Illinois businesses are hurting. Though necessary to help slow the spread of COVID-19, many of our non-essential businesses that were forced to close temporarily may not open again without some help, and those that are still open may not be doing so well either. Many of you are worried about your livelihoods and that of your employees. Know that you have options that are readily available to you. Here is a list of the major sources from federal, state, local and private sources.
Please note: Some of these programs are offered on a limited-term basis and will only be available as long as there are funds to distribute. Stay up to date on your options.
Federal-Level Support through the Small Business Administration
Paycheck Protection Program: This program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Several private companies have been approved to handle applications (though not all are active), including PayPal, Intuit Quickbooks Capital and Square.
Economic Injury Disaster Loan Emergency Loan Advance: This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Express Bridge Loans: Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
State-Level Support in Illinois
Illinois Small Business Emergency Loan Fund: Loan of up to $50,000 to businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019.
Downstate Small Business Stabilization Program: Grant of up to $25,000 for businesses that employ 50 people or less.
Chicago Small Business Resiliency Fund: Up to $50,000 to businesses location within Chicago, based on 3 months average monthly revenues before the COVID-19 outbreak.
United Way of Will County’s COVID-19 Resource Guide contains numerous resources for local individuals, employees, and employers. They are also offering the Will County COVID-19 Response Fund to local nonprofits.
Numerous private companies are giving out grants, reducing fees, or providing free services to small and medium sized businesses. For instance, Facebook Small Business Grants will provide up to $100 million in grant money to businesses affected by COVID-19 in select locations. Be on the lookout for anything you can use.
- SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources
- Illinois Emergency Business Grants and Loan Assistance
- United Way of Will County
- SCORE’s List of Startup Resources