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Important Communications from the Illinois Department of Commerce

Important Communications from the Illinois Department of Commerce
March 17, 2020 Evan Glantz

*See below for an important message from the Illinois Department of Commerce

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This is Aly Grady from the Illinois Department of Commerce and Economic Opportunity’s Regional Economic Development Team. We are reaching out because we understand the economic burden businesses across the State are experiencing due to COVID-19 and we are working hard to secure federal relief for the State on your behalf.  Please share this information to businesses and entities within your community.

First, we must collect information from you around how your business has been impacted economically by COVID-19. Second, we must submit that information to the Governor’s Office in order to apply for the for the State of Illinois to receive an economic injury disaster declaration from SBA. Once that happens, our team will be on standby to help walk you through the application in order to ensure that you can successfully apply to receive a low interest loan.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.  To secure access to resources for small businesses throughout the State of Illinois, the Department of Commerce & Economic Opportunity (DCEO) is collecting information and data to use in requesting an economic injury disaster declaration from SBA.  To assist DCEO and the SBA in serving small business and not-for-profits, small businesses and not-for-profits impacted by COVID-19 are encouraged to complete the form! Please Click Here to Complete the Form.

Responses to the questions will assist in evaluating a request for an economic injury disaster declaration from the U.S. Small Business Administration.  As noted above, once a declaration is made for designated areas within Illinois, information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities, businesses, and not-for-profits.

According to the SBA website, “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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.”

Lastly, we understand that a loan is a short-term option and want to ensure we account for the long-term impact of this pandemic.  Therefore, DCEO will continue to gather information around your industry, specific anecdotal data around your supply chain/transportation, and distribution if it applies—and overall information for us to give a thorough analysis/report to the Governor’s Office.

I will be sending out further questions to be shared to ensure that we account for the economic losses and disruption your community is experiencing. In the interim, please do not hesitate to reach out to me with specific concerns.

DCEO is at your service, and here to support businesses across Illinois as we work through this crisis. Please feel free to reach out to me directly via cell phone at 217-836-4513 or email.