If you are considering applying for financial resources, we encourage you to apply as soon as possible. Most loan programs are "first-in-first-out".
- Reinvest DuPage – In an effort to assist small businesses and independent contractors impacted by COVID-19, DuPage County in conjunction with Choose DuPage is providing grants to use for employee retention payroll, utilities, and rent.
- Paycheck Protection Program – The U.S. Small Business Administration (SBA) will provide $349 billion in loans through the Paycheck Protection Program to small businesses and non-profits. Businesses will need to apply through banks but there will be no credit checks. Portions of these loans will be forgiven to the extent that recipients maintain their existing workforce or rehire. Loans can be up to $10 million and interest rates are maxed at 4% for portions of the loan that do not qualify for loan forgiveness. Looking for a lender? The SBA can help there too! See also: Frequently Asked Questions from the Illinois Department of Human Services.
- Economic Injury Disaster Loan – The program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Borrowers can request an emergency advance of $10,000 within 3 days of submitting the application and do not have to repay the advance if they are denied a loan. Guarantees are reduced to ease access to credit. Additionally, there are some options for debt relief.
- The State of Illinois COVID-19 Resources for Businesses offers, among other things, three grant programs offering over $90 Million for small businesses.
- Subsidy for Current Loan Payments – The SBA will cover up to 6 months of principal and interest payments that are owed on most existing SBA loans.
- The Illinois Department of Commerce & Economic Opportunity (DCEO) has launched Invest in Illinois - loans for small businesses and non-profits.
- Cook County Community Recovery Initiative – Cook County’s Bureau of Economic Development has launched The Community Recovery Fund as part of the Community Recovery Initiative. This loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County.
- Cook County has released a COVID-19 Taxes, Fines and Fees Relief Package, including a property tax relief program.
- DuPage County has waived late fees for property taxpayers impacted by COVID-19
- The Treasurer of Illinois announced a new program that will is making $250 million available through Illinois banks and credit unions to help small businesses.
- The Illinois Department of Revenue created a web page to provide information and resources to help Illinois taxpayers, businesses, and others affected by the Coronavirus.
- The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the Coronavirus. They are allowing corporate taxpayers a deferment of federal income tax payments until July 15, 2020, without penalties or interest. The IRS Employee Retention Credit is refundable for 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
- Training and Advising for Existing Businesses – Additional funds are provided to SBDCs, Women’s Business Centers, and Minority Business Centers for education, training and advising to small businesses. Small Businesses can take advantage of this now.
- Aid to Midsize Businesses and Nonprofits – $454 billion will be available from the U.S. Treasury to provide financial assistance through loan programs established by the Federal Reserve. As part of that, a special fund is dedicated to midsize businesses and nonprofits with 500-10,000 employees to provide financing to banks and other lenders to make direct loans to these entities. The interest rate on those loans would be capped at 2%, with no payments due for the first six months. These loans cannot be forgiven.
- Significant restrictions will be placed on the midsize business and nonprofit assistance, such as prohibiting paying out dividends while the loan is outstanding. More guidance will be forthcoming from the U.S. Treasury on additional criteria and funding access.
- Facebook is offering $100M in cash grants and ad credits to help during this challenging time.
- Verizon Small Business Recovery Fund, Verizon and Local Initiatives Support Corporation (LISC) are offering grants up to $10,000
- Commonwealth Edison steps to help customers