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.
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Key Dates
Department and Agencies
Related Federal Register Documents
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2026-20667, Presidential Declaration Amendment of a Major Disaster for the State of West Virginia
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