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The Small Business Administration (SBA) has announced several measures meant to support small business owners in the state, according to the Illinois Technology Association (ITA).
Small businesses affected by the COVID-19 outbreak may be eligible for assistance through the Economic Injury Disaster Loan (EIDL) program.
Under the governor's declaration of emergency, the Economic Injury Disaster Loan Program may be available.
The program offers low-interest loans up to $2 million to businesses and nonprofit organizations.
The SBA is also working to identify businesses that have sustained substantial economic injury. For a county to qualify for support, it must have a business that has been identified as having substantial economic damage or be contiguous to a declared county.
Illinois residents can help the Small Business Administration as it works to gather information to urge the government to declare a state of emergency.
There are three ways that business owners can help:
Directly help the disaster declaration process by helping to identify affected business. The State of Illinois has created a portal to assist with this at: form.jotform.com/200717156003039.
Stay informed. The SBA 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, updated information can be found at www.sba.gov/coronavirus.
Directly impacted small businesses to the 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.