Illinois Hit by Storms: Federal Disaster Aid Now Available for Recovery
Published Date: 4/29/2026
Notice
Summary
Illinois got hit hard by storms and flash floods last July, especially in Cook County and nearby areas. The government declared it a disaster zone, opening the door for low-interest loans to help homeowners, businesses, and nonprofits recover. You’ve got until June 22, 2026, to apply for physical damage loans and until January 25, 2027, for economic injury loans—so don’t wait!
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Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Low‑Interest Physical Disaster Loans for Homeowners
If your home was damaged by the July 25–28, 2025 storms, you may apply for an SBA physical damage loan. Homeowner interest rates listed are 5.625% if you have credit available elsewhere and 2.813% if you do not; the physical loan application deadline is June 22, 2026. Apply online at the MySBA Loan Portal: https://lending.sba.gov.
Physical Disaster Loans for Businesses and Nonprofits
Businesses and private non‑profits affected by the July 25–28, 2025 storms can apply for SBA physical damage loans. Interest rates are 8.000% for businesses with credit available elsewhere and 4.000% for businesses without; private non‑profits listed at 3.625%. The physical loan application deadline is June 22, 2026 and applications are accepted via the MySBA Loan Portal: https://lending.sba.gov.
Economic Injury (EIDL) Loans for Small Businesses
Small businesses, small agricultural cooperatives, and private non‑profits in the declared areas can apply for Economic Injury Disaster Loans (EIDL). Interest rates listed include 4.000% for businesses and cooperatives without credit available elsewhere and 3.625% for private non‑profits; the EIDL application deadline is January 25, 2027. Apply at the MySBA Loan Portal: https://lending.sba.gov.
Who Is Eligible — Affected Counties and States
The disaster declaration lists Cook County (primary) and contiguous counties DuPage, Kane, Lake, McHenry, and Will in Illinois, plus Lake County in Indiana as adversely affected by the July 25–28, 2025 storms. The notice also states that the states receiving the SBA administrative declaration are Illinois and Indiana; only residents and businesses in the declared areas may apply for these disaster loans.
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