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The original item was published from 4/1/2020 12:12:00 PM to 4/2/2020 8:12:45 AM.

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Posted on: March 23, 2020

[ARCHIVED] Resources For Businesses


Federal Assistance

  • 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. Coronavirus Aid Relief and Economic Security (CARES) Act.  Click here for more information
  •  U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Program 
    • Small businesses and private non-profits can apply for loans up to $2 million.
    • Program offers working capital for payroll, accounts payable, and fixed debt payments
    • Interest rates are 3.75% for small businesses and 2.75% for non-profits.
    • Apply as soon as possible, as there are thousands of businesses that are applying for loans across the state. The process takes about 30 days.
    • Click here for more information
  • Additional SBA Resources
    • Information for small businesses affected by coronavirus is available here.
    • Follow @SBA_Illinois on Twitter.
    • You can also email or call (312) 353-4528 (Chicago office) or 217-(217) 747-8249 (Springfield office) to talk to a Small Business Administration team member directly.

State of Illinois Assistance

  • Hospitality Emergency Grant Program
  • Tax Delay
  • Illinois Small Business Emergency Loan Fund
    • Small businesses low-interest loans of up to $50,000.
    • Businesses outside Chicago with less than 50 workers and $3 million in 2019 revenue.
    • 5-year term; payments deferred 6 months; below-market interest rates.
    •  Click here for more information

Cook County Assistance

  • Cook County COVID-19 Taxes, Fines and Fees Relief Package
    • Due dates for Home Rule Taxes like the Alcoholic Beverage Tax, Amusement Tax, Tobacco Tax, and Gasoline and Hotel Accommodations Tax will be pushed back.
    • So will numerous fines and fees under the jurisdictions of the Departments of Transportation and Highways, Environment and Sustainability, Revenue, Building and Zoning, and Public Health.
    • Click here for more information


Emergency Resources for Workers

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