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Small Business Help/Resources

UPDATE 4-13-20

We spoke with the SBA this morning regarding timing on how long the Economic Injury Disaster Loan process should take. The expected turn around time is about three weeks after the time of application to receive a notification from the SBA via e-mail regarding your up to $10,000 emergency advance and another e-mail connecting you with a loan officer for the full loan that you will be requesting. At that time, they will be seeking more information to process the loan.

Secondly, please don’t forget about the Paycheck Protection Program, as well as the other available programs. 

Finally, We received a Small Business Owner’s Guide to the CARES act from our Congresswoman Underwood’s small business team. Please take the time to review this. There is a lot of great information in the 11 pages presented

Finally, please feel free to Trustee Krajecki, Village Hall, or our Chamber of Commerce. We are all here to help.


After the passing of the CARES stimulus package there has been a modification to the Economic Injury Disaster Loan (EIDL) program that we have been talking about over the last week or so.  Basically, if you apply for an EIDL loan you can request an emergency advance of up to $10,000, and it does not have to be paid back even if you do not get approved for an EIDL loan.  Additionally, the money should be sent to you within 3 days.  Most of the rest of the requirements have not changed.  The new piece is the emergency advance portion. 
 
Here is a link to the SBA.gov site where you can start the application:  https://www.sba.gov/disaster/apply-for-disaster-loan/index.html
 
Please also feel free to look around on the internet for videos helping you to walk through the application process.  


Useful Links
Economic Injury Disaster Loan
Paycheck Protection Program
Emergency Hospitality Grant
Illinois based SBA Loan

Local contacts for SBDC
McHenry County College 
Mark Butler mbutler535@mchenry.edutheir
Website:  https://www.mchenry.edu/isbdc/index.asp
Phone:815-455-6098
 
Waubonsie Community College 
Harriet Parker hparker@waubonsee.edu
Website:  https://www.waubonsee.edu/community-offerings/illinois-small-business-development-center-waubonsee
Phone: 630-906-6143


Useful Downloads
SBA 3 Step Disaster Loan Process
SBA Disaster Loan Presentation