At NAWBO Chicago, we have been working around the clock to stay on top of the latest Coronavirus (COVID-19) developments, recommendations and resources and to develop a plan that will support you and keep you connected during this challenging time. We are gathering resources from our partners and other trusted organizations to help you navigate the changing business world. We will continue to update this page, along with our member programming as more information becomes available.
- Financial and Banking Resources
- HR and Employee Resources
- Re-Opening Your Business
SBA COVID-19 Economic Injury Disaster Loan
On March 19th the U.S. Small Business Administration approved Governor Pritzker's application for an economic injury declaration due to the coronavirus. Now small businesses across the state of Illinois are eligible to apply for Economic Injury Disaster Loans (EIDL) through the SBA. In addition, please visit www.sba.gov/disaster for detailed information regarding the program.
- To apply, log onto the SBA Disaster Loan Assistance application page. If you do not already have a login, you can register to create an account. You will then be directed to the required application form.
- In addition to the application form, be prepared to submit: a completed and signed
- Tax Information Authorization (IRS Form 4506T); complete copies of the most recent Federal income tax returns for the applicant business; completed and signed Personal Financial Statement (SBA Form 413) and a Schedule of Liabilities listing all fixed debts (SBA Form 2202).
- EIDL's offer up to $2 million in assistance per small business.
- EIDL's may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Chicago Small Business Resiliency Fund
On March 19th, Mayor Lori Lightfoot announced the launch of the Chicago Small Business Resiliency Fund. This is a new $100 million economic relief package to support Chicago’s small businesses that are experiencing a temporary loss of revenue as a result of the COVID-19 outbreak. SomerCor is proud to partner with the City of Chicago in administering the Small Business Improvement Fund (SBIF) and Neighborhood Opportunity Fund (NOF) grants. If your business has been negatively impacted by COVID-19 outbreak, click here to learn more. Official application for the fund will start on March 31st.
LISC-State Farm Small Business Relief Loan Program
LISC and State Farm today announced that LISC has received a $10 million low-interest loan through State Farm’s Good Neighbor Relief response to COVID-19 to help Chicago and Central Illinois small business owners and nonprofit organizations work through the economic fallout from the pandemic. With the loan, LISC will establish a Small Business Rescue Fund to distribute loans to small businesses and nonprofit social enterprises for urgent needs, including operational costs like paying employees, vendors and rent. For more information please visit this flyer or fill out this questionnaire to determine eligibility.
Illinois Hospitality Emergency Grant Program
A grant is now available for Illinois restaurants and bars with 2019 revenues under $1 million, and hotels with under $8 million in 2019 revenue. The grant covers expenses on working capital (like payroll and rent), job training, and technology to support change in operations. Selection is based on a lottery system, with more spots available for businesses that use grant on new technology or equipment. Applications are due on April 1, 2020.
Facebook Small Business Grants
We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We've heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.
Timeframe: Opens | Apr. 20, 2020, 10:00 AM (EDT); Deadline | May 6, 2020 11:59 PM (EDT)
Amount: Offering a $4000 grant for the recipients in the US; $2500 cash, and $1500 in optional ads credits
Salesforce Care Small Business Grants
As part of Salesforce’s commitment to small businesses and giving back to the community, Salesforce is partnering with Ureeka to offer eligible small businesses the opportunity to receive a $10,000 grant to help them through the COVID-19 outbreak.
The grant is intended for For Profit businesses with annual sales of $250k to $2M with 2-50 employees. Non Profits and entities that received PPP funding are not eligible. Please click here for a FAQ’s and the application details.
Announced on April 28, the will provide $5 million in grants to businesses with four or fewer employees in low- and moderate-income areas of the city. Grants of $5,000 will be disbursed via a lottery, with winners equitably distributed across eligible Community Areas based on population. and will be open until Monday, May 4
Re-Opening Your Business Guide from the CDC
During an infectious disease outbreak, such as the current outbreak of COVID-19, small business owners must prepare for disruption in their business as well as prepare to protect their employees’ health and safety in the workplace.