Small Business Administration Response to COVID-19
Sunday, March 15, 2020
Posted by: Kaylin Berg
For our members and community partners whose business are under 250 employees, the US Small Business Administration is taking proactive measures to address the challenges small businesses face due to the impacts of the coronavirus (COVID-19). While the situation is rapidly evolving, several resources are available now and several are in the pipeline.
What’s happened so far
The SBA has received authorization to provide small business assistance through the Economic Injury Disaster Loan (EIDL) program. This program can provide low interest loans of up to $2M to businesses and private non-profits. The attached document discusses the Economic Injury Disaster Loan (EIDL) program and provides high level information related to the loan caps, use of proceeds, and interest rates. It’s important to recognize that the state has not yet received a declaration, so the EIDL program is not yet available to Illinois businesses and non-profits.
SBA is working with the State of Illinois to support their efforts to submit the Governor’s request for a declaration. To accomplish this, the state is identifying businesses who have experienced substantial economic injury. This step is important as a county can only qualify if they either, have an identified business that has suffered economic injury, or the county is contiguous to a declared county. Once the state has pulled together its request, it goes to SBA for review. Once a disaster is declared, the EIDL becomes available for businesses located in declared counties.
How you can help
- Help the state identify affected businesses – You can directly help the disaster declaration process through your assistance in identifying affected business. The state of Illinois has created a portal to assist with this at: https://form.jotform.com/200717156003039 Please forward to local economic development or small businesses to help aggregate this critical information.
- Stay informed – The Illinois District will send out updates as the situation evolves. Information will be shared via webinars, through twitter (@SBA_Illinois), and via email (www.sba.gov/updates). In addition, you can find continually updated information on this situation at www.sba.gov/coronavirus.
- Direct impacted small businesses to SBA – Even in the absence of a declaration, SBA has a broad range of programs that can help small businesses through these challenging times including business advisory and lending services. Call or email the Illinois District Office or go to www.sba.gov/il for more information. Local staff stand ready to assist.
To reach the District or Branch Office, please use the following contact information:
Chicago Office: 312-353-4528
Springfield Branch: 217-747-8249