Help for small business

Here are resources to assist small businesses during the COVID-19 Pandemic:

Small Business Administration

Disaster Assistance Loans

The U.S. Small Business Administration is administering low-interest disaster loans to businesses and non-profits of all sizes that have sustained economic injury caused by the COVID-19 Pandemic.

Express Bridge Loan Pilot Program 

The loan program allows small businesses that currently have a relationship with a SBA Express Lender to access up to $25,000 in loans to bridge the gap while waiting for Economic Injury Disaster Loan dollars. More here.

Paycheck Protection Program Loans

This program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Under this program:

Applications for these SBA loans

State of Illinois

Three new programs to help Small Businesses are being facilitated through the Department of Commerce of Commerce and Economic Opportunity (DCEO):

Bridge Loans

The state of Illinois is also working with local financial institutions to provide low-interest loans to businesses and non-profits negatively impacted by the COVID-19 crisis and that would not otherwise qualify for a traditional loan. Information can found below.

Nonprofit Grants

The United Way of Illinois and the Alliance of Illinois Community Foundations announced the launch of the Illinois COVID-19 Response Fund (ICRF), a new statewide fundraising effort to support nonprofit organizations serving those whose lives have been upended by this pandemic. 

The ICRF is launching with nearly $23 million in initial donations. In the upcoming weeks, the steering committee will evaluate and disburse funds to the initial wave of charitable organizations serving at-need communities across the entire state. All donations and distributions will be available to the public. Donations and applications for assistance can be made here