LOCAL

Rantoul - Small Business Stabilization Program

• Application detailed here.
• The Small Business Stabilization Grant Program is intended to provide working capital to existing small businesses within Rantoul, for the purpose of retaining jobs and keeping businesses operating. The program provides grant funds for working capital with a maximum grant of $15,000 for a single business.

STATE
 

Downstate Small Business Stabilization Program

• Multi-part application detailed here.
• Small businesses in some communities (some, included Champaign and Urbana, are excluded due to program guidelines may be eligible for a sixty-day grant of working capital up to $25,000. A business must have 50 employees or less.

Illinois Small Business COVID-19 Relief Program

• Applications open now for financial institutions.
• The Illinois Treasurer’s office is partnering with approved financial institutions to provide loans to businesses that would otherwise not qualify. State funds are deposited to financial institutions for a one-year term. These funds provide loans to small businesses to provide working capital to bridge this season.

Small Business Emergency Loan Fund

• Program Temporarily Suspended

Small Business Layoff Aversion Emergency Assistance

• Application can be found here.
• Emergency Assistance funding available to support small businesses facing the financial impacts from the COVID-19 national health emergency.
• Grant funds are now available to support your business with a number of layoff aversion activities.
• Funds must be used to mitigate layoffs and adhere to social distancing provisions established by federal and state public health entities.
• This grant program is funded by the U.S. Department of Labor under the Workforce Innovation and Opportunity Act (WIOA). 

FEDERAL
 

Economic Injury Disaster Loans

• Applications open now.
• This SBA programs provides small businesses with working capital up to $2 million. Applicants will receive a $10,000 advance regardless of whether the loan closes.

Employee Retention Credit

• Payment process is in development
• The Employee Retention Credit is a fully refundable tax credit for some employers that is equal to 50 percent of qualified wages up to $10,000. The credit is available to businesses who have not received a Paycheck Protection Loan, have had operations partially or fully suspended and experienced a decline in gross receipts by more than 50 percent.
• Other criteria and regulations apply.
• Credit is taken against the employer's share of social security tax, but excess is refundable under normal procedures.

Paycheck Protection Program

• Applications open now.
• Forgivable loans are available to small businesses with 500 or fewer employers to help with payroll costs, rent, utilities, etc.  Forgiveness requires that 75 percent of the loan must be used for payroll and a commitment that the employer maintain or rehire employees.
• 501(c)3 organizations are also eligible
• PPP Approval Report as of 12 PM EST on 4/16/20

​

Main Street Lending Program

• The Federal Reserve established this program with $600 billion as a result of the CARES Act.
• Loans of varying amounts available to businesses that meet a variety of criteria.
• Start date has yet to be announced, but businesses can prepare materials for applications and talk with lenders.
  • The U.S. Chamber of Commerce has prepared a preparation guide.

Other Financial or Funding Resources: 

• Arts for Illinois Relief Fund
• Illinois Department of Revenue
  • Short-Term Relief from Penalties for Late Sales Tax Payments 
• Verizon and LISC COVID-19 Recovery Fund - An investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital. Verizon will highlight and bolster these efforts through their inaugural "Pay It Forward Live" online concert series.