COVID Financial Resources
If you are considering applying for financial resources, we encourage you to apply as soon as possible. Most loan programs are "first-in-first-out".
- Paycheck Protection Program – If you applied for a PPP loan, check with your lender for loan forgiveness. There is also a portal for loans of $150,000 or less.
- Cook County COVID-19 Recovery Initiative – Cook County created this rapid response program to provide equitable and holistic comprehensive financial relief and critical support services to help suburban Cook County residents and small businesses rebound stronger than ever from the impact of the COVID-19 pandemic.
- Restaurant Employee Relief Fund is a program of the Illinois Restaurant Association that provides one-time grants to support restaurant employees facing unforeseen hardship due to COVID-19.
- Economic Injury Disaster Loan – The program provides small businesses 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. Guarantees are reduced to ease access to credit. Additionally, there are some options for debt relief.
- The State of Illinois COVID-19 Resources for Businesses offers, among other things, three grant programs offering over $90 Million for small businesses.
- The Illinois Department of Commerce & Economic Opportunity (DCEO) has launched Invest in Illinois - loans for small businesses and non-profits.
- Cook County Community Recovery Initiative – Cook County’s Bureau of Economic Development has launched The Community Recovery Fund as part of the Community Recovery Initiative. This loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County.
- The Treasurer of Illinois announced a new program that will is making $250 million available through Illinois banks and credit unions to help small businesses.
- The Illinois Department of Revenue created a web page to provide information and resources to help Illinois taxpayers, businesses, and others affected by the Coronavirus.
- The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the Coronavirus. They are offering three new credits, including the Employee Retention Credit is refundable for 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
- 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.
- Commonwealth Edison Small Business Assistance Program