Looking for information on the SBA Disaster Loan Program?    Learn More 800-975-1691

SBA Disaster Loan Programs

Get Help During COVID-19

We are actively involved in helping businesses across the United States in dealing with the ever-changing financial climate brought on by the COVID-19 Pandemic. Businesses are utilizing our advisory services to:

  • Understand the different solutions available to fit each company’s needs from comparing the various alternative sources of capital provided through the SBA Cares Act to answering questions regarding what program businesses should apply for;
  • Helping businesses through the complexities of the application process, including assisting businesses in understanding the information they need to provide to qualify for each specific program;
  • Helping businesses stay in compliance with the program requirements;
  • Assisting businesses to plan for life after COVID-19. We are monitoring the ever-changing guidelines for these programs. Contact us today to for COVID-19 solutions to fit your needs!

SBA Coronavirus Relief

 Existing SBA 7(a) Loans (For the SBA Debt  Relief Program)Paycheck Protection ProgramSBA Express LoansSBA Express Bridge LoansEconomic Injury Disaster  Loans (EIDL)
Maximum Loan Size$5,000,000$10,000,000$1,000,000$25,000$2,000,000 with a $10,000  advance
Use of Proceeds
•Permanent working capital •Revolving working capital •Furniture and fixtures •Machinery and equipment •Purchase of land as part of an eligible project •Purchase, construction or renovations to buildings
•Business acquisition •Refinancing of existing debt
•Payroll
•Rent
•Utilities •Interest on mortgage payments (principal or prepayments  excluded) •Interest on any other debt  incurred prior to Feb 15, 2020
•Permanent working capital •Revolving working capital •Furniture and fixtures •Machinery and equipment •Purchase of land as part of an eligible project •Purchase, construction or renovations to buildings •Business acquisition •Refinancing of existing debt
•Working capital to support  the survival and/or reopening of the small business
•Payroll
•Rent
•Utilities •Interest on Debt incurred
•Accounts Payable •Some bills that could have been paid had the disaster  not occurred
DefermentThrough December 31, 20206 months to 1 yearThrough December 31, 2020Through December 31, 2020Currently through December  31, 2020 with the possibility  to extend up to 4 years
Maximum Guaranty85% for loans up to $150,000 and 75% for  loans greater than $150,000100%50%50%N/A
Maximum Interest  RatePrime + 2.75%1%Prime + 6.5%Prime + 6.5%3.75% for businesses and  2.75% for nonprofits
Size EligibilityBased on SBA's size standards500 or fewer employeesBased on SBA's size standardsBased on SBA's size standardsBased on SBA's sized  standards
SBA Turnaround  Time5‐7 business daysDependent on how many  applications are in36 hours36 hours3 ‐ 4 weeks for disbursement
CollateralFor loans over $350,000, collateralize the  loan to the maximum extent possibleNo personal guarantee or collateralLenders' existing collateral policy for  loans over $25,000No collateral requirement
Personal guarantees have  been modified and/or  eliminated
ForgivenessYesYesNoMay be repaid in full or in part  by proceeds from SBA EIDL  loanDoes not need to repaid if  used for payroll

Chicago

6859 W. Addison
Chicago, IL 60634
800-975-1691

Crystal Lake

8600 US Hwy 14
Suite 102
Crystal Lake, IL 60012
815-893-7151
}

Monday – Friday
8AM – 4PM

info@icadvisors.com

    Contact us today and tell us about your business or opportunity

    Chicago

    6859 W. Addison
    Chicago, IL 60634
    800-975-1691

    Crystal Lake

    8600 US Hwy 14
    Suite 102
    Crystal Lake, IL 60012
    815-893-7151
    }

    Monday - Friday
    8AM - 4PM

    info@icadvisors.com

      Contact us today and tell us about your business or opportunity