Illinois Floods Get Federal Disaster Nod – SBA Loans Open Through 2027!
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, so affected homeowners, businesses, and nonprofits can now apply for low-interest loans to help fix damage or cover lost income. You’ve got until June 22, 2026, for physical damage loans and January 25, 2027, for economic injury loans—so don’t wait!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Apply for Physical Disaster Loans
If you live or operate in the listed disaster area (Primary: Cook County; Contiguous: DuPage, Kane, Lake, McHenry, Will in Illinois; Lake County in Indiana) you can apply for SBA physical disaster loans to repair damage from the July 25–28, 2025 storms. You must apply by June 22, 2026 via the MySBA Loan Portal at https://lending.sba.gov or at locally announced locations.
Economic Injury (EIDL) Loans Available
If your small business or small agricultural cooperative in the declared areas suffered economic injury from the July 25–28, 2025 disaster, you can apply for an Economic Injury Disaster Loan (EIDL). The EIDL application deadline is January 25, 2027; apply through the MySBA Loan Portal.
SBA Disaster Loan Interest Rates Set
The notice sets SBA interest rates for disaster loans: Physical damage rates — Homeowners with credit available elsewhere: 5.625%; Homeowners without credit available elsewhere: 2.813%; Businesses with credit available elsewhere: 8.000%; Businesses without credit available elsewhere: 4.000%; Private non-profits (with/without credit): 3.625%. Economic injury rates — Businesses and small agricultural cooperatives without credit available elsewhere: 4.000%; Private non-profits without credit available elsewhere: 3.625%.
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