Updated as of June 16, 2020

To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today.

“The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact.  With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza.  “Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible.  To meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”

**The Illinois District office of the U.S. Small Business Administration is hosting webinars for Illinois small businesses interested in applying for a federal disaster loan to help offset the economic impact of COVID-19. Register here: https://hubs.ly/H0nNrMq0. You can view the PDF presentation here.**

On March 19th, the U.S. Small Business Administration (SBA) approved Illinois’ application for an economic injury declaration due to the coronavirus. Now small businesses throughout the state of Illinois are eligible to apply for Economic Injury Disaster Loans (EIDL) through the SBA.

SBA COVID-19 Economic Injury Disaster Loan Information:

  • To apply, log onto the SBA Disaster Loan Assistance application page.
  • Small businesses should use SBA Form 5 for their application
  • Sole proprietor’s should use SBA Form 5C
  • In addition to the application form, be prepared to submit:
    • A completed and signed Tax Information Authorization (IRS Form 4506T);
    • Complete copies of the most recent Federal income tax returns for the applicant business;
    • Completed and signed Personal Financial Statement (SBA Form 413) and a Schedule of Liabilities listing all fixed debts (SBA Form 2202).
  • EIDL’s offer up to $2 million in assistance per small business.
  • EIDL’s may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
  • The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Emergency Economic Injury Grants

As part of the recently passed CARES Act, small businesses and private non-profits harmed by COVID-19 can receive up to a $10,000 advance within three days of applying for an SBA Economic Injury Disaster Loan (EIDL).

To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

To be eligible for the advance, the entity must also be eligible for an EIDL and who have been in operation since January 31, 2020, when the public health crisis was announced.

According to the Illinois SBA Office, this advance may be available even if a previous EIDL application was declined or is still pending. Visit sba.gov/disaster to apply via a new streamlined application. One needs to be submitted even if you previously applied. Applying for the advance will not impact the status or slow your existing application. New applicants will automatically be considered for both an EIDL and the advance.

Need assistance?

Illinois District Office

(312) 353-4528 | Illinois.DO@sba.gov | Twitter: @SBA_Illinois

SBA Disaster Customer Service Center

6 a.m. to 8 p.m. CT seven days a week(800) 659-2955 | disastercustomerservice@sba.gov