Time is running out for homeowners and business owners to apply for low-interest, long-term loans provided by the U.S. Small Business Administration (SBA) to assist with recovery efforts associated with the historic flood of 2019. The filing deadline to return loan applications for physical property damage is Jan. 13, 2020.
On Nov. 15, Gov. J.B. Pritzker announced the SBA approved his request for a disaster declaration in Alexander, Jersey, Rock Island and Stephenson counties, as well as the contiguous counties of Jo Daviess, Winnebago, Carroll, Ogle, Whiteside, Henry, Mercer, Calhoun, Greene, Macoupin, Madison, Union and Pulaski.
SBA loans can help repair or replace damaged or destroyed real estate. Homeowners and renters can apply for loans to repair or replace damaged or destroyed personal property. Businesses and private non-profit organizations can apply for loans to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. It is important to note that loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. The deadline to return economic injury applications is Aug. 14, 2020.
Any individual or business wishing to apply for a loan may apply online using the Electronic Loan Application (ELA) via the SBA's secure website at DisasterLoan.sba.gov. Loan applications can also be downloaded from www.sba.gov/disaster. Completed applications can also be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
For additional information on the loan application process, call the SBA Customer Service Center at 800-659-2955 or contact representatives by email at email@example.com.