CICI has worked with a number of our colleagues in Springfield to collect the following resources and information pertinent to economic assistance for businesses at both the state and federal level.  If you have any questions, do not hesitate to contact me.  

Federal & State of Illinois Financial Assistance for Businesses

• Paycheck Protection Program – The U.S. Small Business Administration (SBA) will provide $349 billion in loans through the Paycheck Protection Program to small businesses and non-profits. Portions of these loans will be forgiven to the extent that recipients maintain their existing workforce or rehire. Loans can be up to $10 million and interest rates are maxed at 4% for portions of the loan that do not qualify for loan forgiveness. Learn more here. Federal Information Sheet here. US Chamber checklist here. Application is here.

• Economic Injury Disaster Loan – The program provides small businesses (SBA size standards) 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. Borrowers can request an emergency advance of $10,000 within 3 days of submitting the application and do not have to repay the advance if they are denied a loan. Learn more here.

• Subsidy for Current Loan Payments – The SBA will cover up to 6 months of principal and interest payments that are owed on most existing SBA loans. Learn more here.

• Training and Advising for Existing Businesses – Additional funds are provided to SBDCs, Women’s Business Centers, and Minority Business Centers for education, training and advising to small businesses. Small Businesses can take advantage of this now. You may visit this website to find your local Illinois Small Business Development Center (SBDC). If you are located outside of Illinois, please visit this website to find your state’s SBDC network.

• Aid to Midsize Businesses and Nonprofits – $454 billion will be available from the U.S. Treasury to provide financial assistance through loan programs established by the Federal Reserve. As part of that, a special fund is dedicated to midsize businesses and nonprofits with 500-10,000 employees to provide financing to banks and other lenders to make direct loans to these entities. The interest rate on those loans would be capped at 2%, with no payments due for the first six months. These loans cannot be forgiven.

• Illinois Small Business Emergency Loan Fund – Offers 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. Small businesses within the City of Chicago can apply to a similar loan program here. 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. Businesses can express interest and learn more about loan guidelines and eligibility here.

• Downstate Small Business Stabilization Program – To support small businesses in downstate and rural counties across Illinois, DCEO is repurposing $20 million in CDBG funds. This Fund will offer small 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.  These grants will be offered on a rolling basis.  Communities can learn more about the Notice of Funding Opportunity (NOFO) and eligibility requirements here.

General Business Resources and Information

• Reminder: Families First Act Goes Into Effect April 1 – The Families First Act grant emergency paid sick leave to employees of businesses with fewer than 500 employees and expands family and medical leave. It takes effect on April 1, 2020.  The US Department of Labor has an FAQ here

• Employer Paid Sick Leave - Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. Department of Labor link here.

• Tax Filings – The US Treasury has moved Tax Day from April 15 to July 15.  All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. (Illinois Governor Pritzker also extended the state deadline to July 15.)  More here.  State tax filing guidance from the American Institute of CPAs is here.

• US Chamber Resources – Business owner tips here. COVID-19 Resource Page here.

• Price Gouging and Fraud – Report to the Illinois Attorney General’s Office here.  AG Raoul press release here. Chicago press release here.

• Resources for Manufacturers – Illinois Manufacturer’s Association has compiled an FAQ here. Manufacturing Operational Protocols provided by Rockford Area Economic Development Council here.  IMEC Manufacturing Helpline here. 10 Practical Things Manufacturers can do here.

City of Chicago Specific Information

• Chicago Small Business Resiliency Fund - A $100 million Chicago Loan Fund which will help to provide small businesses with emergency cash flow during this immediate health crisis.  More here.

• Chicago Guidance for Businesses and Employers – Full PDF here.

• Chicago Business Tax Deferral – Dues dates for tax payments are extended until April 30, 2020.  This includes Bottled Water tax, Checkout Bag tax, Amusement tax, Hotel Accommodation tax, Restaurant tax, & Parking tax.  County Taxes and Fines are discussed here.  Suspension of debt collection, ticketing, and towing here.

• Paid Sick Leave (Chicago) – Frequently Asked Questions from the City of Chicago here.

• City of Chicago – More financial resources are available here.   

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