Illinois Government Information
As of August 24, 2020 (applications due by September 28, 2020)–
Small businesses have experienced unprecedented disruptions and financial challenges due to the COVID-19 public health crisis. Will County recognizes its small businesses have struggled to pay bills, keep customers, and stay afloat while navigating through the uncertainties of this pandemic.
Will County has earmarked more than $24 million for a Small Business Assistance Grant Program to provide financial assistance to small businesses impacted by COVID-19 so they can maintain operations. Selected businesses may receive up to $15,000 in grant assistance. Businesses that meet the eligibility criteria are encouraged to apply.
In the first wave of grants, priority will be given to small businesses that have been heavily restricted or completely shut down during the pandemic. Additional priority will be given to businesses located in disproportionately impacted areas (DIAs), or low-income areas that have had high rates of COVID-19 cases. Bars and restaurants, barbershops and salons, and fitness centers that are not located in DIAs are also eligible. Businesses eligible for the program must have experienced extreme hardship, demonstrated by experiencing eligible costs or losses in excess of the grant amount since March.
Emergency Small Business Grants and Loans Assistance–specifically for the hospitality industry in Illinois (bars, restaurants and hotels all qualify).
Illinois Small Business Development Center Locations “across the state will be available to assist businesses with accessing available supports for those impacted by the COVID-19 Pandemic.”
Illinois SBDC at College of DuPage, 535 Duane St., Glen Ellyn, IL 60137
Small Business Administration Information
UPDATE: as of 8.8.20 –
Notice: Paycheck Protection Program has closed as of August 8, 2020. Information and updates can be obtained through the link below.
Additional Funding Notice: The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.To learn more about the relief options available for your business, click here.
Small Business Administration Loan information: Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.
SBA Economic Injury Disaster Loans and Loan Advance: “The SBA’s Economic Injury Disaster Loan 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.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.”
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. Small businesses can apply from April 3, 2020, up to June 30, 2020.
PPP Loan Application Form–from the SBA. Printable and editable.
Paycheck Protection Program (PPP) – Summary of Loan Eligibility, Terms, & Forgiveness Provisions–updated March 27, 2020.
SBA Loan – Borrower Information Form. “The purpose of this form is to collect information about the Small Business Applicant (“Applicant”) and its principals, the loan request, indebtedness, information about current or previous government financing, and certain other topics. The information also facilitates background checks as authorized by section 7(a)(1)(B) of the Small Business Act, 15 U.S.C. 636(a)(1)(B). This form is to be completed by the Applicant and all individuals identified below and submitted to your SBA Participating Lender.”
Express Bridge Loan Pilot Program–”This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing.”
CDC Guidelines for COVID-19 and Small Businesses
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019— how to prevent a COVID-19 outbreak at your business, best practices, etc.