Obviously this crisis is going to have a huge impact on our local small businesses. The U.S. Small Business Association will be working with governors to provide low interest loans to small businesses and non-profits that have been severely impacted. The Illinois Department of Commerce and Economic Opportunity has created a survey for small businesses in order to gather information. Here are the specifics, shared by the Illinois Small Business Development Center at Champaign County EDC:
The State of Illinois is asking that impacted businesses please take a moment to complete this form: https://form.jotform.com/200717156003039. Accurate responses to the survey will assist in evaluating a request for an economic injury disaster declaration from the U.S. Small Business Administration.
To clarify:
The SBA has received authorization to provide small business assistance through the Economic Injury Disaster Loan (EIDL) program. This program can provide low interest loans of up to $2M to businesses and private non-profits. It’s important to recognize that the state has not yet received a declaration, so the EIDL program is not yet available to Illinois businesses and non-profits – that’s why the survey information is needed.
Image from Small Business Assocation Facebook page.