The Small Business Administration (SBA) has announced that all Illinois small businesses can apply for disaster loans as a result of COVID-19. Therefore, small businesses operating anywhere in the state of Illinois are eligible to apply for this loan.
The SBA will offer up to $2 million in assistance to help overcome business loss. The interest rate for small businesses is 3.750%. There is a high probability of loan forgiveness for the portions of loans used for employee compensation and certain other business maintenance costs. Specifically, what the borrower spent on payroll, mortgage and rent obligations, and utility costs.
GLA is providing assistance with applying for these loans. Please call or email us for more information. Follow us on Facebook and Twitter for updates.
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View the SBA Disaster Loan Application and get more information here: