Illinois Declared Disaster Area following Severe storms adn Tornadoes
Table of Contents
- Illinois Declared Disaster Area following Severe storms adn Tornadoes
- Disaster Loan Details and Eligibility
- Key Dates and Deadlines
- Interest Rates
- Understanding Disaster Declarations: An Evergreen Guide
- Frequently Asked Questions About Disaster Assistance in Illinois
- Who is eligible for disaster loans in Illinois following the severe storms and tornadoes?
- What types of disaster loans are available?
- What are the deadlines for applying for disaster loans?
- How do I apply for a disaster loan?
- What interest rates can I expect on a disaster loan?
- Can I apply for a disaster loan even if I have insurance?
- Where can I get more data about disaster assistance?
Following severe storms and tornadoes in May 2025,the U.S. Small Business Governance (SBA) has declared a disaster for the state of Illinois, opening the door for residents and businesses to apply for disaster loans .
The administrative declaration, issued on June 18, 2025, makes low-interest disaster loans available to those in affected areas. The disaster declaration covers physical damages and economic injuries sustained during the incident period, wich began May 16, 2025.
Disaster Loan Details and Eligibility
The declaration specifically targets Williamson County as the primary affected area, with several contiguous counties also eligible for assistance.These include franklin,Jackson,Johnson,Pope,Saline,and Union counties.
Did You Know? The SBA offers disaster assistance in the form of loans to homeowners, renters, businesses and private nonprofit organizations to repair or replace real property, personal property, machinery & equipment, and inventory & business assets that have been damaged or destroyed in a declared disaster.
Loans are available for both physical damage and economic injury. Homeowners and businesses can borrow funds to repair or replace damaged property. Businesses can also apply for Economic Injury Disaster Loans (EIDL) to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
Key Dates and Deadlines
It’s crucial for those affected to take note of the following deadlines:
- Physical Loan Submission Deadline: August 18, 2025
- Economic Injury (EIDL) Loan Application Deadline: March 16, 2026
Applications can be submitted online thru the MySBA Loan Portal.
Interest Rates
Interest rates vary depending on whether credit is available elsewhere and the type of loan. Here’s a breakdown:
| Loan Type | credit Available Elsewhere | Interest Rate |
|---|---|---|
| Homeowners (Physical Damage) | Yes | 5.625% |
| Homeowners (Physical Damage) | No | 2.813% |
| Businesses (Physical Damage) | yes | 8.000% |
| Businesses (Physical Damage) | No | 4.000% |
| Non-Profit Organizations (Physical Damage) | Yes/No | 3.625% |
| Business and Small Agricultural Cooperatives (Economic Injury) | No | 4.000% |
| Non-Profit Organizations (Economic Injury) | No | 3.625% |
Pro Tip: Even if you have insurance, consider applying for an SBA disaster loan. Loan funds can be used to cover the deductible or other expenses not covered by insurance.
The disaster number assigned for physical damage is 21148C, and for economic injury, it’s 211490. For further assistance, contact the SBA disaster assistance customer service center by email or by phone at 1-800-659-2955.
What steps will you take to prepare for future severe weather events? How can local communities better support residents and businesses impacted by disasters?
Understanding Disaster Declarations: An Evergreen Guide
Disaster declarations are formal recognitions by government entities that a significant event has caused widespread damage and disruption. These declarations trigger access to various forms of assistance, including financial aid, technical support, and other resources designed to help affected communities recover.
The Role of the SBA in Disaster Recovery
The U.S.Small Business Administration (SBA) plays a critical role in disaster recovery by providing low-interest loans to homeowners, renters, businesses, and non-profit organizations. These loans can be used to repair or replace damaged property, cover operating expenses, and help businesses get back on their feet.
Preparing for Future Disasters
While it’s impossible to prevent natural disasters, there are steps individuals and businesses can take to mitigate their impact:
- Develop an Emergency Plan: Create a plan that outlines what to do before, during, and after a disaster.
- Secure Insurance Coverage: Ensure you have adequate insurance coverage to protect your property and assets.
- Build an Emergency Fund: Save money to cover unexpected expenses in the event of a disaster.
- stay Informed: Monitor weather forecasts and heed warnings from local authorities.
Frequently Asked Questions About Disaster Assistance in Illinois
Who is eligible for disaster loans in Illinois following the severe storms and tornadoes?
Homeowners,renters,businesses,and non-profit organizations in Williamson county and contiguous counties (Franklin,Jackson,Johnson,Pope,Saline,and Union) are eligible to apply for disaster loans.
What types of disaster loans are available?
Loans are available for physical damage to property and economic injury to businesses. economic Injury Disaster Loans (EIDL) help businesses meet financial obligations and operating expenses.
What are the deadlines for applying for disaster loans?
The deadline to apply for physical damage loans is August 18, 2025. The deadline for Economic Injury Disaster Loans (EIDL) is March 16, 2026.
How do I apply for a disaster loan?
Applications can be submitted online through the MySBA Loan Portal.
What interest rates can I expect on a disaster loan?
Interest rates vary depending on credit availability and loan type, ranging from 2.813% to 8.000%. See the table above for a detailed breakdown.
Can I apply for a disaster loan even if I have insurance?
Yes, you can. Loan funds can be used to cover insurance deductibles or other expenses not covered by your insurance policy.
Where can I get more data about disaster assistance?
Contact the SBA disaster assistance customer service center by email or by phone at 1-800-659-2955.
