Looking for Coronavirus (COVID-19) Small Business Relief Programs? Find it here!

See here information and links regarding the grant/loan program opportunities announced by Governor Pritzker and Mayor Lightfoot.  There are options out there for assistance, should you need them.

Below you will find information on what’s currently available: 

  •         Hospitality Emergency Grant
  •         IL SB Emergency Fund
  •         City Relief Fund
  •         SBA Disaster Loan

Hospitality Emergency Grant Program-

To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes.  Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery. Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000.  Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.

Who is eligible?

Bars and restaurants with a valid license to serve food or liquor and who generated revenues of less than $1 million in 2019. Hotels with a valid license (hotels, motels other lodging establishments) and who generated revenues of less than $8 million in 2019.

What can grant funds be used for?

For bars and restaurants, based on the businesses needs identified in the grant application, funds can be used to support working capital (rent, payroll, and other accounts payable), job training (such as new practices related to taking out, delivery and sanitation) and technology enabling new operations as well as other costs to implement that technology.

For hotels, funds can be used as working capital to support the retention of employees.

How do businesses apply?

Businesses can submit an application online here: Landing Page, English Application, Spanish Application. Applications for awards will be accepted until 5:00 pm on April 1st, and winners will be chosen via a lottery, therefore, there is no benefit to submitting an application first as long as a valid, complete application is received by the deadline.

How much money is available?

$14 million is available under this program.

  • Bars and restaurants that generated less than $500,000 in annual revenue last year will be eligible for up to $10,000.
  • Bars and restaurants that generated between $500,000 and $1M in annual revenue last year will be eligible for up to $25,000.
  • Hotels that generated less than $8 million in annual revenue last year will be eligible for up to $50,000.

How soon will businesses receive funds?

Accion will notify businesses on April 4th if they have received an award. Accion and DCEO are striving to make funds available to awarded businesses within two days of receiving the necessary bank information from an awarded grantee.

Illinois Small Business Emergency Loan Fund-

DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000.

Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply.  Successful applicants will owe nothing for six months and will then begin making fixed payments at a below-market interest rate for the remainder of a five-year loan term. Starting this Friday, March 27th, interested businesses will be able to express interest at a form that will be posted on the DCEO website first listed above.

Who is eligible?

Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 can apply.  Small businesses within the City of Chicago can apply to a similar loan program here.

What can loan funds be used for?

Loans can be used to support working capital.

How do businesses apply?

Businesses will be able to complete an interest form on this web page on Friday, March 27, 2020.

How much money is available?

Businesses can receive up a low-interest loan of up to $50,000 with a 5 year repayment period with no payments due for the first six months.

How soon will businesses receive funds?

Eligible businesses will be invited to submit a full application beginning on April 1. Once submitted, we will strive to make a loan decision within 10 days, and make funds available within two days of receiving bank information from a business.

City of Chicago Relief- 

Mayor Lori E. Lightfoot announced a new $100 million economic relief package to support Chicago’s small businesses that are experiencing a temporary loss of revenue as a result of the COVID-19 outbreak. Building on the administration’s ongoing efforts to help reduce the financial impact of this public health crisis on residents, the City is launching the new Chicago Small Business Resiliency Loan Fund in partnership with the Catalyst Fund, chaired by Treasurer Melissa Conyers-Ervin, and other private sponsors. The new fund will provide more than $100 million in low-interest loans to severely impacted small businesses over the coming months, targeting historically under-resourced communities with an emphasis on minimizing hardship for those businesses and their employees.

The new emergency fund will lend up to $50,000 in working capital loans to neighborhood entrepreneurs suffering a substantial economic injury to help support rent and payroll expenses. The City will be working with a network of Community Development Financial Institutions (CDFIs), who will be responsible for providing support with application screening, credit underwriting, loan disbursements, and servicing.

“We have been engaging daily with Chicago’s small business community to share the latest health guidance and understand what supports are needed,” said BACP Commissioner Rosa Escareno. “Small businesses are the lifeblood of our community and these measures will provide necessary relief during this unprecedented time. We will continue working closely with our local business owners to identify more ways to help – you are not alone.”

To ensure the most-severely impacted businesses have access to the financial aid relief, eligible businesses must have experienced a more than 25% revenue decrease due to the impact of COVID-19.  Furthermore, to qualify as a small business, each establishment must have fewer than 50 employees. Beginning on March 31, the City’s CDFI partners will begin accepting loan applications from local businesses. In the meantime, business owners and entrepreneurs are encouraged to fill out an interest form and a City representative of the fund will reach out on the next steps.

https://www.chicago.gov/city/en/depts/mayor/press_room/press_releases/2020/march/SmallBusinessReliefPackage.html

https://www.surveymonkey.com/r/COVID19Chicago

 SBA Federal Disaster Loan Assistance-

The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster-damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters. 

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2020-03-26T20:31:15+00:00 Chicago, Negocios, Wintrust|