous counties of Brown, Bureau, Carroll, Cass, Christian, Clinton, Cook, DeWitt, DeKalb, Douglas, Edgar, Ford, Fulton, Greene, Grundy, Handcock, Henry, Jo Davies, Kankakee, Kendall, Lee, Livingston, Logan, Macoupin, Madison, Marshall, Mason, McHenry, Menard, Mercer, Monroe, Montgomery, Moultrie, Ogle, Piatt, Pike, Putnam, Randolph, Schuyler, Scott, Shelby, Stark, Vermilion, Warren, Washington, and Woodford may also apply for the Economic Injury Disaster Loans.

“2020 has been a tumultuous year for so many communities, and the Illinois Emergency Management Agency is committed to exploring all options to expedite the recovery process for homeowners, business owners and non-profit organizations,” said Illinois Emergency Management Agency Director Alicia Tate-Nadeau.

Economic Injury Disaster Loans provide economic relief to small businesses and private non-profit organizations that experienced temporary loss of revenue due to a disaster or emergency.

These SBA loans can help businesses meet their financial obligations and cover operational expenses that could have been met had the disaster not occurred.

Businesses and private non-profits can borrow up to $2 million.  A loan amount is based on the actual economic injury of the business and its financial needs, regardless of whether the business suffered any property damage.

Department of Commerce and Economic Opportunity Director Erin B. Guthrie said the devastating toll of COVID-19 has only added urgency to efforts to get relief to businesses that suffered property damages due to events of civil unrest.

“Given the magnitude of the current economic crisis, Illinois cannot solve these challenges alone,” Gurthrie said. “That is why DCEO is committed to continuing to partner with the SBA to maximize the availability of assistance programs that can help more Illinois small businesses offset their losses and rebuild stronger for the future.”

A broad survey discovered more than $32 million in economic losses associated with the civil unrest across the state. The economic losses to these businesses stemmed from a multitude of encounters with demonstrators that led to reduced services and hours of business, as well as the inability of consumers to frequent these establishments.

Through the SBA’s Virtual Business Recovery Center, applicants can receive one-on-one assistance via phone, skype, and webinars.

Virtual customer support representatives can help applicants complete their applications and answer questions related to the application process.

Virtual Business Recovery Center

  • Open: Sunday through Monday (seven days a week)
  • Hours:  8 a.m. to 8 p.m. EDT
  • Email: FOCE-Help@sba.gov
  • Phone for Individuals and Businesses: 800-659-2955. Individuals who are deaf or hard-of-hearing may call 800-877-8339.

Additionally, business advisors at any of Illinois’ 42 Small Business Development Centers are available to assist with the application process. Contact information for the nearest Small Business Development Center can be found here.

The filing deadline to return applications for economic injury applications is July 13, 2021.

Applicants may apply online using the Electronic Loan Application via SBA’s secure website at DisasterLoan.sba.gov.

Loan applications can also be downloaded from www.sba.gov/disaster and mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The state of Illinois previously received an SBA declaration for Cook, DuPage, Kane, Lake, McHenry and Will counties due to physical property damage as a result of civil unrest during a similar timeframe.

The deadline for these counties to apply for loans under the June 2020 disaster declaration is March 23, 2021.

SOURCE: state of Illinois news release