COVID-19 Resources for Small and Medium-Sized Businesses

Funding Programs (Loans and Grants)

US Chamber of Commerce Info Guide

The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals check eligibility and prepare to file for a loan with the SBA.

US Small Business Administration

As of April 16, 2020, the $350B appropriation was exhausted, halting all funding; many banks stopped taking applications as did the SBA. Additional funds are expected to be allocated the week of 4/20.

  • Paycheck Protection Program (PPP) – The U.S. Small Business Administration (SBA) will provide $349 billion in loans through the Paycheck Protection Program to small businesses and non-profits. Portions of these loans will be forgiven to the extent that recipients maintain their existing workforce or rehire. Loans can be up to $10 million and interest rates are maxed at 4% for portions of the loan that do not qualify for loan forgiveness. Learn more here.
  • Economic Injury Disaster Loan (EIDL) – The 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. Borrowers can request an emergency advance of $10,000 within 3 days of submitting the application and do not have to repay the advance if they are denied a loan. Learn more here.

Illinois Department of Commerce and Economic Opportunity (DCEO) Resource Guide

This is a comprehensive emergency resource guide for small businesses developed by the Illinois Department of Commerce & Economic Opportunity.

Cook County Bureau of Economic Development Recovery Fund

Zero-interest loans of up to $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County. Applications open in mid-April on a first-come, first-serve basis. To apply, businesses and independent contractors in suburban Cook County must meet these requirements:

  • Small Businesses must have fewer than 25 employees and less than $3 million in revenue
  • Gig Workers must earn at least half of income from 1099 contract work and make less than $100,000 in gross annual income

Cook County Bureau of Economic Development Resource Guide

This resource guide provides helpful information on the Paycheck Protection Program (PPP) as well as information on upcoming webinars to help small businesses.

Tax & Debt Relief Programs:

Sales Tax Deferral for Illinois Bars and Restaurants

Information on deferred sales tax payments for small- and medium-sized bars and restaurants. Eating and drinking establishments will not be charged penalties or interest on payments due in March, April or May made late. Penalties and interest will be automatically waived; however, qualified taxpayers must still file their sales tax return even if they are unable to make a payment. Any taxpayers taking advantage of this relief will be required to pay their sales tax liabilities due in March, April and May in four installments starting on May 20 and extending through August 20.

  • Restaurants must have incurred less than $75,000 in sales tax liabilities last year to qualify

SBA Loan Debt Relief

The SBA will cover up to 6 months of principal and interest payments that are owed on most existing SBA loans. Learn more here.

Resources: Employee Leave Regulations

US Department of Labor Employer Requirements

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020.

US Department of Labor Q&A

Questions and Answers to the most common questions employers have regarding the Families First Coronavirus Response Act (FFCRA or Act).

CDC Guidance for Employers

The CDC created this checklist-style site to help small businesses plan, prepare, and respond to coronavirus.

Illinois Workers Compensation Rates Information

COVID-19 has required the modification and amendment on Illinois Workman’s Compensation regulations. This link provides the most up to date information.

Miscellaneous Resources, Q&A, and Information

Local SBA Assistance Centers

Small Business Administration’s list of free local assistance centers to help small businesses navigate all available resources.

GoFundMe Small Business Relied Initiative and Fund

Small businesses that have been negatively impacted by the coronavirus crisis can sign up on GoFundMe to start a fundraiser to benefit their small business. If a small business raises $500 on their GoFundMe they may be considered to receive a $500 matching grant from the Small Business Relief Fund.

Facebook Small Business Grants Program

Facebook is offering $100 million in cash grants and ad credits for businesses impacted by COVID-19.

  • Have between 2 and 50 employees
  • Have been in business for over a year
  • Have experienced challenges from COVID-19
  • Be in or near a location where Facebook operates

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Midwest Business Consulting
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