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

12/29 Webinar, The $900B Relief Bill: A New Round of PPP, Loan Forgiveness and Other Key Provisions Impacting Restaurant Businesses REPLAY

Hello Alice small business support INFO

City of Chicago Small Business Navigators information resources


Stephanie Hart of Brown Sugar Bakery recieved the first grant of the Verizon small business grant program: VIEW


SBA Restaurant Revitalization Fund, March 2021


As part of the American Rescue Plan Act passed March 2021 a $28.6 billion fund to recoup losses due to COVID-19. More info HERE


Fiserv Back2Business Grants for Small Business Program up to $10,000 Deadline Feb 26th

In partnership with AEO, we are pleased to announce the Fiserv Back2Business Grants for Small Business Program, which will award up to $10,000 to Black- and minority-owned businesses that have been impacted by COVID-19 and social unrest. 

Black or minority owned, revenue less than $1M, founded prior June 1, 2019 and have less than 10 employees. Easy application, if selected will have to provide tax return and recent bank statements.

Application HERE

FAQ HERE


The Stavros Niarchos Foundation (SNF) Small Business Growth & Recovery Fund Grant Program, up to $20,000 Deadline March 19th

The Stavros Niarchos Foundation (SNF) Small Business Growth & Recovery Fund grant program aims to help U.S. small businesses severely impacted by the pandemic stabilize and thrive by providing better access to affordable capital in the form of non-repayable grants of up to $20,000 plus expert support and mentorship.

Qualified businesses have been operational for at least one year and generate up to $3 million in gross revenue. Smaller businesses are strongly encouraged to apply and will be given priority. We look for business owners who display investment in and commitment to their proposed project.

The program application has two components: a questionnaire and a short video. In the video, applicants should describe their business, share how it has been impacted by the pandemic, and pitch their plan for how the grant funds will help move their business forward.

Application HERE

FAQ HERE


Neighborhood Opportunity Fund (NOF) tentatively to open March 8th, closing April 9th. NOF website

The next round of Neighborhood Opportunity Fund (NOF) opens soon. Up to $250,000 in grants. Successful applicants from previous rounds 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

Complete details on the NOF Website INFO

NOF contact at the City HERE



Neighborhood Opportunity Fund (NOF) Large Grants ($>250,000) are now open. Rolling application, no deadline. NOF website

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



Paycheck Protection Program (PPP) closes March 31st

Small business 2 week window Feb 24th – March 9th

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.

As a reminder, the United States Small Business Administration (SBA) Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, and certain supplier costs and expenses for operations. PPP allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

To build on the success of the PPP, the SBA has announced several reforms to further target the PPP to the smallest businesses and those that have been left behind in previous relief efforts:

  • Instituting a 14-day period, starting at 8:00 a.m. CST on Wednesday, February 24, 2021 until 4:00 p.m. CST on Friday, March 9, 2021, during which only businesses with fewer than 20 employees can apply for relief through the Program.
  • Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support. These types of businesses, which include home repair contractors, beauticians, and small independent retailers, make up a significant majority of all businesses.
  • Eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Program.
  • Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Program. 
  • Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief. 

These reforms ensure that small businesses can access much needed PPP funds to persevere through the pandemic, recover, and build back better. These efforts are meant to reach minority-owned and very small businesses that may have previously missed out on accessing loans to help weather the coronavirus pandemic.

The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021.

As a reminder, businesses apply for Paycheck Protection Program loans through a bank, credit union, CDFI or other lenders. Use the SBA Lender-Match tool to get matched to potential PPP & other lenders offering SBA-backed funding.

To learn more about the PPP, please visit these links:

ACCION PPP VIDEO

For more details:

Additional SBA PPP webinars HERE

SBA PPP website SBA complete Info




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

ChiServes.com Worker Portal

  • To support out-of-work hospitality workers, the City has partnered with The Chicago Cook Workforce Partnership to launch ChiServes.com, a portal that hospitality workers who have lost their jobs can use to access a network of employment resources through The Partnership.
  • 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.