Small Business Resources

The U.S. Chamber of Commerce has developed a Coronavirus Emergency Loan Small Business Guide and Checklist to assist small businesses.

The Cook County has developed a Community Recovery Initiative designed to serve as " a comprehensive initiative to provide economic relief to small businesses, non-profits, community service organizations and independent contractors (1099 workers) in response to the COVID-19 pandemic." To learn more about the programs and assistance available through Cook County, click here

Hospitality Emergency Grant Program

Illinois Small Business Emergency Loan Fund

  • Small businesses with fewer than 50 workers and less than $3 million in revenue in 2019 can apply.
  • Businesses can receive a low interest loan of up to $50,000 with a 5 year repayment period with no payments due for the first six months.
  • Applications will be accepted starting 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.
  • Info and application at https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx

Small Business Administration Disaster Loan Assistance

Illinois Small Business COVID-19 Relief Program

  • The State Treasurer’s Office makes 0.01% interest loans to approved financial institutions, who can then use that money to loan to small businesses.
  • Financial institutions should apply here. Businesses should continue to monitor for an upcoming list of approved institutions.

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. 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. Learn more here.

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. Learn more here.

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. Learn more here.

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

A total of $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.