Illinois apartment blaze triggers SBA low-interest recovery loans
Published Date: 3/19/2025
Notice
Summary
Illinois got hit by a big fire at the Tatra Multi-Family Apartment Complex on January 25, 2025, and now the government is stepping in with disaster loans to help. People and businesses in Cook County and nearby areas can apply for low-interest loans to fix damage or cover economic losses. You’ve got until May 12, 2025, to apply for physical damage loans and until December 15, 2025, for economic injury loans—so don’t wait!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Low‑interest physical disaster loans for property
If your home or property in Cook County, IL, or the listed contiguous counties (DuPage, Kane, Lake, McHenry, Will in Illinois; Lake in Indiana) was damaged by the Tatra Multi‑Family Apartment Complex fire on January 25, 2025, you can apply for SBA physical damage disaster loans. Apply by May 12, 2025. Interest rates listed include 5.125% for homeowners with credit available elsewhere and 2.563% for homeowners without credit available elsewhere; businesses and nonprofits have separate rates (see loan notice).
Economic Injury Disaster Loans (EIDL) for businesses
Businesses, small agricultural cooperatives, and eligible nonprofits in the declared areas in Illinois and Indiana may apply for Economic Injury Disaster Loans (EIDL) to cover working capital losses caused by the January 25, 2025 fire. Apply by December 15, 2025. Interest rates specified include 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for nonprofits without credit available elsewhere.
How to apply and get help
You can apply for these disaster loans online at the MySBA Loan Portal (https://lending.sba.gov). For help, contact the SBA disaster assistance customer service center at 1-800-659-2955 or the Office of Disaster Recovery & Resilience (contact: Alan Escobar).
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