McHenry, IL. — Illinois small businesses are a critical part of our state economy. According to the U.S. Small Business Administration, there are 1.2 million small businesses in Illinois employing about 2.5 million people, or 45 percent of the state’s private workforce.
Here’s a helpful list of specialized services available now to help Illinois small businesses cope during this difficult economic time:
Small Business Emergency Loan Fund
A new fund has been established to provide loans to Illinois businesses experiencing hardships during the COVID-19 pandemic.
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Applications are now available.
Learn more at this link: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx
Downstate Small Business Stabilization Fund
As the COVID-19 pandemic continues to impact small businesses in downstate Illinois, action has been taking to make $20 million available to provide working capital available to these businesses. Funds are now available for up to 60 days of verifiable working capital up to a grant ceiling of $25,000 for businesses that employ 50 people or less.
These funds may be used to assist private for-profit small retail and service businesses, or businesses considered non-essential by the Governor’s Executive Order without the ability for employees to work remotely.
Hospitality Emergency Grant Program
A new program is now available to help hospitality businesses make ends meet during the COVID-19 pandemic. The Illinois Department of Commerce and Economic Opportunity has launched the $14 million Hospitality Emergency Grant Program. Grants are available to support working capital and job training, retraining, and technology to support operational shifts, like increased pick-up and delivery.
Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.
Learn more at this link: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
State Treasurer Bridge Loans
Illinois small businesses can tap into $250 million in low-interest bridge loans as soon as this week to help push through the COVID-19 pandemic. The state treasurer’s office will make $250 million available to Illinois banks and credit unions that wish to participate. The financial institutions will determine who is eligible for the loans.
More information is available at this link:
Small Business Administration Disaster Assistance Loans
Illinois has been approved for disaster assistance loans through the U.S. Small Business Administration for small businesses facing challenges amid the growing health crisis. Eligible businesses can apply for up to $2 million in low-interest loans.
To apply online or to check your application status, visit:
The Illinois Department of Revenue will defer sales tax payments for more than 24,000 bars and restaurants. Bars and restaurants that incurred less than $75,000 in sales tax liabilities last year will not be charged penalties or interest on late payments due between March and May.
However, qualified taxpayers must still file their sales tax return even if they are unable to make a payment, and will be required to pay their sales tax liabilities in four installments beginning May 20.
More information is available here: https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020-23.pdf