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 Excellent webinar on getting loan forgiveness: Webinar

From our friends @Women’s Business Development Center (WBDC) 4/2 update on Federal Legislation and Loan summaries



LISC Grant Deadline Monday August 3rd 10:59PM CST

Grants will be made in amounts ranging from $5,000 to $20,000. LISC will use the funding to provide grants to businesses facing immediate financial pressure because of Covid-19.

Priority will be given to minority-, women-, and veteran-owned businesses. All awardees will have to certify that they are promoting the best interests of the community and are negatively impacted by the COVID-19 crisis. Nonprofit organizations are ineligible for this application.

Start Grant Application HERE

FAQs HERE


Paycheck Protection Program (PPP)

Extended until August 8th (many banks have cut offs before this date), $100 billion still available Today!

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

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


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



 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.

Details & Application information you’ll need

Resiliency Fund Apply Here



SBA – Economic Injury Disaster Loan Assistance (EIDL)

Due to limited available funding, SBA is not currently 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


+ 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

  • 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.