(WAND) - Governor JB Pritzker announced Tuesday he plans to file for statewide eligibility in a federal loan program for small businesses impacted financially by the COVID-19 outbreak.
"I have directed my administration to do everything in our power to support our working families, and we are also working expeditiously to mitigate the challenges small businesses are facing," Pritzker said.
"My department of Commerce and Economic Opportunity has secured the necessary documentation to declare a statewide Economic Injury Declaration with the U.S. Small Business Association."
The SBA is offering coronavirus disaster assistance loans to help impacted businesses.
Director of the DCEO Erin Guthrie said, "These loans from SBA are among the many tools the administration is pursuing to provide relief for businesses in the near and long term."
The Department of Commerce and Economic Opportunity has contacted and received responses from over 1,000 businesses to file with SBA.Â
The low-interest loans offer up to $2 million is assistance per eligible small business or non-profit. Loans can be used to pay fixed debts, payroll, accounts payable, or other bills.
The interest rate for businesses without credit available elsewhere is 3.75%. The rate for non-profits is 2.75%.
Loans are available with long-term repayments, up to a maximum of 30 years.
Once approved by the federal government, business owners and non-profit leaders can apply for loans by clicking HERE.
