Illinois Storm Survivors Score Federal Disaster Loan Aid
Published Date: 4/14/2026
Notice
Summary
Illinois got hit by a fierce storm and tornado on March 10, 2026, and now the government is stepping in with disaster loans to help folks bounce back. If you live or run a business in Kankakee or nearby counties, you can apply for low-interest loans until June 8, 2026, for physical damage, or until January 11, 2027, for economic injury. This means money is ready to help rebuild homes, businesses, and communities fast!
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Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Homeowner Disaster Repair Loans
If you live in Kankakee County or the listed contiguous counties (Ford, Grundy, Iroquois, Livingston, Will in Illinois, or Lake and Newton in Indiana), you can apply for SBA physical disaster loans for home damage. Deadlines: apply by June 8, 2026. Interest rates for physical damage loans are 5.750% if you have credit available elsewhere and 2.875% if you do not.
Business & Nonprofit Physical Damage Loans
Businesses and private non-profit organizations in Kankakee County and the listed contiguous counties can apply for SBA physical disaster loans to repair storm damage. Deadlines: apply by June 8, 2026. Interest rates for physical damage loans are 8.000% for businesses with credit available elsewhere, 4.000% for businesses without credit available elsewhere, and 3.625% for private non-profit organizations.
Economic Injury (EIDL) Loans for Local Businesses
Businesses, small agricultural cooperatives, and private non-profits in the named counties can apply for SBA Economic Injury Disaster Loans (EIDL) to cover economic losses from the March 10, 2026 storm. Deadline to apply for EIDL is January 11, 2027. Interest rates listed: 4.000% for businesses and small agricultural cooperatives without credit available elsewhere, and 3.625% for private non-profits without credit available elsewhere.
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