Chicago and Illinois Small Business Assistance Available

The city of Chicago is establishing a $100 million Chicago Small Business Resiliency Fund.

Illinois businesses outside of Chicago are eligible for the Illinois Small Business Emergency Loan Fund.

Additional aid is available for the Illinois hospitality sector and for businesses located in rural Illinois.

Please note the following:

  • Low-interest loans of up to $50,000 offered (with at least 50% to be applied to payroll).
  • Businesses must have fewer than 50 employees and annual gross receipts of less than USD $3M to qualify.
  • Businesses must experience a 25% decrease in revenue as a result of COVID-19 to qualify.
  • Businesses must be based in either Illinois or Chicago to qualify.

Please find below relevant links to the state and city website for more information: 

Chicago

Illinois

https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx

https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx

Don’t miss any news or our updates on legislative developments – Sign up for our on-line magazine: https://mag.intlms.com/

This article only includes general information and IMS is not, by means of this article, rendering any tax, legal or other professional services. This communication should not be relied upon for any decision or action that may have an impact on your business. Prior to taking any action, you should be in contact with your advisor.

Industry: Uncategorized