COVID-19 SBA Loan Information
COVID-19 Small Business Loans now available in Illinois.
Apply for an SBA Disaster Loan today! We are suggesting all clients and small businesses who qualify for a COVID-19 relief loan to start the application process immediately. Applications must be done online.
Due to the extremely high volume of applications, download these forms, complete them, save them to your computer, and then upload them.
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 (any affiliated entity and all owners with >20% ownership); an explanation if not available.
Additional information as needed.
The approval process is a minimum of 21 days. Complete applications are imperative to not induce further delays.
This is a direct term loan from the Treasury Department (not banks!) with up to $2M for working capital at a 3.75% rate (2.75% for non-profits.)
Payments on loans are deferred at least 11 months from the date of the loan.
Collateral is expected to be pledged especially if the value of the loan is over $25,000.
Applicants need to have projections showing a loss from COVID-19.
SBA Application Requirements include:
Current specifics on SBA Disaster Relief are here.
