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New Grants & Loans for Small Businesses and Independent Contractors

Small Business Administration Economic Injury Disaster Loan (EIDL) Re-opens

CHAMBER UPDATE:  June 16, 2020

SBA Economic Injury Disaster Loan (EIDL) Re-opens

The SBA Economic Injury Disaster Loan program, commonly referred to as EIDL, has re-opened for applications. The program consists of two parts. An Advance is available in the amount of $1,000 per employee, up to a maximum of $10,000. This money is in the form of a grant, however, if you apply for/receive Paycheck Protection Program (PPP) funds, the EIDL Advance will be combined with PPP when you apply for forgiveness.

The second part of EIDL is a low interest 3.75% loan. Here are a few things to know about the loan.

  • SBA will determine the amount you are eligible to receive. You can request less at loan signing time

  • Payments are deferred for 12 months, but interest accrues from the time of funding

  • The loan term is 30 years, but there is no prepayment penalty. You can pay back the loan at any time

  • The loan can only be used to pay regular working capital expenses. You can't re-locate, purchase fixed assets, expand your business, or pay off/re-finance debt with this loan

Apply by clicking HERE

Have questions or need assistance? Contact the following:

Illinois Small Business Development & International Trade Center

College of Lake County

(847) 543-2033