Illinois Apartment Fire Triggers SBA Disaster Loans
Published Date: 6/15/2026
Notice
Summary
A big fire at an Oak Lawn apartment complex has led the government to declare a disaster for parts of Illinois and nearby Indiana. This means people and businesses in these areas can apply for special low-interest loans to help fix damage or recover lost income. You’ve got until August 10, 2026, to apply for physical damage loans and until March 10, 2027, for economic injury loans—so don’t wait!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Physical Damage SBA Loans Available
If you suffered physical damage from the Oak Lawn apartment complex fire and are in the affected areas (Primary: Cook County; Contiguous: DuPage, Kane, Lake, McHenry, Will in Illinois; Lake in Indiana), you can apply for SBA physical damage disaster loans. The deadline to apply for physical damage loans is August 10, 2026. Interest rates listed include 5.750% for homeowners with credit available elsewhere, 2.875% for homeowners without credit available elsewhere, 8.000% for businesses with credit available elsewhere, 4.000% for businesses without credit available elsewhere, and 3.625% for private non-profit organizations.
Economic Injury (EIDL) Loans Open
Businesses and small agricultural cooperatives in the declared disaster areas can apply for Economic Injury Disaster Loans (EIDL) to cover lost working capital; private non-profit organizations may also apply. The deadline to apply for EIDL is March 10, 2027. Interest rates for EIDL shown are 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for private non-profit organizations without credit available elsewhere.
How to Apply and Contact SBA
You can apply for disaster assistance loans online at the MySBA Loan Portal (https://lending.sba.gov) or in person at locally announced locations, and you can contact the SBA disaster assistance customer service center by email at [email protected] or by phone at 1-800-659-2955 (7-1-1 for relay). The declaration assigns disaster numbers: physical damage 216425 and economic injury 216430.
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