loans

Pritzker Announces Small Business Loans for Looting Damage

Local small businesses could get some relief for damage done by looters. Governor J.B. Pritzker announced that the U.S. Small Business Administration approved Illinois’ request for federal assistance.

Low Interest Loans

Low interest loans up to $2 million are available for businesses, homeowners, renters, and nonprofits in DuPage and Will counties, as well as Cook, Kane, Lake, and McHenry. To be eligible, at least 25 homes and/or businesses in a county must sustain major, uninsured losses of 40-percent or more.

“Without a question, COVID-19 has placed an unprecedented burden on businesses across our state, and recent damage sustained during civil unrest only makes matters more challenging for business owners,” said the Department of Commerce and Economic Opportunity’s Acting Director Michael Negron in a press release. “These SBA disaster loans will provide an essential resource for Illinois businesses who are looking ahead to make repairs and reopen safely.”

Where to Apply

Loan applications are available now and can be found on SBA’s website. Businesses and non-profits are eligible for up to $2 million, homeowners for $200,000 for real estate, and homeowners and renters may borrow up to $40,000 for personal property.”

Naperville Not Immune to Damage

Between May 26 and June 8, civic unrest over the killing of George Floyd by Minneapolis police erupted across the nation. That included an incident on the night of June 1 in Naperville, where fireworks were set off next to police and looting occurred in Downtown Naperville.

The deadline to apply for a property damage loan is August 24. The deadline for an economic injury loan is March 23, 2021.

Naperville News 17’s Casey Krajewski reports.

 

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