La Grange homeowners and small business owners who took damage from last summer's flooding have less than four weeks to apply for federal disaster loans — and some could qualify for up to $500,000.
The U.S. Small Business Administration approved a disaster declaration covering Cook County after severe storms and flooding struck northeastern Illinois in August 2025. Gov. J.B. Pritzker requested the disaster declaration on March 12, 2026. Announced on March 18 by both the SBA and Cook County, it makes low-interest federal loans available to homeowners, renters, businesses, and certain nonprofits for losses not fully covered by insurance.
What you can borrow
- Homeowners can apply for up to $500,000 to repair or replace damaged real estate.
- Homeowners and renters can apply for up to $100,000 to replace personal property — appliances, furniture, and similar items.
- Businesses and qualifying nonprofits can borrow up to $2 million for physical damage to real estate, equipment, inventory, and other assets.
Two types of loans, two deadlines
The SBA is offering two programs. Physical damage loans cover repairs to property — the application deadline is Friday, May 15, 2026. Economic Injury Disaster Loans (EIDLs) cover ongoing financial losses to small businesses and nonprofits caused by the disaster; those applications are due Wednesday, Dec. 16, 2026.
How to apply
The SBA's Disaster Loan Outreach Center in Berwyn, which opened March 20, has already closed. As of April 18, applicants should apply online or by phone directly through the SBA. Cook County confirmed the declaration in a March 18 release, noting that the Illinois Emergency Management Agency and Cook County's Department of Emergency Management and Regional Security are working with the SBA to provide assistance.
