At the Women’s Business Development Center, the protection of small businesses is our highest priority. As economic concerns rise over the outbreak of coronavirus (COVID-19), we understand the unique challenges small business owners face. Our team is utilizing all our resources to identify and share the best options for small business owners throughout our region.
The SBA has received authorization to provide small business assistance through the Economic Injury Disaster Loan (EIDL) program. This program can provide low interest loans of up to $2M to businesses and private non-profits. It’s important to recognize that the State of Illinois has not yet received a declaration, so the EIDL program is not yet available to Illinois businesses and non-profits. However, the first step in accessing these funds is to help a state quantify the impact.
For businesses based in Illinois, the Illinois Department of Commerce and Economic Opportunity has begun to identify and quantify the economic impact of COVID-19 on Illinois small businesses through their COVID-19 Impact Survey. The SBA will utilize information from the survey to evaluate whether they will release funds from the Economic Injury Disaster Loan program. We strongly encourage you to complete this survey. We encourage all our partners and staff to share this survey among your small business network.
Accurately identifying businesses who have or potentially will experience substantial economic injury is a critical step in releasing these funds. As we receive information from other states, we will include that information.
In addition to providing funds, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through their network of 68 District Offices and numerous Resource Partners located around the country. For additional information on the SBA’s services regarding COVID-19, please contact the SBA disaster assistance customer service center by calling 1-800-659-2955 or emailing email@example.com.
As outlined in our previous statement, the WBDC is committed to helping your business navigate this time. To address your business concerns, please contact us at 312-853-3477 or www.wbdc.org.