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New programs available to help Illinois small businesses impacted by COVID-19

Paycheck Protection Program

  • Eligible recipients may qualify for a loan up to $10 million determined by eight weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
  • Business owners can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.

  • Lenders may begin processing loan applications as soon as April 3. The program will be available through June 30.

Click Here: Information Sheet for Borrowers

7(a) Borrower Relief

SBA will pay the principal and interest of current 7(a) loans for a period of six months, beginning with the first payment due on or after March 27, 2020. The SBA will also pay the principal and interest of new 7(a) loans issued prior to Sept. 27, 2020. Your lenders will be receiving more guidance on this program soon.

Economic Injury Disaster Loan Advance

Small business owners and non-profits can now receive an Economic Injury Disaster Loan Advance worth up to $10,000. This Advance may be available even if your Economic Injury Disaster Loan application was declined or is still pending. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

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 EIDL and EIDL Advance.

SBA Express Bridge Loans

Small businesses that currently have a business relationship with an SBA Express Lender can access up to $25,000 to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. Contact your existing lender to see if they can participate in this program.

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