U.S. Small Business Administration Approves Disaster Declaration for May 15 Oak Lawn Apartment Complex Fire

SPRINGFIELD - The U.S. Small Business Administration (SBA) has approved a disaster declaration for the fire that impacted Stephenson County on May 15, 2026. The declaration makes long-term, low interest disaster loans available to homeowners, renters, businesses, and certain non-profits to help cover losses not fully compensated by insurance.

The SBA declaration covers Cook County as the primary county, as well as the contiguous Illinois counties of DuPage, Kane, Lake, McHenry, and Will, and the contiguous Indiana county of Lake.

The Illinois Emergency Management Agency and Office of Homeland Security (IEMA-OHS) is working with the U.S. Small Business Administration (SBA) to provide assistance to residents impacted by fire with disaster loan assistance.

"The availability of low interest disaster recovery loans provides a valuable resource for residents impacted," said IEMA-OHS Director Theodore (Ted) Berger. "This support strengthens overall recovery efforts and helps residents move forward."

An SBA Disaster Loan Outreach Center (DLOC) is currently available:

Oak Lawn Public Library

9247 Raymond Ave, Oak Lawn

Open Monday-Friday 9 a.m. - 6 p.m.

Open Saturdays 10 a.m. - 2 p.m.

Closes permanently Friday, June 26.

Homeowners and renters can apply for up to $500,000 in low-interest loans to repair or replace damaged or destroyed real estate. Homeowners or renters can apply for up to $100,000 to repair or replace damaged or destroyed personal property such as appliances and furniture.

The SBA's Economic Injury Disaster Loan (EIDL) program, offering loans up to $2 million, is available to small businesses, small agricultural cooperatives, and private nonprofit (PNP) organizations that have suffered financial losses as a direct result of the disaster. However, the SBA cannot offer disaster loans to agricultural producers, farmers, or ranchers, except for those operating small aquaculture enterprises.

Available SBA Assistance

According to the SBA fact sheet and declaration:

Application Deadlines:

• Physical Damage Loans: July 17, 2026

• Economic Injury Disaster Loans (EIDL): February 18, 2027

Loan Amounts:

• Home Disaster Loans: Up to $500,000 for real estate repair/replacement and up to $100,000 for personal property.

• Business Physical Disaster Loans: Up to $2 million for repair or replacement of real estate, equipment, inventory, and other business assets.

• EIDL: Up to $2 million to help small businesses, small agricultural cooperatives, and most private nonprofits meet financial obligations caused by the disaster.

Interest Rates:

• Homeowners: 2.875% (no credit elsewhere) / 5.750% (credit available elsewhere)

• Businesses: 4.000% (no credit elsewhere) / 8.000% (credit available elsewhere)

• Non-profits: 3.625%

How to Apply

Survivors may apply online using the MySBA Loan Portal at https://lending.sba.gov.

They may also receive assistance at locally announced Disaster Loan Outreach Centers.

For additional information, contact SBA's Disaster Assistance Customer Service Center at 1 800 659 2955 or email [email protected]. If you use TTY relay services, dial

7 1 1.

Note: Impacted residents, regardless of where they live can go to any SBA Disaster Loan Outreach Center (DLOC) site, even if it is not their ward, county, or municipality. Each location will have a Spanish translator available.

Online Applications

To apply online, visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability,