SPRINGFIELD, Ill. — Help is on the way for residents and small business owners who had havoc wreaked on them in a July storm.
The U.S. Small Business Administration has approved assistance for people in Peoria, Tazewell, Woodford, Marshall, McLean, La Salle, and Livingston Counties who were affected by July 15 flooding.
That storm was said to have dumped upwards of eight inches of rain on Woodford County in just three hours.
A county’s eligibility for SBA funding is dependent upon whether or not at least 25 homes or businesses sustained uninsured losses of 40% or more.
Woodford County was estimated to have had 41 homes and four businesses that met that criteria, and numerous other homes and businesses that sustained minor damage.
Woodford homes and businesses sustained an estimated $1.3 million in damages.
Business Physical Disaster Loans, Economic Injury Disaster Loans, and Home Disaster Loans are all available at the SBA website.
Applications for loans related to physical property damage need to be completed by Oct. 20, 2020. Economic injury applications are due by May 19, 2021.
