Some Illinois business owners look for loans to stay afloat amid pandemic

A number of small business owners struggling during the COVID-19 outbreak took part in a teleconference Monday to learn about federal disaster loans.

Illinois Congressman Rodney Davis and the Small Business Administration arranged the conference call.

The U.S. Small Business Administration recently announced low-interest federal disaster loans for working capital to Illinois small businesses struggling as a result of the coronavirus pandemic.

The Small Business Administration acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by President Trump.

Robert Steiner, director of Illinois’ District office for the Small Business Administration, encouraged small business owners to apply.

“I don’t know if there is a business across the state or the country that hasn’t seen some kind of adverse impact,” Steiner said. “We encourage everyone who has needs to go ahead and apply.”

The Economic Injury Disaster loans can be for up to $2 million over 30 years at a percentage rate of 3.75%.

Davis said the rapid economic changes have little precedent in modern times.

“We had an economy that most of us in our lifetime could only dream of and it has taken one virus 3 weeks to totally upend our economy and really hit our main street businesses,” Davis said.

Businesses can apply online and download applications at https://disasterloan.sba.gov/ela.

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