Illinois is offering the following programs:
Illinois Emergency Small Business Grants and Loans Assistance https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
1.Illinois Small Business Emergency Loan Fund
Benefit
- Low interest loans of up to $50,000
- No payments for first six months than five year loan term
Eligibility
- Businesses located outside City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019
2.Downstate Small Business Stabilization Program
Benefit
- Grants up to $25,000
Eligibility
- Businesses with fewer than 50 workers
State Treasurer’s Small Business COVID-19 Relief Program https://illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program?fbclid=IwAR3cBZv0DJYQYmEUlIiYk2CxafmxPoACr-hEVF4DrgkGUVi3QraS4QjpTRI
Benefit
- $500 million set aside for small business loans
- List of banks allowed to offer the loans https://illinoistreasurer.gov/Financial_Institutions/Access_to_Capital/List_of_Participating_Program_Depositories?status=pending
Eligibility
- (1) have been shut down or limited due to COVID-19;
- (2) have less than $1 million in liquid assets or $8 million average annual receipts (per SBA standards), unless an exception is granted by the Treasurer; and
- (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.
For more information, please contact:
Artur Krawczyk
Tax Supervisor
(847) 783-1912
akrawczyk@muellercpa.com
