holmes 031220 2Aurora –  Assistant Senate Majority Leader Linda Holmes (D-Aurora) is reminding small businesses in DuPage, Kane and Will counties that Economic Injury Disaster Loans are still available for those organizations affected by civil unrest that occurred from May 26 to June 8, 2020. She also is sharing information on upcoming workshops for businesses interested in the Illinois Department of Transportation’s Disadvantaged Business Enterprise program.

The Small Business Administration is urging those eligible to apply before the deadline of March 23.

“If your business suffered damage or loss during this period last spring, I encourage you to apply for these low-interest loans,” Sen. Holmes said. “This does not cover COVID related losses, but those due to the civil unrest that took place in communities across the country.”

 

According to the SBA, working capital loans up to $2 million are available at 3 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov and should apply under SBA declaration # 16494, not for the COVID-19 program.

For those interested in participating in IDOT’s DBE program, IDOT will be hosting free virtual workshops throughout March. The DBE program provides minorities, women and other eligible small businesses an opportunity to participate in highway, transit and airport contracts that are federal and state funded.

“Now is an ideal time to get involved in the DBE program: because of the $45 billion Rebuild Illinois plan, IDOT is helping to deliver the largest capital program in state history,” Sen. Holmes said. This promotes equity and inclusion, as well as diversifying job sites and workforce to reflect the communities it serves.”

Workshop information, including dates and times, is available at http://ow.ly/UB4Z50DL59u. Advance registration is required.

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