Economic Support

Sources for economic support

Businesses

Your Part-Time Controller website has a lot of very detailed SBA Paycheck Protection Program (PPP) information: Website

City of Chicago Small Business Navigators information resources


DoorDash / Hello Alice grants – now open

DoorDash Small Business Grants is providing $5,000 grants to small businesses selected through an application process as part of its Main Street Strong initiative to help restaurants recover and succeed amidst COVID-19 related challenges in particular defray winterization expenses. Will be notified end of December. Apply HERE


State of Illinois Business Interruption Grants Program Round 2 (BIG) open now

Webinar recording BIG Application, Tips, Q&A (English) September 23, 2020 – 10AM (View recording here)

The Business Interruption Grant (BIG) program is a to provide economic relief for small businesses hit hardest by COVID-19. BIG leverages federal funding provided by the CARES Act to help offset COVID-19 related losses for Illinois small businesses. funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs. Grants will range from $5,000 to $150,000, commensurate with revenue losses incurred and business size. For-profit and nonprofit entities

Disproportionately Impacted Areas – $70 million set aside for DIAs, defined by zip codes for communities that are most economically distressed and vulnerable to COVID-19.  A map of DIAs can be accessed HERE. Greater Chatham area included

Heavily Impacted Industries – $60 million for heavily distressed industries, such as movie theatres, performing arts venues, concert venues, indoor recreation, amusement parks, and more.

Priority Businesses– Apart from the $60 million for heavily impacted industries, applications from the following types of businesses will be prioritized for review for remaining funds:  businesses directly affected by regional mitigations implemented by the state or local governments, independently owned retail, tourism- and hospitality-related industries including accommodations, and more.

Grants and Loan Forgiveness for Illinois Small Business Emergency Loan recipients – As authorized by the General Assembly, DCEO will offer grants for businesses that have incurred eligible costs to offset loans received under the Illinois Small Business Emergency Loan program.  This round of loan forgiveness and grants will go to businesses that have received loans or remain on the wait list and the program will sunset going forward as DCEO and its partners focus on making BIG awards.


Rebuild Illinois for Distressed Communities Grant (RDC) – not yet open, any day now

The Rebuild Illinois for Distressed Communities grant program supports Illinois businesses that have sustained property damage as a result of civil unrest during protests and demonstrations on or after May 25, 2020. RDC funded projects may range in size from $1.000 to $200,000 based on extent of the damages. LISC will host the application for the grants on its website.

Rebuild Distressed Communities – Frequently Asked Questions


Neighborhood Opportunity Fund (NOF) now open, closes Nov 6th NOF website

The next round of Neighborhood Opportunity Fund (NOF) opens September 14th closes November 6th. Up to $250,000 in grants. You have some time, but the successful applicants from previous January round had site control, bids, complete business plans – lots of pre-work. Very competitive, 1,000 inquires, 325 full applicants, 32 finalist.

August 27th NOF Info Session REPLAY

TA Session – Proposal Prep by Greater Englewood CDC

11am – 12pm Sept. 15th | Register

Complete details on the NOF Website INFO

NOF contact at the City HERE



SBA – Economic Injury Disaster Loan Assistance (EIDL)

SBA is accepting EIDL applications

Economic Injury Disaster Loan Assistance(EIDL) Businesses can apply for up to $25,000 unsecured, over $25,000 up to $2 million is secured. Interest rate of 3.75% (non-profits 2.75%) up to 30 years. Upon request SBA can provide up to a $10,000 advance on the EIDL loan. Available to you in a matter of days. Requests are processed in the order they are received so don’t delay. If you applied before 3/31/20 then you need to reapply if you want the $10,000 advance .

  • Register here using your home address and SS# Register

SBA disaster assistance customer service center at 1-800-659-2955 (super helpful and available) or email-   disastercustomerservice@sba.gov. In Illinois For business inquiries: 1-800-252-2923 or CEO.support@illinois.gov


 Hello Alice COVID-19 Business for All Emergency Grant Info Here


Paycheck Protection Program (PPP) closed Aug 8th, Forgiving information

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.

+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 less than $50,000 forgiving information webinar replay Oct 17th Webinar HERE

Upcoming similar SBA PPP loan forgiveness information webinar 9:00am Tuesday Oct 20th Register HERE

Additional SBA PPP webinars HERE

SBA PPP website SBA complete Info

WBDC Applicant Guide for SBA Loans under the CARES Act Here

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


Red Backpack Fund $5,000 grant for women owned small businesses Opens Sept 8th

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 At least 200 recipients nationwide will be announced monthly May through September 2020


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

+ 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

Employees

  • IRAEF Restaurant Employee Relief Fund: Goes Live Monday October 19th The Restaurant Employee Relief Fund will provide one-time grants of $500 to support restaurant employees facing an unforeseen hardship due to COVID-19. Diagnosed with COVID or out of work for three weeks or more without unemployment benefits.  Apply HERE.