HERE ARE SOME HELPFUL RESOURCES AS YOUR BUSINESS IS MAKING PLANS TO RESPOND TO COVID-19

Financial Resources for Small Businesses

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.

FEDERAL

SBA’s Economic Injury Disaster Loan

  • 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.

STATE

Hospitality Emergency Grant Program

  • 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!

Illinois Small Business Emergency Loan Fund DCEO

  • 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!

ACCION

Immediate Payment Reductions

Expedited Line of Credit

The Lake County Health Department has enacted bi-weekly phone briefings for the business community, to be held each Tuesday and Thursday from 11:00 a.m. – 11:30 a.m. to provide the latest updates and answer questions. Recordings of previous briefings are now saved online here.

the U.S. Chamber has created a guide to help small businesses, independent contractors, gig economy workers and other qualifying individuals prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security(CARES) Act.

Briefing on Emergency Coronavirus Funding for 501(c)(3) Nonprofits

U.S. Chamber Foundation president Carolyn Cawley and U.S. Chamber chief policy officer Neil Bradley—or would like to view it again, please click here to watch the video.

QUICK LINKS

COVID-19 Blog Posts

Summary of Bipartisan Agreement on “CARES” Act

$340 BILLION SURGE IN EMERGENCY FUNDING TO COMBAT CORONAVIRUS OUTBREAK This comprehensive package brings to bear the full resources of the federal government to protect the health and well-being of all Americans. More than 80% ($274.231 billion) of the total $339.855 billion provided in the coronavirus emergency supplemental appropriations package goes to state and local […]

Resilience in a Box

Eating & Drinking Establishments: Short-Term Relief from Penalties for Late Sales Tax Payments Due to COVID-19 Virus Outbreak