3/26/2020 – Below is the information for a new package of emergency assistance programs for small businesses.
Illinois Small Business Emergency Loan Fund
This $60 million fund will support low-interest loans of up to $50,000 for small businesses in every industry outside of Chicago.
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are partnering with Accion, the Illinois Bankers Association and the Community Bankers Alliance of Illinois to create this fund. Loans will be supported by a $30 million loan loss reserve, consisting of $20 million of DCEO funds and $10 million in funds secured with the partnership with the Illinois banking community.
Applications will be available on DCEO’s website by Friday, March 27.
Downstate Small Business Stabilization Program
This new $20 million program supports small businesses in suburban and rural counties across Illinois, providing grants of up to $25,000 to small businesses in communities served by DCEO’s Office of Community Development.
These grants will offer businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. The program redeploys Community Development Block Grant funds to support local small businesses.
Applications will be available on DCEO’s website by Friday, March 27. The grants will be offered on a rolling basis.
Hospitality Emergency Grant Program
This new $14 million grant program aims to help small hospitality businesses make ends meet, providing up to $25,000 to eligible bars and restaurants and up to $50,000 for eligible hotels.
These grants are available to support working capital – like payroll and rent – job training and technology to support shifts in operations, like increased pick-up and delivery.
Bars and restaurants that generated between $500,000 and $1 million in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500,000 in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8 million in revenue in 2019 are eligible for up to $50,000. The program re-purposes job training and tourism promotion funds to provide this emergency grant assistance.
Applications are available today on DCEO’s website and are due by April 1 at 5 p.m. All valid, eligible applications received within the five-day window will be entered into a lottery, and grant winners will be notified on April 4.
Click here to go to the DCEO webpage with further details.
3/26/2020 – Click here for COVID-19 Guidance for Large Businesses