Please use these trusted resources for up to date information about the Coronavirus Pandemic and related Relief Programs
Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.
Illinois Department of Commerce & Economic Development
Emergency Small Business Grants and Loans Assistance
Under the leadership of Governor JB Pritzker, DCEO is working with partners to launch emergency assistance programs for Illinois small businesses. These initiatives include:
Hospitality Emergency Grant Program
To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO launched the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes. Grant funds will support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, 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.
The Hospitality Emergency Grant Program application is now closed. Businesses that are selected to receive the grant will be notified by Accion, the program administrator, on April 4.
Illinois Small Business Emergency Loan Fund
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
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. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.
The Woodstock City Council enacted several measures at an emergency meeting on March 25th. These include:
- An Emergency Small Business Loan program was established, with the goal of providing $5,000 low-interest loans to 100 small businesses in Woodstock (Self employed and sole proprietors may be eligible). The recipients would have no payments or interest for the first year, and would see 3% interest for 3 years after that. The first applications will be accepted on March 31st. Applicants should use the Emergency Loan Application linked HERE.
- Waiver of late payment penalties for all City fees for three months, such as water bills, bag fees, hotel/motel taxes, etc. The waiver is automatic for all residential and business customers, and thus does not require any application or request. Water customers may also work with the Finance Department to establish payment plans.
- The Single-Use-Bag fee has been suspended until May 31, 2020. This is enacted both as a financial incentive as well as to address the concern that reusable bags are not routinely washed and could transmit the disease to retail locations. Regular washing of reusable bags is recommended.
- A three-month temporary suspension of wireless alarm fees for businesses. This waiver applies to all 267 local businesses which subscribe to this alarm service.
- The required permit and $30 fee for temporary signs will be waived until May 31st. Businesses are still expected to follow existing City guidelines for temporary signs and the City will still be enforcing compliance.
- Liquor license holders will receive a refund of a significant portion of their current year license, as well as a reduction of the cost of next year's permit. The small permit fee for both years will be withheld from the refund, resulting in no out-of-pocket costs to these businesses at the usual renewal date of May 1, 2020.
- Existing users of the Revolving Loan Fund will receive a three month deferral of their current loans and interest. At this time, the City has six active loans.