The Governor’s office releases new information everyday. We will continue to keep you up to date and link you to the latest resources as it becomes available.
The Illinois Department of Commerce and Economic Opportunity provides a complete source of information regarding Small Business Administration (SBA) Disaster Loans, Economic Injury Disaster Loans Advance Grants, Illinois Small Business Emergency Loan Fund and the Downstate Small Business Stabilization Program.
Through the Office of State Treasuer Mike Frerichs, the Illinois Small Business COVID-19 Relief Program (“Program”) is an impact investment loan program under which the State Treasurer has made up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.
Chicago Small Business Resiliency Fund
The City of Chicago recognizes that COVID-19 has put a difficult burden on our business and non-profit community. As a response to this challenge, the City of Chicago has established the $100 million Chicago Small Business Resiliency Fund (the Resiliency Fund), which will provide small businesses and non-profits with emergency cash flow during this health crisis. Funds will be provided to eligible businesses as low-interest loans.
Federal Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.