COVID-19: Business Resources
We understand the spread of the COVID-19 virus along with the Executive Order by the Illinois Governor requiring the closure of ’non-essential’ businesses and restaurants has a tremendous impact on our local businesses. In an effort to be a continued source of information during this difficult time, we also encourage business owners to continue to follow sources such as:
- Illinois Department of Commerce & Economic Opportunity
- Illinois Retail Merchants Association
- U.S. Small Business Association
- U.S. Economic Development Administration
- College of DuPage: COVID-19 Small Business Weekly Update
- WorkNet DuPage
- Occupancy Restrictions for Essential Businesses (IDCEO)
- Illinois Essential Businesses & Operations Frequently Asked Questions (IDCEO)
- Restaurant & Third Party Delivery Service Guidelines (IDCEO)
- Families First Coronavirus Response Act Notices (DOL)
- The SBA, CARES Act & Your Business (PDF) (Wintrust Bank)
- Essential Business & Operations Flowchart (PDF) (DCEO)
- COVID-19: Emergency Resources For Businesses (PDF) (DCEO)
- Guidance for Businesses and Employers (SBA)
Webinars for Small Businesses
WorkNet DuPage: From Layoff To Launch
WorkNet DuPage will be offering free From Layoff to Launch webinars through the workNet DuPage website featuring representatives from DuPage County Workforce Development Division, the U.S. Department of Labor, and the Illinois Department of Employment Security (IDES). Topics include:
- How to file for unemployment insurance benefits
- What to expect after filing
- Health insurance coverage and 401(k) options
- How to apply for up-to-$10,000 in professional training grants
- No-cost career services including virtual workshops and resume reviews
Learn more or submit an application at: www.worknetdupage.org/launch.
U.S. Small Business Administration Illinois District Office: Loan Program Assistance
The SBA Illinois District Office is hosting two webinars each weekday, at 11 a.m. and 3 p.m., to walk through the loan programs and other assistance available. Register for an upcoming event at sbaillinois.eventbrite.com or visit the SBA Illinois District Office site for additional information. Stay up to date with event announcements on Twitter @SBA_Illinois and subscribing to emails at sba.gov/updates. Additionally, you can email your questions to Illinois.firstname.lastname@example.org.
Register for the next webinar at: sbaillinois.eventbrite.com
DuPage County Small Business Relief Grant Program
In an effort to assist small businesses and independent contractors impacted by COVID-19, DuPage County in conjunction with Choose DuPage is providing grants for DuPage County small businesses to use for employee retention payroll, utilities, and rent. Small businesses with fewer than 15 full-time employees and less than $1.5 million in annual revenue may apply for a grant up to $15,000. And, independent contractors with more than 50% of their annual income coming from 1099 work, and an annual income of less than $100,000 may apply for a grant up to $7,500.
Short-Term Relief from Penalties for Late Sales Tax Payments
The Illinois Department of Revenue(IDOR) is waiving any penalty and interest that would have been imposed on late Sales Tax payments from qualified taxpayers.Who is a qualified taxpayer eligible for relief? Taxpayers who are eligible for relief from penalties and interest on late Sales Tax payments are those operating eating and drinking establishments that incurred a total Sales Tax liability of less than $75,000 in calendar year 2019.
Illinois Small Business COVID-19 Relief Program
The Illinois Small Business COVID-19 Relief Program is an impact investment loan program under which the State Treasurer has made up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic.
Hospitality Emergency Grant Program
To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program for job training, tourism promotion, and other purposes. For more details visit the Emergency Small Business Grants and Loans Assistance page.
Economic Injury Disaster Loan Program
The Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Small business owners can apply for a low-interest loan due to COVID-19. Click here to apply.
Illinois Small Business Emergency Loan Fund
The Illinois Small Business Emergency Loan Fund offers 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. For more details visit the Emergency Small Business Grants and Loans Assistance page.
SBA Express Bridge Loans
If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for the Express Bridge Loan Pilot Program. This allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
Workforce Innovation and Opportunity Act (WIOA)
DuPage County residents can quickly and easily access a wide range of assistance to take back control of their careers in these uncertain times. In addition to no-cost career planning and job search services, employees facing COVID-19-related or other layoffs may qualify for up-to-$10,000 in federal Workforce Innovation and Opportunity Act (WIOA) grant funding (money that does not need to be paid back). Grants can be used to attend job training, certificate, or professional development programs that lead to in-demand careers that offer strong earning potential. Those receiving unemployment can continue to do so while attending these approved training programs.
Coronavirus Aid, Relief, and Economic Security (CARES) Act
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress will provide many new resources available for small businesses, as well as certain nonprofits and other employers. View this guide to see information about the major programs and initiatives that are available from the Small Business Administration (SBA) and tax provisions outside the scope of SBA.
To keep up to date on when these programs please stay in contact with the Small Business Administration (SBA) Illinois District Office.
Paycheck Protection Program (PPP)
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. Loan payments will also be deferred for six months. Businesses with 500 or fewer employees are eligible. Businesses with more than 500 employees are eligible in certain industries.
The U.S. Chamber of Commerce’s Small Business Guide & Checklist is a great resource to help check eligibility, see what lenders are looking for, and to view how much can be borrowed and forgiven.
COVID-19 Economic Injury Disaster Loans (EIDL) & Emergency Injury Grants
These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
View this Guide from the U.S. Committee on Small Business & Entrepreneurship or complete your Economic Injury Disaster Loan Application.
Small Business Debt Relief Program
This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. Visit the U.S. Small Business Administration Debt Relief page for more details.