The U.S. Small Business Administration is Offering Low-Interest Federal Disaster Loans for Working Capital to Small Businesses Suffering Substantial Economic Injury as a Result of The Coronavirus (COVID-19)
Chicago, IL (HINA) As the COVID-19 crisis continues, the health and safety of our members and our communities remain the top priority at the Illinois Hispanic Chamber of Commerce (IHCC). Immediately following Governor J.B. Pritzker’s request to the U.S. Small Business Administration (SBA) to declare the State of Illinois in need of Economic Injury Disaster Loans, the IHCC is ready to help small businesses apply for SBA Disaster Loans. The SBA is offering designated states including the State of Illinois, low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Following the Governor’s declaration, the SBA has issued relief under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, and Economic Injury Disaster Loan declaration.
“We thank Governor J.B. Pritzker for taking swift action on calling for an Economic Injury Disaster Loan declaration so that Illinois can receive SBA disaster Loans,” said Jaime di Paulo, President & CEO, IHCC. “The IHCC is ready to get to work to make sure that all the necessary steps are taken to guarantee Latino-owned businesses receive the assistance they need to continue operating in the State of Illinois. Too often, Latino- owned businesses are left out of such opportunities and we are here to make sure that no longer happens to businesses that greatly contribute to the US economy year after year.”
The SBA has been authorized to provide small business assistance through the Economic Injury Disaster Loan (EIDL) program to several states, including Illinois. The SBA’s Economic Injury Disaster Loans 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. You can find more information at SBA.gov/disaster.
Any small business owners located in the State of Illinois that are interested in applying for an SBA Disaster Loan should fill out this form https://www.ihccbusiness.net/sba-loans-coronavirus.
The IHCC is also working with a list of Hispanic Chambers of Commerce and business leaders to share this information and work together on bringing assistance to small businesses as soon as possible.
The IHCC is ready and prepared to assist in making certain that Latino-owned businesses are included and receive the assistance that they need to apply for these loans. The IHCC believes a vibrant, thriving Latino business community is as important to our economy as it is to our community.
The IHCC understands that the COVID-19 virus is having a tremendous impact on our economy, the lasting effects of which we simply do not yet know, but there is clearly a growing sense of urgency and we understand our members and our businesses are being severely and immediately impacted. The IHCC will continue to provide our membership with updates as they become available. (Hispanic News Agency – Press Release service)