Yingling Encourages Local Small Businesses to Apply for Disaster Relief Services
03/27/2020ROUND LAKE BEACH, Ill. – In response to the economic disruptions caused by the COVID-19 outbreak, state Rep. Sam Yingling, D-Grayslake, is highlighting the new disaster relief loans offered by the U.S. Small Business Administration (SBA) to relieve the economic impact facing small businesses.
“With so many of our local small businesses hurting during this crisis, we need to make sure we are taking advantage of every resource available to help them stay afloat,” said Yingling. “I applaud the SBA for offering these loans to the businesses that are hit hardest by this crisis, and I encourage local business owners to check their eligibility for this program.”
The SBA is providing low-interest, long-term loans to assist small businesses during the pandemic. These loans can be up to $2 million for as long as 30-years, with rates at 3.75% for small businesses and 2.75% for non-profits. More information and application forms can be found at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.
As the past president of the Round Lake Area Chamber of Commerce, Yingling has long been a supporter of local small businesses. Yingling regularly visits with local small business owners throughout the district to understand their needs and how he can be helpful. In Springfield, Yingling has worked to find ways to support local businesses, including supporting a bill to expand tax credits for small to medium-sized businesses.
“Small businesses are an incredibly important part of our local economy, and finding solutions to the issues they face is one of my top priorities,” said Yingling. “I highly recommend all the local small businesses to do their due diligence and see if these loans would help them stay afloat during this difficult time.”