PLEASE MONITOR THE DCEO COVID-19 UPDATE SECTION FOR THE MOST UP-TO-DATE INFORMATION:
https://www2.illinois.gov/dceo/Pages/default.aspx
DOWNSTATE SMALL BUSINESS STABILIZATION PROGRAM INFORMATION:
- $20 million total program for working capital grants (800 grants available)
- Offers $25k grants to employers up to 50 employees
- Funds available in collaboration with local governments that do not receive direct CDBG allocations
- Large urban communities are not eligible for this program. These communities will likely receive increased direct federal funding.
- More at: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
PRE APPLICATION - this will give the Economic Development office all the necessary information to complete the grant application.
GUIDEBOOK - the complete application.
OTHER LOANS & ASSISTANCE AVAILABLE:
PAYCHECK PROTECTION PROGRAM
- Creates forgivable SBA loans administered through local banks
- Helps small businesses, non-profits, independent contractors, and self-employed
- Limited to under 500 employees
- Maximum loan of $10 million
- Business must good-faith certify that funds are needed for COVID-19 related purposes and funds will be used to retain workers
- Eligible expenses include payroll (including for tipped workers), insurance, rent, mortgage, and utilities
- Amount spent by borrower in the first 8 weeks from loan origination may be forgiven; amount reduced proportionate to reductions in workforce as compared to previous year; if rehires made during 8 week period, no penalty in reflection of possible layoffs early in the 8 week period
- Anything not forgiven or repaid by 12/31/20 will convert to a max 10 year loan at a max 4% interest rate; loan will remain 100% guaranteed
- More information will be made available upon passage of the $2 trillion federal stimulus and coronavirus relief package
GRANTS
Illinois Hospitality Emergency Grant Program - Deadline is APRIL 1st
LOANS
Illinois Small Business Emergency Loan Fund
