More than $ 20 million in damage to Cook County during civil unrest, state says
Looters and vandals caused more than $ 20 million in property damage in Cook County alone during civil unrest sparked by the murder of George Floyd by Minneapolis police, state officials said Thursday.
A aftermath investigation found that 40 businesses in Cook County suffered significant damage and uninsured losses, while 95 other businesses suffered minor damage, according to the Department of Trade and Economic Opportunities. Illinois and the State Emergency Management Agency.
The figures helped the state secure low-interest federal loans for businesses and nonprofits of up to $ 2 million each from the US Small Business Administration to help rebuild counties by Cook, Lake, DuPage, Will, Kane and McHenry.
Damage assessments are still ongoing in other areas where chaotic scenes sometimes unfolded from May 26 to June 8, alongside widespread protests against police brutality that continued throughout this month.
To be eligible for SBA disaster declarations, counties must have seen at least 25 homes or businesses with major uninsured losses of 40% or more.
After dust settled on the first night of the major wreckage in downtown Chicago on May 30 and 31, city officials estimated more than 100 companies have been harmed, with insurance covering most costs.
But the destruction marked a devastating double blow for many businesses already reeling from the coronavirus shutdown.
“Without a doubt, COVID-19 has placed an unprecedented burden on businesses in our state, and the recent damage suffered during the civil unrest is only making things more difficult for business owners,” said Michael Negron, acting director of the State Department of Commerce and Economics. Opportunity. “These SBA disaster loans will provide a vital resource for Illinois businesses considering making repairs and reopening safely.”
In addition to businesses and nonprofits, homeowners can borrow up to $ 200,000 for real estate, and owners and tenants can borrow up to $ 40,000. for personal property.
Those considering applying for loans can obtain additional information through the SBA’s Virtual Disaster Loan Outreach Center at DisasterLoanAssistance.sba.gov; by email to [email protected]; or by phone at (571) 422-6016 or (470) 363-6079.
The deadline for filing property damage claims is August 24. Claims for economic damage are accepted until March 23, 2021.