Updated 08/22/14 – 1:28 p.m.

CHICAGO (CBS) — Two convicted felons have been hit with a slew of criminal charges, accused of shooting two police officers and taking eight people hostage in south suburban Harvey earlier this week.

CBS 2’s Vince Gerasole reports 40-year-old David Jordan, Dixmoor, and 41-year-old Peter Williams, of Chicago, each were charged with two counts of attempted murder of a police officer, eight counts of home invasion, eight counts of aggravated kidnapping, and one count of aggravated criminal sexual assault Thursday night.

At a bond hearing at the Markham Courthouse on Friday, a Cook County judge set Jordan’s bond at $2 million, and Williams’ bond at $2.5 million.

Harvey Police Chief Denard Eaves said a nearly 21-hour standoff with the two suspects started as a routine burglary call at 147th Street/Sibley Boulevard and Robey Avenue early Tuesday afternoon. The situation quickly escalated when someone inside the home called out to the two officers who responded.

“’They have guns and my children are inside.’ At that very moment, gunfire erupted, and the officer received a gunshot wound to his right forearm,” Eaves said.

Darnell Keel, a 15-year veteran officer, suffered a broken arm. The other officer was grazed by a bullet. They pulled back and called for backup, leading to the lengthy standoff as Jordan and Williams held eight people captive inside the house. Four boys aged 1 to 11 were slowly released on Tuesday afternoon and evening.

“During this time, Harvey officers obtained vital information from a tenant of the building; as to the layout of the interior of the home, the number of hostages inside, as well as their ages,” Eaves said.

That intelligence, along with assistance from 26 law enforcement agencies – including hostage negotiators from the Cook County Sheriff’s Department and Illinois State Police – led to SWAT teams storming the home Wednesday morning, after negotiations reached a standstill. Police rescued two women and two girls who were still held hostage, and arrested Jordan and Williams.

At their bond hearing Friday morning, Cook County prosecutors said Jordan and Williams raped one of the women three or four times during the standoff. The children were not harmed, but were terrified by their ordeal

“Children were affected, as well as the adults. The timeframe – 21 hours being held against your will – it would be emotional to anyone,” Eaves said.

Both Jordan and Williams have lengthy criminal records, and were on parole at the time.

Williams’ record includes multiple stints in prison for weapons charges, hijacking, and concealing a homicide.

Jordan was sentenced to 35 years in prison for the 1990 murder of a Chicago cab driver, but was released on parole in September 2013, and was on electronic monitoring, but was unaccounted for for several hours before an arrest warrant was issued Tuesday night.

By the time a warrant was issued, the hostage standoff was 10 hours old. From Tuesday night into Wednesday morning, the pair held six children and two women hostage in a Harvey home.

Police have said the suspects fired more shots at police after holing up inside the home, but no further injuries were reported after the initial encounter with the pair.