SBA disaster loan deadline Dec. 13 for Illinois businesses, residents affected by July storms, flooding
By Editor | November 12, 2022 | 0
The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private nonprofit organizations, homeowners and renters in Illinois to apply for a disaster loan before the Dec. 13 deadline.
Anyone in the declared counties who incurred damage from the severe storm and flooding that occurred July 25-28 should apply for the federal disaster loan program.
The disaster declaration covers St. Clair County in Illinois, which is eligible for both Physical and Economic Injury Disaster Loans from the SBA.
In the following adjacent counties, small businesses and most private nonprofit organizations are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs):
Clinton, Madison, Monroe, Randolph and Washington in Illinois; and
St. Louis County and St. Louis City in Missouri.
SBA's Business Recovery Center will operate as below until further notice:
SBA Customer Service Representatives will be available as indicated above to answer questions about the disaster loan program and assist business owners in completing their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the BRCs are encouraged to wear a face mask.
Interest rates are as low as 2.935 percent for businesses, 1.875 percent for nonprofit organizations, and 1.688 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration #17677.
Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov.
Loan applications can also be downloaded from the SBA's website at sba.gov/disaster. Completed paper applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The physical loan application deadline is Dec. 13, 2022. The deadline to return economic injury applications is July 14, 2023.