SBA Disaster Loan Declaration Information for Illinois

Illinois has been added to the list of Presidential and SBA Agency Declared Disaster Statestherefore making Illinois businesses and non-profits statewide eligible to apply for assistance via the SBA Economic Injury Disaster Loan (EIDL) program, a program providing low interest loans of up to $2M to businesses and private non-profits.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. Loan rates are expected to be 3.75% for businesses and 2.75% for nonprofits with long-term repayments in order to keep payments affordable. Terms will be determined on a case by case basis.

 

What’s Needed to File

  • Go to SBA’s Disaster Page to apply
  • Basic filing requirements include:
    • SBA Form 413
    • SBA Form 5
    • SBA Form 2022
    • IRS Form 4506-T
    • Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business (an explanation if not available)
    • Additional information as needed
  • If you have questions related to SBA's EIDL loans, contact the SBA disaster assistance customer service center at 1-800-659-2955 or by email at disastercustomerservice@sba.gov

 

Eligible Uses of Funds

These working capital loans may be used to pay the following:
  • Fixed debts
  • Payroll
  • Accounts payable
  • Other bills that could have been paid had the disaster not occurred

 

Ineligible Uses of Funds

EIDL loans are not intended for:
  • Replacing lost sales or profits
  • Expansion
  • Refinancing of existing debt


Criteria for Loan Approval

  • Applicants must have a credit history acceptable to SBA
  • SBA must determine the applicant business has the ability to repay the loan

 

Feel free to contact Prairie Community Bank’s Loan Team at (815) 568-4100. Email and

telephone will be utilized during these uncertain times.