Business Assistance Amid Pandemic

 

The City of Highland's Guide to Small Business Relief Funds
In effort to help our small businesses through this difficult time, we have created a guide to State and Federal relief funds available to small businesses, found here.

PRESS RELEASE:  

The City of Highland will be hosting a follow-up virtual meeting to discuss Federal and State of Illinois COVID-19 small business relief funds. We will address newly announced programs, including the Paycheck Protection Program (link below). We apologize to anyone unable to participate in the initial meeting due to capacity, we have addressed those technical difficulties. The meeting will be Friday, April 3rd at 10:00am. To join the meeting, please use the below phone credentials. The below link will allow you to view the presentation.  

Reminder: The deadline for the Hospitality Emergency Grant Program is Wednesday, April 1st at 5pm. 

Phone Number: 618-882-4358 

Conference ID: 267091 

Meeting Link: https://global.gotomeeting.com/join/698902925 

Below are the grants we will be discussing: 

 Paycheck Protection Program – U.S. Small Business Administration

https://www.sba.gov/funding-programs/loans/paycheck-protection-program 

Hospitality Emergency Grant Program – Illinois Department of Commerce & Economic Opportunity 

https://us.accion.org/news/covid-19-hospitality-business-grant-program/ 

Illinois Small Business Emergency Loan Fund - DCEO and the Illinois Department of Financial besides Professional Regulation (IDFPR)  

Application will be posted here sometime on March 27th: https://www2.illinois.gov/dceo/Pages/default.aspx 

Economic Injury Disaster Loan program – U.S. Small Business Administration 

https://disasterloan.sba.gov/ela/ 

For any questions prior to the meeting, please contact Mallord Hubbard, Economic & Business Recruitment Coordinator at mhubbard@highlandil.gov or 618-654-9891. You may also contact Breann Speraneo, Director of Community Development, at bsperaneo@highlandil.gov or 618-654-7115. 


SBA's Paycheck Protection Program
The U.S. Small Business Administration will be deploying this program for small businesses to incentivize keeping workers on payroll by providing loans up to $10 million for payroll and other expenses. More information can be found here


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

Do you have questions about whether or not your business is considered essentional? 

You can call the Essential Business Dertermination Hotline provided by the Illinois  Department of Community and Ecomonic Development .  The number is:  800-252-2923.


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/

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.do@sba.gov 
Or, call (312) 353-4528 (Chicago office) or (217) 747-8249 (Springfield office) to talk to a Small Business Administration team member directly.