Small Business Administration (SBA) Economic Injury Disaster Loans o The State of Illinois has received its statewide Economic Injury Declaration which means small businesses in all 102 Illinois counties may be eligible for low-interest, economic injury disaster loans up to $2M per business.

Paycheck Protection Plan (PPP)

Resources

Chicago Community Loan Fund

PPP Program Overview and Eligibility Requirements

Lenders

Associated Bank

Community Reinvestment Fund, USA (CRF)

Illinois Business Interruption Grants (BIG)

Designed to support many of the small businesses hit hardest by COVID-19. The BIG Program is available for up to 3,500 businesses that experienced a limited ability to operate due to COVID-19 related closures.

Program includes support for:

Businesses in DIAs - $20 million for businesses that are located in a subset of DIAs that have recently experienced significant property damage, providing 1,000 grants of $20,000 each
Bars and Restaurants - $20 million for bars and restaurants unable to offer outside service, providing at least 1,000 grants of up to $20,000 each
Barbershops and Salons - $10 million for barbershops and salons, providing 1,000 grants of $10,000 each
Gyms and Fitness Centers - $10 million for gyms and fitness centers that have lost significant revenue due to COVID-19, providing 500 grants of $20,000 each

Application portal opens week of June 22, 2020. Application will be available on DCEO website - https://www2.illinois.gov/dceo/Pages/default.aspx

Illinois Rebuild Distressed Capital Program

Aims to support Illinois businesses that have sustained property damage as a result of civil unrest during the recent protests and demonstrations on or after May 25, 2020. The Distressed Capital Program will reimburse the costs to repair structural damages, including repairs to storefronts and entrances, improving electrical systems, and restoring exterior work. The program will prioritize small businesses, women and minority-owned businesses, underinsured or uninsured businesses, businesses that have a high community impact - such as grocery stores - and businesses in communities that have experienced historic disinvestment.

Application portal opens week of June 22, 2020. Application will be available on DCEO website - https://www2.illinois.gov/dceo/Pages/default.aspx

Chicago Microbusiness Recovery Grant

City of Chicago has established a Microbusiness Recovery Grant Program to provide $5,000 grants for up to 1,000 small businesses located in low- and moderate-income areas of the city that have been severely impacted by COVID-19. Applications to this program will be accepted until 5:00pm on Monday, May 4. BACP is holding a series of webinars to provide information and answer questions about the City of Chicago Microbusiness Recovery Grant Program click here to register for a webinar.

Learn more about the grant program here. Click here to apply now.

Illinois Small Businesses Emergency Loan Fund

Low-interest loans of up to $50,000 to support payments of fixed debt, payroll, accounts payable, and other bills that cannot be paid due to the impact of the COVID-19 pandemic. o Program is joint venture of DCEO, IDFPR, Accion, and the Illinois banking community. A $30M loan loss reserve will enable $60M in loans. o Illinois businesses with fewer than 50 employees and less than $3M in 2019 revenue are eligible to apply.

Apply to Accion here

Illinois Treasurer’s Office Small Business COVID-19 Relief Program

The state treasurer’s office has made $250 million available in bridge loans to small businesses through participating Illinois banks and credit unions. The financial institutions will determine who is eligible for the loans.

Click here for more information

City of Chicago Small Business Resiliency Fund

$100M fund supporting low-cost five-year loans for qualifying small businesses. o Provides loans of up to $50,000, depending on revenues before the COVID-19 outbreak. o Funds can be used for working capital. o Chicago small businesses with fewer than 50 employees and gross revenues less than $3 million in 2019 are eligible.

Click here for applications and more information

Hospitality Emergency Grant Program

Illinois Department of Commerce and Economic Opportunity will be providing grants of up to $25,000 for bars and restaurants under $1 million in annual revenue to offset immediate costs related to worker retraining, technology needs and working capital. Hotels that generated less than $8 million in revenue in 2019 are eligible for grants of up to $50,000. Applications are closed. Grant recipients, determined by lottery, were notified in early April.

Click here for more information

Illinois Downstate Small Business Stabilization Program

$20 million program for small businesses in suburban and rural counties across Illinois, providing grants of up to $25,000 to small businesses in communities served by DCEO's Office of Community Development. These grants will offer businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. The grants will be offered on a rolling basis.

Click here for application materials and guidebook

Economic Development Agency Economic Adjustment Assistance (EAA) Program

The CARES Act increased EAA grant funding nationwide by $1.5B in response to the COVID-19 crisis. The EAA program supports comprehensive regional planning as well as economic development projects (construction and non-construction) that address ongoing economic distress or a sudden and severe dislocation, including disasters or emergencies. State and local governments, higher education institutions, and non-profits working with local governments are eligible to apply. Applications will be accepted on a rolling basis .

Click here for more information

United States Chamber of Commerce

The Save Small Business Fund will award $5,000 grants to small businesses that employ between 3 and 20 people, are located in an economically vulnerable community and have been harmed financially by the COVID-19 pandemic. Click here for more information.