Business Assistance Programs During COVID-19
US Federal Government Offering a Second Round of Payment Protection Program (PPP) Funds
In late 2020, Congress passed the Consolidated Appropriations Act which provided more funds to help small and medium sized businesses. Part of this Act provides a second round of Payment Protection Program (PPP) funds totaling $282 billion for qualified businesses that received the first round in 2020 and for businesses that did not receive the funds. The PPP funds are considered a forgivable loan if the recipient utilizes the funds as designed. The application window is now open. Please take a look at a recent webinar that goes over the new PPP funding by clicking here. The slides from this webinar can be viewed and downloaded by clicking here. You can access more information on PPP by clicking here.
ComEd is Offering One-Time Grant for Small Businesses
ComEd, Chicagoland’s electrical supplier, is offering up to $1,000 in electricity bill credits for small businesses that are struggling to pay their electricity bill. Please click here to view more information and for eligibility requirements
The Illinois Treasurer’s Office has made up to $500 million available to small businesses impacted by COVID-19 as a zero interest loan. Qualifying businesses need to work with approved lenders and credit unions to apply for this loan. A list of financial institutions that are participating in this program can be viewed by clicking here.
Funds associated with this program are still available. For more information, please click here to go to the Illinois State Treasurer’s Website.
Cook County Resources for Local Businesses
Cook County has posted several webinars on topics from marketing to business operation suggestions. These suggestions come from industry organizations. The webinars can be accessed by clicking on this link: https://www.cookcountyil.gov/content/webinars-and-events
Cook County is also offering direct one-on-one assistance to small businesses to advise business decision makers finding themselves in uncharted waters due to COVID-19. The advising sessions are free and can be accessed by clicking on this link:
Please check back periodically as Cook County continues to provide a variety of information and services.
COVID-19 Economic Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all the U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL). The EIDL program is designed to provide economic relief for such businesses experiencing a temporary loss of revenue due to COVID-19. The U.S. Small Business Administration (SBA) is currently accepting new EIDL applications from all qualified small businesses listed above.
For more information on EIDL and to learn how to apply visit:
The loan application can be accessed directly here.
If business owners have questions about the EIDL application or problems providing the required information, please contact the SBA Customer Service Center at 1-800-659-2955 or (TTY: 1-800-877-8339) or visit: DisasterCustomerService@sba.gov.