SBA Working Capital Disaster Loan Deadline Approaching for 2022 Condominium Complex Fire in Cook County, Illinois
ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses in Cook County affected by the condominium complex fire that occurred at The Park of River Oaks condominium in Calumet City on May 30, 2022, that the deadline is approaching to apply for working capital disaster loans. Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations should apply by the April 5 deadline.
The declaration includes the counties of Cook, DuPage, Kane, Lake, McHenry and Will in Illinois; and Lake in Indiana.
These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.935 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (for people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to submit economic injury applications is April 5, 2023.
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