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

• Applications open now via Accion.
• The State of Illinois is offering small businesses with fewer than 50 employees loans of up to $50,000. The loans are for working capital and 50 percent must be applied to payroll or other eligible compensation.

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 wage. 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.

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.

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Other Financial or Funding Resources: 

• Arts for Illinois Relief Fund
• Facebook - has pledged $100 million in cash grants and credits to small businesses
• 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.