SBA Economic Injury Disaster Loans

Cook County Now Eligible for Economic Injury Disaster Loans

On Wednesday, March 18, the U.S. Small Business Administration (SBA) issued a disaster declaration for the State of Indiana, making Cook County (as a contiguous county) eligible for the SBA’s Economic Injury Disaster Loan (EIDL).  Businesses located in Cook County, who have suffered substantial economic injury due to the novel coronavirus (COVID-19) outbreak may now apply for these funds.

What types of businesses are eligible?

  • Small Businesses
  • Small Agricultural Cooperatives
  • Most private nonprofit organizations

Loan Amounts and Use

  • Up to $2 million to meet financial obligations and operating expenses that could have been met had disaster not occurred
  • EIDL can provide necessary working capital to help businesses survive until normal operations resume
  • Loan amounts based on actual economic injury and company’s financial needs

Eligibility and Terms

  • Interest rate not to exceed 4% per year
  • Terms will not exceed 30 years
  • Repayment terms determined by business’ ability to repay loan
  • Only available to businesses unable to obtain credit elsewhere

How to Apply

Basic filing requirements include:

  • SBA Form 413 here
  • SBA Form 5 here
  • SBA Form 2022 here
  • IRS Form 4506-T here
  • Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business (an explanation if not available)
  • Additional information as needed

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

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