RESOURCES AVAILABLE FOR COVID-19 EFFECTED BUSINESS-OWNERS

LOANS AND GRANTS.webp

Loans & Grants

Congress passed a $2.2 trillion program, the Coronavirus Air, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020 to provide economic relief for individuals, businesses, and the health care industry in response to the growing coronavirus pandemic. This comprehensive aid package includes direct payments to individuals, an expansion of unemployment insurance, and significant aid to large and small businesses

Federal SBA Loan Programs Under the CARES Act

1. Payment Protection

This loan provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA Loan

2. EIDL Loan Advance

This loan advance will provide up to $10,000 to businesses that are currently experiencing difficulties

3. SBA Bridge Loans

Enables small businesses who currently have a business relationship with the SBA to access up to $25,000 quickly

4. SBA Debt Relief

The SBA is providing a financial reprieve on payments of existing loans

LOANS AVAILABLE FROM STATE OF ILLINOIS

1. Illinois Small Business Emergency Loans

Enabling small businesses to get low interest loans of up to $50,000

2. Hospitality Emergency Grant Program

To help small hospitality businesses bars, restaurants, hotels up to $25,000

Extension of Tax-FILING Deadlines

Internal Revenue Service has postponed the tax filing and payment deadlines for calendar year taxpayers until July 15, 2020.

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