Have questions about the SBA Economic Development Injury Loan?
SBDC Webinar: How to Prepare & Apply for SBA’s Economic Injury Disaster Loan (EIDL) Program
The U.S. Small Business Administration is offering designated states and territories - Illinois included - low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19). SBA’s Economic Injury Disaster Loans (https://www.sba.gov/disaster-assistance/coronavirus-covid-19) offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans 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; 2.75% for non-profits.
This webinar will provide details about the program, including what documents are necessary to apply.