Deadline Approaching for Flood Survivors to Apply for SBA Disaster Loans

SPRINGFIELD – Time is running out for homeowners and business owners to apply for low-interest, long-term loans provided by the U.S. Small Business Administration (SBA) to assist with recovery efforts associated with the historic flood of 2019. The filing deadline to return loan applications for physical property damage is January 13, 2020.

On November 15, Governor JB Pritzker announced the SBA approved his request for a disaster declaration in Alexander, Jersey, Rock Island and Stephenson counties, as well as the contiguous counties of Jo Daviess, Winnebago, Carroll, Ogle, Whiteside, Henry, Mercer, Calhoun, Greene, Macoupin, Madison, Union and Pulaski. 

SBA loans can help repair or replace damaged or destroyed real estate. Homeowners and renters can apply for loans to repair or replace damaged or destroyed personal property. Businesses and private non-profit organizations can apply for loans to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. 

The filing deadline to return applications for physical property damage is January 13, 2020. The deadline to return economic injury applications is August 14, 2020. Any individual or business needing additional information, or wishing to apply for a loan, should contact the SBA Customer Service Center at (800) 659-2955. 

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Loan applications can also be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.