The CARES Act has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some—or possibly any—of the loan. We encourage you and your members to utilize the U.S. Chamber’s Coronavirus Emergency Loans Small Business Guide and Checklist to help answer common questions and navigate the process.
- SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non profit organizations.
- Illinois restaurants and bars with 2019 revenues under $1 million, and hotels with under $8 million in 2019 revenue may receive a $25k to $50k grant depending on size, with spending allowed on working capital (like payroll and rent), job training, and technology to support change in operations (such as delivery service). Businesses who will spend towards training and technology investment seem to have more spots available. APPLY BY APRIL 1ST!
- In partnership with the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000. Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term. SUBMIT EXPRESSION OF INTEREST!