CHICAGO – State Rep. Kam Buckner, D-Chicago, is highlighting small business assistance available for businesses that suffered damage during civil unrest that occurred in response to the killing of George Floyd.
“Coming on the heels of the economic crisis caused by the COVID-19 pandemic that has hurt small businesses in our community, it is unfortunate that some also suffered damage during civil unrest,” Buckner said. “The small businesses that mean so much to our local neighborhoods deserve the opportunity to rebuild and government should be a partner in helping those businesses rebuild in order to renew and strengthen local communities.”
The federal Small Business Administration (SBA) is offering low-interest loans for businesses affected by civil unrest that occurred between May 26 and June 8. Businesses may be eligible to borrow up to $2 million to repair or replace property including equipment, product inventory, and real estate and for working capital. SBA working capital loans do not require that a business suffered any physical property damage.
Normally, the SBA establishes field offices to offer individual assistance to business owners and operators, but due to the COVID-19 pandemic the SBA will offer individual assistance virtually to local businesses. Businesses can call (470) 363-6079 or (571) 422-6016 weekdays from 8 a.m. to 5 p.m. for assistance or email FOCE-Help@sba.gov. The SBA application deadline for property damage loans is Aug. 24, 2020 and the application deadline for working capital loans is March 23, 2021. Businesses can apply online for loans, download applications to mail in, or find more information at disasterloanassistance.sba.gov.
“Our communities aren’t just looking to rebuild from damage caused by recent civil unrest, they are looking to rebuild from years of disinvestment and unequal treatment,” Buckner said. “It is my hope that this assistance for small businesses can serve as a building block for renewing and restoring neighborhoods that have too often been left behind.”