SBA Offers Low-Interest Loans to Illinois Tornado and Storm Victims
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 to help. If you live or run a business in the affected counties, you can apply for low-interest disaster loans until June 8, 2026, for physical damage, or until January 11, 2027, for economic injury. This means money is available to fix homes, businesses, and keep things running smoothly.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Disaster Loans Available to Affected Counties
If you live or run a business in the listed affected counties (Primary: Kankakee; Contiguous: Ford, Grundy, Iroquois, Livingston, Will in Illinois; Lake and Newton in Indiana), you can apply for low-interest disaster loans for physical damage and economic injury. You may apply online at the MySBA Loan Portal or in person; the deadline to apply for physical damage loans is June 8, 2026, and the deadline for Economic Injury (EIDL) loans is January 11, 2027.
Specified Interest Rates for Disaster Loans
If you receive an SBA disaster loan, the notice sets the interest rates by borrower type: for physical damage — homeowners with credit available elsewhere 5.750%, homeowners without credit available elsewhere 2.875%, businesses with credit available elsewhere 8.000%, businesses without credit available elsewhere 4.000%, and private non-profits 3.625%; for economic injury — businesses and small agricultural cooperatives without credit 4.000% and private non-profits 3.625%.
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