Sources for economic support
From our friends @Accion comparison of emergency loan funds available to small business Here
From our friends @Women’s Business Development Center (WBDC) 4/2 update on Federal Legislation and Loan summaries
++ Be on the lookout for SCAMS. There are no fees for applying for these programs, beware if someone is requiring fees. Do your due diligence. ++
Facebook Small Business Grant program
Facebook Small Business Grant program Opens for Chicago, Cook County –Apply Here
Up to 30,000 eligible small businesses in more than 30 countries where we operate will be able to receive the grant. To be eligible to apply, your business must:
- Have between 2 and 50 employees
- Have been in business for over a year
- Have experienced challenges from COVID-19
Red Backpack Fund $5,000 grant for women owned small businesses
The Red Backpack Fund was started by The Spanx by Sara Blakely Foundation. Your business must be at least 51% majority-women owned, have withheld payroll taxes for at least one employee in addition to owner, registered as a legal entity and have a valid EIN number, less than 50 employees, and annual revenues that did not exceed $5 million in any of the past three years.
Application portal opens May 4, June 1, July 6, and August 3. At least 200 recipients nationwide will be announced monthly May through September 2020
US Chamber of Commerce Save Small Business Fund opened on Monday the 20th but has already been oversubscribed.
Small Business Owners may qualify for a $5,000 grant from the Save Small Business Fund created by the U.S. Chamber of Commerce Foundation.
- Employ between 3 and 20 people
- Be located in an economically vulnerable community
- Have been harmed financially by the COVID-19 Pandemic
Hello Alice COVID-19 Business for All Emergency Grant Info Here
This opportunity offers immediate grants of $10,000 to businesses affected by the coronavirus pandemic. In particular New Majority business owners, including women, people of color, LGBTQ+ entrepreneurs. Deadline Sept 25th.
City of Chicago – Small Business Resiliency Fund (open now)
City of Chicago has established a $100 million Chicago Small Business Resiliency Fund. Chicago businesses that employ 50 or fewer people and have seen revenue losses of at least 25 percent due to the pandemic. Loan up to three times average monthly revenue not to exceed $50,000. 1% interest first 18 months, twelve months interest only payments. Repaid over a term of up to five years. 50% of funds used toward payroll and retaining workforce.
Paycheck Protection Program (PPP)
Coronavirus Aid, Relief & Economic Security (“CARES”) Act Forgivable Loans to businesses through a $349 billion lending facility attached to the existing 7(a) loan program of the Small Business Administration (“SBA”) referred to as the Paycheck Protection Program (the “PPP”). Apply at your local bank.
+No collateral or personal guarantee is required for the loan.
+ Maximum loan amount will not exceed 2½ times your average 2019 monthly payroll expense. Payroll costs include compensation and related benefits.
+The loan can be used for: payroll costs, group health care costs, rent, mortgage interest, utilities, and interest on pre-existing debt. No more than 25% to non-payroll expenses.
+ Loans may be forgiven based on the business maintaining or adding to headcount and not reducing wages greater then 25% during the 8 week period after receiving the loan.
+ Loan term is two years @1.0%. Principal and interest payments on this loan may be deferred for the first six months and can be extended for a year
For more details:
SBA PPP website SBA complete Info
Find eligible lenders in your area. Several pages. Finder
A list of top SBA lenders and whether they are accepting loan applications under the Paycheck Protection Program (PPP). LIST
SBA – Economic Injury Disaster Loan Assistance (EIDL)
Due to limited available funding, SBA is not currently accepting EIDL applications
- SBA Emergence Loan Program Economic Injury Disaster Loan Assistance(EIDL) https://disasterloan.sba.gov/ela/
- Register here using your home address and SS# Register
- SBA application forms
SBA disaster assistance customer service center at 1-800-659-2955 (super helpful and available) or email- firstname.lastname@example.org. In Illinois For business inquiries: 1-800-252-2923 or CEO.email@example.com
+ GoFundMe Small Business Relief Initiative The Small Business Relief Initiative was started by GoFundMe to help small businesses that have been affected by the COVID-19 pandemic and empower their communities to rally behind them. Supporters can donate to the Small Business Relief Fund, which will issue $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe. Learn more.
+ As part of our commitment to supporting small businesses, we are creating Salesforce Care Small Business Grants. We will soon be offering $10,000 grants to U.S. small businesses to provide capital to help them weather this crisis. Sign up to be notified when this opens
+ Illinois Deprtment of Revnue ST-1 sales tax The Illinois Department of Revenue is waiving, for two months, all penalties and interest that would be imposed on late payments by registered Illinois retailers operating small eating and drinking establishments for sales tax liabilities that are due for the February, March, and April 2020 reporting periods. Eligible taxpayers are those operating eating and drinking establishments that incurred a total sales tax liability of less than $75,000 in the 2019 calendar year
- Restaurant Strong Fund: Samuel Adams and the Greg Hill Foundation have teamed up to offer $1,000 grants to as many restaurant workers as they can across 20 states, including Illinois. The crowdfunding effort, seeded with a $2 million donation from Samuel Adams, seeks to help restaurant, bar, cafe and nightclub workers during this time of hardship. Apply today.
- IDES file for unemployment https://www2.illinois.gov/ides/Pages/default.aspx
- COVID-19 and Unemployment Benefits: Questions Answered