Latest Business Assistance:
Applicatons for the second round of the Business Interruption Grant (BIG) Program are open. These grants will be available to all small businesses statewide that experienced losses due to the COVID-19 pandemic. Starting today, the application is available on the DCEO website. On the afternoon of September 17th, applications will be accepted. Grants will be awarded and funded on a rolling basis until funding is depleted.
The BIG program is open to all eligible businesses (for profit and nonprofit) with $20 million or less in annual revenue in 2019 and experienced losses due to COVID-19. The grant size will be equivalent to two months of expenses.
- Funding for this round is approximately $200 million
- $70 million will be invested in Disproportionately Impacted Areas (DIAs)
- $60 million in heavily impacted industries
- The heavily impacted industries are defined a having annual revenues of $10 million or less and have been close or operating at a very diminished capacity since mid-March and are likely to continue to do so until Phase 5 of the Restore Illinois Plan.
. These industries include the following:
- Event spaces
- Music venues
- Performing arts venues
- Indoor recreation
- Amusement parks
- Movie theaters
- Charter/shuttle buses
The DCEO will be hosting a series of webinars regarding this program. You can register for any of the webinars by using the links below:
- September 23, 9:30am-10:30am: https://illinois.webex.com/illinois/onstage/g.php?MTID=e61db6e1bf4f7af4fdcc54544027f0235
- September 30, 9:30am-10:30am: https://illinois.webex.com/illinois/onstage/g.php?MTID=ee94b00d843ec9aab65c49acc33d41942
- October 7, 9:30am-10:30am: https://illinois.webex.com/illinois/onstage/g.php?MTID=e236cb57ca8f146097a0eabf19155d4c1
- October 14, 9:30am-10:30am: https://illinois.webex.com/illinois/onstage/g.php?MTID=e1b2877876f223c4252cc1ead2d17ce88
- October 21, 9:30am-10:30am: https://illinois.webex.com/illinois/onstage/g.php?MTID=eb1058a62e1cdd864f497a5dadc0d0290
Restore Illinois Plan Resources:
Restore Illinois Plan
Phase 4 Guidelines
Phase 4 Business Toolkit & Industry-Specific Guidelines
Illinois Department of Public Health Hospital Utilization
Chamber of Commerce Covid Resources
For any questions please contact Mallord Hubbard, Economic & Business Recruitment Coordinator at firstname.lastname@example.org or 618-654-9891. You may also contact Breann Speraneo, Director of Community Development, at email@example.com or 618-654-7115.
Emergency Small Business Grants and Loan Assistance
The State of Illinois has launched emergency assistance programs for small businesses. For more information and how to apply, click here.
Small Business Development Loans are Available
All Illinois small businesses (according to SBA’s size standards) and private non-profits can now apply for loans of up to $2 million through the U.S. Small Business Administration’s Economic Injury Disaster Loan Program. If your businesses have been affected by the coronavirus pandemic, this program offers working capital to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. Interest rates are 3.75% for small businesses and 2.75% for non-profits. Your businesses may apply now at https://disasterloan.sba.gov/ela/
- Economic Injury Disaster Loan Program FAQ
- Daily Webinars will be available at www.sba.gov/il
- Disaster loan information at https://disasterloan.sba.gov/ela/Information/Index
- Information for small businesses affected by coronavirus at www.sba.gov/coronavirus
- All coronavirus-related federal government resources: www.usa.gov/coronavirus
Find more information for small businesses affected by coronavirus at www.sba.gov/coronavirus. Subscribe to email updates from SBA at bit.ly/SubscribeIL to stay up to date on SBA news and events. SBA resource partners (Illinois Small Business Development Centers, WBDC, SCORE, Veterans Business Outreach Center) stand ready to help. Go to www.sba.gov/local-assistance to find a counselor or mentor.
Please visit Illinois.firstname.lastname@example.org or call (312) 353-4528 (Chicago office) or (217) 747-8249 (Springfield office) to talk to a Small Business Administration team member directly.