News

  • March 22, 2020

Illinois dental offices eligible for SBA loans

Dental offices in Illinois that sustain substantial economic injury because of the coronavirus (COVID-19) and qualify as small businesses will be eligible for low-interest federal disaster loans through the U.S. Small Business Administration, Gov. J.B. Pritzker announced Thursday, March 19.

Gov. Pritzker declared a statewide disaster earlier in the week, which prompted the eligibility. The loans are provided though the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by President Donald Trump.

Small businesses and private, non-profit organizations of any size that have been financially affected as a direct result of the coronavirus since Jan. 31 may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses that could not have been met had the disaster not occurred, SBA Administrator Jovita Carranza said in a statement.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses and 2.75 percent for private, non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years, and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov. Applicants may also call SBA’s Customer Service Center at 800.659.2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call 800.877.8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.