Media

The State of Illinois has received its statewide Economic Injury Declarationwhich means small businesses in all 102 Illinois counties may be eligible for low-interest, economic injury disaster loans up to $2M per business.

Businesses can access additional information and apply for the loan online here.

There are hardship programs in place to help homeowners who have been directly or indirectly affected by the coronavirus and are struggling to make their mortgage payments. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, encourages homeowners adversely impacted by the coronavirus who are having difficulty paying their mortgages to reach out to their mortgage servicers as soon as possible. As the Consumer Financial Protection Bureau advises, “you can find the number for your mortgage servicer on your monthly mortgage statement or coupon book.”

There are hardship programs in place to help homeowners who have been directly or indirectly affected by the coronavirus and are struggling to make their mortgage payments. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, encourages homeowners adversely impacted by the coronavirus who are having difficulty paying their mortgages to reach out to their mortgage servicers as soon as possible. As the Consumer Financial Protection Bureau advises, “you can find the number for your mortgage servicer on your monthly mortgage statement or coupon book.”

ILLINOIS CONGRESSIONAL DELEGATION URGES SMALL BUSINESS ADMINISTRATION TO APPROVE FEDERAL LOAN ASSISTANCE FOR ILLINOIS IN RESPONSE TO CORONAVIRUS

Rep. Davis released the following statement after the U.S. Department of the Treasury and the Internal Revenue Service announced that Americans owing up to $1 million in federal income tax and businesses owing up to $10 million in federal income tax would have an additional 90 days (until July 15, 2020) to make their tax payments without penalty or interest:

As many students have already taken out loans to pay for their educational expenses, we encourage you to provide further clarification on the details of the student loan debt interest relief that was announced by President Trump and work with lenders, education institutions, and the students to ensure students are not left paying for educational benefits that they did not receive. We ask that you join us in safeguarding our students’ health while also protecting their access to an affordable education.

SBA ECONOMIC INJURY DISASTER LOANS COVID-19 FREQUENTLY ASKED QUESTIONS

• Question: Congress passed disaster loans for small businesses. What happens now? https://disasterloan.sba.gov/ela/

o Answer: SBA is working directly with Governors to provide targeted, low-interest loans to small businesses and private nonprofit organizations that have been severely impacted by the Coronavirus (COVID-19) outbreak.

• Question: My state received approval, but it wasn’t state-wide. Will SBA allow more counties to be approved?

Following the passage of the Bipartisan Families First Coronavirus Response Act Representative Danny K. Davis issued the following statement: