ASSISTANCE PROGRAM APPLICATIONS
Save Small Business Initiative-The Save Small Business Initiative provides financial assistance information, as offered as part of the U.S. Chamber of Commerce Foundation.
Illinois State Treasurer’s Small Business Relief Program – The program is an impact investment loan program to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic.
SBA Disaster Assistance – Low-interest federal disaster loans for small businesses impacted by COVID-19.
Employee Retention Credit – Treasury Encourages Businesses Impacted by COVID-19 to Use Employee Retention Credit. Press Release
Chicago Small Business Resiliency Fund (Now Closed)For small businesses with under 50 employees.
Cook County Community Recovery Initiative Cook County has launched a comprehensive initiative to provide economic relief to small businesses, non-profits, community service organizations and independent contractors (1099 workers) in response to the COVID-19 pandemic..
Hospitality Emergency Grant Program(Now Closed)To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes. Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery.
Illinois Small Business Emergency Loan Fund DCEO and 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.
Paycheck Protection Program (Now Closed)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.
SBA Economic Injury Disaster Assistance Small businesses in all 102 Illinois counties may be eligible for low-interest, economic injury disaster loans up to $2M per business. Click HERE for Eligibility Requirement.
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.
OTHER RESOURCE PAGES FOR BUSINESSES
Greater Northwest Chicago Development Corporation
4506 W. Fullerton Ave
Chicago, IL 60639
Phone: (773) 637-2416
Proudly, A LIRI and a 501(c)(3) non-profit, GNCDC Reaches Out with Programs & incentives in our community – Since 1977 to effect local industrial retention & small business growth.