COVID-19 RESOURCES FOR BUSINESSES
Below are business resources and programs as it relates to the COVID-19 pandemic. It is the responsibility of any business to research all the resources and programs below to determine how each potential grant or loan may affect their business, or other grants or loans they have applied for.
State of Illinois COVID-19 Information and Resources: Click here
State of Illinois Executive Order: Click here
State of Illinois List of Essential Businesses: Click here
Illinois Unemployment Resources: Click here
SBA Recorded Webinars:
• Webinar 1 - Overview of all programs. To access the recording, visit https://bit.ly/loanwebinar1; click on the link, select watch on web, click join anonymously, and video will begin.
• Webinar 2 - Specifically for sole-proprietors, the self-employed, and independent contractors. To access the recording, visit https://bit.ly/loanwebinar2, click on the link, select watch on web, click join anonymously, and video will begin.
Duke University Funding Tracker: COVID-19 funding tracker, a searchable database of grants, loans, and cash equivalents that can help entrepreneurs, nonprofits, and businesses around the world. Click here for more information.
Forbes Covid-19 Relief Tracker: Forbes is updating this article as more information becomes readily available and will provide different assistance resources from all levels of government and private entities. Click here for more information.
National Restaurant Association COVID-19 Reopening Guidance: A Guide for the Restaurant Industry
International Council of Shopping Centers: COVID-19 Reopening Best Practices
FEDERAL ECONOMIC RESOURCES
Paycheck Protection Program (PPP): This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(s) loan program. Learn more.
Economic Injury Loan Advance (EIDL) (Paused): This loan advance will provide up to $10,000 of economic relief to business that are currently experiencing temporary difficulties. Learn more.
SBA Express Bridge Loans: Enables small businesses who currently have a business relationship with as SBA Express Lender to access up to $25,000 quickly. Learn more.
SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. Learn more.
IRS Employee Retention Credit (ERC): The ERC is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. (cannot be used with EIDL) Learn more.
Main Street Emergency Grant Program: Learn more.
NEW! Main Street Lending Program: The Federal Reserve has designed this assistance program for small and mid-sized businesses that don't qualify for the SBA programs and can't access other forms of capital. The minimum amount to borrow is $500,000. New guidelines were announced May 1st and applications are expected to open shortly after. Learn more.
STATE ECONOMIC RESOURCES
Sales Tax Deferral Bars & Restaurants: https://www2.illinois.gov/Pages/news-item.aspx?ReleaseID=21284
The Business Invest – Small Business COVID-19 Relief Loan: This is an impact investment loan program under which the State Treasurer has made up to $500 million in deposits available to banks and credit unions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. Click here for more information.
NEW! WIOA/IL DCEO Employee Retention Program: The Department of Commerce & Economic Opportunity has made some funds available for local WorkNet offices throughout Illinois to prevent essential, small businesses from laying off or furloughing employees. They are looking for businesses for whom these potential grant dollars would make the difference between keeping workers on or having to layoff/furlough employees.
PRIVATE SMALL BUSINESS FUNDS
Business For All Grant Power by Alice: https://businessforall.helloalice.com/
Salesforce Cares Small Business Grant: https://grants.ureeka.biz/salesforce
Restaurant Strong Fund Grant: https://www.restaurantstrong.org/about/index.html
Please see the Duke University and Forbes relief trackers above that provide many different private grants and funding opportunities as they become available.