Illinois Floods Spark SBA Low-Interest Loans
Published Date: 3/19/2026
Notice
Summary
Illinois got hit hard by storms, strong winds, and flash floods back in August 2025, especially in Cook County and nearby areas. The government just declared it a disaster, opening the door for low-interest loans to help homeowners, businesses, and nonprofits recover. If you’re affected, you’ve got until May 15, 2026, to apply for physical damage loans and until December 16, 2026, for economic injury loans—so don’t wait!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Low‑Interest Physical Damage Loans
If your home was damaged by the August 16–19, 2025 storms in the declared areas, you can apply for a low‑interest physical disaster loan. The deadline to apply for physical damage loans is May 15, 2026. Interest rates listed include 6.000% for homeowners with credit available elsewhere and 3.000% for homeowners without credit available elsewhere; business rates are 8.000% (with credit) and 4.000% (without credit); private non‑profits 3.625%.
Economic Injury (EIDL) Loans for Businesses
Small businesses, small agricultural cooperatives, and private non‑profits in the declared areas can apply for Economic Injury Disaster Loans (EIDL). The deadline to apply for EIDL is December 16, 2026. Interest rates include 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for private non‑profits without credit available elsewhere.
Counties Covered by the Disaster Declaration
The SBA declared the disaster for specific counties: Primary County: Cook. Contiguous Counties: Illinois — DuPage, Kane, Lake, McHenry, Will; Indiana — Lake. Only people and organizations in these designated areas are covered by the declaration for loan assistance.
How to Apply and Contact Information
You can apply for 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, email [email protected], or use 7-1-1 for relay services if deaf, hard of hearing, or with a speech disability.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17489, Administrative Declaration of an Economic Injury Disaster for the State of Kansas
This is notice of an Economic Injury Disaster Loan (EIDL) declaration for the state of Kansas dated August 21, 2026. Incident: Severe Storms, Straight-line Winds, Tornadoes, Large Hail, and Flooding.
2026-17271, Administrative Declaration of a Disaster for the Commonwealth of Pennsylvania
This is notice of an Administrative declaration of a disaster for the commonwealth of Pennsylvania dated August 19, 2026. Incident: Severe Storms and Flooding.
2026-17314, Presidential Declaration Amendment of a Major Disaster for Public Assistance Only for the State of Mississippi
This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for the State of Mississippi (FEMA-4922-DR), dated June 30, 2026. Incident: Severe Storms, Straight-line Winds, Tornadoes, and Flooding.
2026-17106, Administrative Declaration of a Disaster for the State of Illinois
This is notice of an Administrative declaration of a disaster for the state of Illinois dated August 18, 2026. Incident: Severe Storms.
2026-17023, Presidential Declaration Amendment of a Major Disaster for Public Assistance Only for the State of Michigan
This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for the State of Michigan (FEMA-4925-DR), dated June 30, 2026. Incident: Severe Storms, Tornadoes, and Flooding.
2026-16953, Administrative Disaster Declaration of a Rural Area for the State of Nebraska
This is notice of an Administrative disaster declaration of a rural area for the state of Nebraska dated August 14, 2026. Incident: Wildfires.
Previous / Next Documents
Previous: 2026-05391, 60-Day Notice of Proposed Information Collection: Risk Analysis and Management (RAM) OMB Control Number 1405-0204
The Department of State wants to keep collecting info from contractors and grantees to help manage risks better. They’re asking for public feedback by May 18, 2026, before renewing this paperwork, which takes about 1.5 hours per response. This update won’t cost you money but helps keep things safe and smooth for everyone involved.
Next: 2026-05393, Agency Information Collection Activities: Comment Request on Burden Related to the Election To Treat a Qualified Revocable Trust as Party of an Estate
The IRS wants your thoughts on the paperwork needed when a special kind of trust is treated like part of an estate for taxes. This affects people handling qualified revocable trusts and aims to make the process clearer and less of a hassle. You’ve got until May 18, 2026, to share your ideas—no extra costs, just your feedback to help simplify things!