SMALL BUSINESS INFORMATION
Jan Schakowsky also put this out for small businesses. I will add information from other important sources below too.
Local and Federal Resources are available for small business owners. Below is more information about some of these options.
Small Business Grants for Bar and Restaurants: DEADLINE Wednesday, APRIL 1, 2020
The State of Illinois’ Hospitality
Emergency Grant Program is accepting applications until April 1, 2020 at
5PM. This grant is open to bars, restaurants and hotels who meet certain criteria. Funds are available to support payroll and rent, job training, retraining, technology to support shifts in operations and increased pick-up and delivery.
- Bars and restaurants that have generated between $500,000 and $1 million in 2019 are eligible for up to $25,000 in relief.
- Bars and restaurants that generated less than $500,000 in revenue in 2019 will be eligible for up to $10,000 in relief
- Hotels that generated up to $8 million in revenue in 2019 will be eligible for up to $50,000 in relief.
Businesses can submit an application here. If you have questions about this program, call (312) 275-3000.
CARES SBA Paycheck Protection Program
(for ALL businesses with less than 500 employees)
The CARES Act SBA Paycheck Protection Program (PPP ) supports all businesses with less than 500 employees. Businesses with both W-2 and 10-99 employees, as well as 501(c)3s are eligible and should apply through local banks.
These are 100% federally guaranteed loans intended
to provide relief for payroll costs for businesses impacted by COVID-19.
Beginning Tuesday, March 31st, banks will be ready to start processing loan
applications. We encourage you to contact your financial institution
immediately to confirm if they are working with PPP loans.
- NOTE: If you already went online to apply for an SBA Economic Injury Disaster Loan (EIDL) loan before the CARES Act passed and were rejected, or didn’t hear back, it is important that you apply for the PPP loan. Many businesses that did not previously qualify for the EIDL loan will be eligible for the PPP loan.
- These loans are 100% federally guaranteed to small businesses and non-profit 501(c)3s.
- They can be used for payroll expenses, as well as other business-related expenses such as:
- Salary and wages
- Rent and mortgage payment
- Health insurance costs and retirement contributions
- Parental, family, medical and sick leave
- State and local taxes
Remember, borrowers will be eligible to have their
loans partially forgiven. Businesses must demonstrate a 25% loss in sales. Your loan limit is calculated on your average monthly payroll multiplied by 2.5. The
500 employee limit includes all employees: full-time, part-time, and
contractual, including 1099 employees.