Illinois State House District 48 issued the following announcement on March 26.
As Illinois business owners and non-profit organizations face mandated closures and declines in revenue because of COVID-19, state Rep. Terra Costa Howard, D-Glen Ellyn, is encouraging them to apply for disaster relief loans through the Small Business Administration.
“Our small businesses have been hit hard by COVID-19, and they may need temporary assistance to get them though the other side of this disaster,” said Costa Howard. “Qualified small businesses and not-for-profit organizations can now apply for low-interest loans from the Small Business Administration. I urge local business owners and directors of non-profits to go to the SBA website today to determine their eligibility and apply for emergency help.”
The Small Business Administration is providing low-interest loans of up to $2 million to help sustain small businesses and non-profits that have suffered substantial economic injury as a result of COVID-19. Funds may be used to provide working capital to pay fixed debts, payroll, accounts payable, and other bills. For more information or to apply for assistance, you can visit SBA.gov/disaster, call 800-659-2955, or email disastercustomerservice@sba.gov.
To provide further help to hard-hit communities, the Illinois State Treasurer’s Office has launched a Business Invest Illinois Small Business COVID-10 Relief Program. Under the program, the Treasurer’s office will deposit up to $250 million in financial institutions throughout the state, with a maximum of $25 million per institution. These funds can then be used by local institutions to provide low-interest loans to Illinois small businesses and not-for-profits that are suffering economically because of the virus. Financial institutions may learn more about the program by visiting IllinoisTreasurer.gov.
“Our vibrant business community and our exceptional non-profit organizations are central to the character and prosperity of the 48th district,” Costa Howard said. “I am committed to doing everything we can to make sure our businesses and organizations have the resources they need to weather the storm during this unprecedented public health crisis.”
Original source can be found here.
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