CHICAGO – Families and businesses that have been impacted by the severe storms, tornadoes and flash flooding across the Chicagoland area this summer could be eligible for recovery assistance from the U.S. Small Business Administration as well as waived tax penalties and interest, State Senator Elgie R. Sims, Jr. announced Friday.
“Following a disaster, it’s important for the community to come together and help each other heal,” said Sims (D-Chicago). “Disaster tax relief and assistance from the U.S. Small Business Administration can give families and business owners the boost they need to bounce back.”
Earlier this month, the SBA approved Illinois’ disaster declaration for Cook and Will counties for damage resulting from the July 27 and Aug. 9-11 storms. Residents in the surrounding counties of DuPage, Grundy, Kane, Kankakee, Kendall, Lake and McHenry are also eligible to apply for the SBA’s long-term, low-interest disaster loans.
The declaration makes three types of loans available:
- Business Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventory, supplies, machinery and equipment. These applications must be received by the SBA no later than Oct. 19, 2026.
- Economic Injury Disaster Loans: Working capital loans to help small businesses, small agricultural cooperatives and most private nonprofits meet their ordinary and necessary financial obligations that cannot be met as a result of the disaster. These applications must be submitted to the SBA no later than May 18, 2027.
- Home Disaster Loans: Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. These loan applications are due Oct. 19, 2026.
Applicants can apply for SBA assistance and receive additional disaster information here or by calling the SBA Customer Service line at 800-659-2955.
To further assist impacted residents, temporary tax relief will also apply to the counties included in Illinois’ disaster proclamation. Taxpayers may send a brief written explanation to the Illinois Department of Revenue requesting a waiver of tax penalties and interest. Requests can be submitted electronically to
Taxpayers who experienced property damage should contact their county supervisor of assessments if they wish to apply for a reassessment.
Will County residents can find information here about Multi-Agency Resource Centers, which provide access to in-person assistance and resources related to storm recovery. Disaster Loan Outreach Centers in Cook County will remain open through Sept. 4.
