* Press release…
Governor JB Pritzker today announced the U.S. Small Business Administration (SBA) has approved the state’s request for federal assistance to help businesses in the northern Illinois counties of Cook, DuPage, Kane, Lake, McHenry and Will. The declaration stems from looting and other damages that took place in connection to civil unrest occurring May 26 through June 8, 2020. The approved SBA disaster declaration makes low-interest loans of up to $2 million available to eligible for businesses, homeowners, renters, and non-profits.
To help businesses facing damages as the result of recent civil unrest and looting, the Department of Commerce and Economic Opportunity (DCEO) worked closely with the Illinois Emergency Management Agency (IEMA) to survey the damage from recent civil unrest and help businesses submit documentation. To be eligible for an SBA declaration, at least 25 homes and/or businesses in a county must sustain major, uninsured losses of 40-percent or more.
“Without a question, COVID-19 has placed an unprecedented burden on businesses across our state, and recent damage sustained during civil unrest only makes matters more challenging for business owners,” said Acting Director of DCEO, Michael Negron. “These SBA disaster loans will provide an essential resource for Illinois businesses who are looking ahead to make repairs and reopen safely.”
The DCEO-IEMA survey of damages in Cook County identified at least 40 businesses that sustained major damages and uninsured losses. Another 95 businesses in Cook County sustained minor damage. The damage assessment estimates more than $20 million dollars in damages due to recent civil unrest. This input was critical to receiving the SBA’s disaster declaration, and for triggering the availability of targeted, low-interest loans that will now be made available to small businesses and non-profits impacted by property damage and looting. […]
Applications for loans are available now and can be found on SBA’s website. Businesses and non-profits can borrow up to $2 million, homeowners can borrow up to $200k for real estate, and homeowners and renters may borrow up to $40k for personal property
The filing deadline is August 24th.