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
- Apply online
- Paper Application
- You must submit the completed loan application and a signed and dated IRS Form 4506-T giving permission for the IRS to provide SBA your tax return information
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.
