The Illinois DCEO has implemented a Hospitality Emergency GRANT Program for bars, restaurants, hotels, and other hospitality suppliers with revenues less than $1 million in 2019 revenues:
NOTE: This program has a very limited application period; businesses must apply be end of business April 1, 2020 to qualify.
The Illinois DCEO has implemented a Small Business Emergency Loan Fund, for small businesses outside of the City of Chicago with fewer than 50 employees and less than $3 million in 2019 revenue:
Emergency Loan Fund ‘Expression of Interest’ (first step in application process)
The Illinois DCEO has also established the Downstate Small Business Stabilization Program , a Community Development Block Grant program that makes funds available for 60 days of verifiable working capital up to a grant ceiling of $25,000 and is available for businesses that employ 50 people or less.
The office of the Illinois State Treasurer has established a Small Business COVID-19 Relief Program, as an investment loan program by which deposits have been made available to financial institutions throughout the state, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic at ‘near-zero’ interest rates.
The SBA offers disaster assistance in the form of low-interest loans to businesses, renters, and homeowners located in regions affected by declared disasters, including loans to cover small business operating expenses after a declared disaster.
Link to Application:
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. The Paycheck Protection Program will be available through June 30, 2020