STATE LEVEL
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State of Illinois COVID-19 Response
Protecting the health, safety, and wellbeing of Illinoisans is Governor Pritzker’s top priority. The administration continues to work closely with local health departments, county officials and federal partners to put systems in place to respond to COVID-19. This website will provide the latest news releases related to coronavirus, resources, FAQs, video archives of press conferences and tips from leading experts to keep you and your family safe. For more information click here.
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Illinois Small Business Emergency Loan Fund
Under the leadership of Governor JB Pritzker, DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer 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 pay 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.
Loan funds must be used for working capital, and at least 50% of loans proceeds must be applied toward payroll or other eligible compensation including salaries, wages, tips, paid leave, and group healthcare benefits. Eligible uses will exclude compensation in excess of $100,000. Apply here.
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Illinois Small Business Emergency Loan Fund
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer 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.
Businesses can express interest and learn more about loan guidelines and eligibility here.
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Downstate Small Business Stabilization Program
To support small businesses in downstate and rural counties across Illinois, DCEO is re purposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program. This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. These grants will be offered on a rolling basis. Communities can learn more about the Notice of Funding Opportunity (NOFO) and eligibility requirements here.
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Treasurer Frerich's Illinois Small Business COVID-19 Relief Program
The Illinois Small Business COVID-19 Relief Program is an impact investment loan program to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.
Treasurer Frerichs's office will make $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.
The Treasurer's Office is partnering with approved financial institutions to provide lower rate loans, or loans to a business or non-profit that would not otherwise qualify, to small businesses impacted by the COVID-19 pandemic.
State funds will be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01 percent. Deposits can be drawn in $1 or $5 million increments, up to a maximum of $25 million per financial institution.
To participate in the program, financial institutions must be or apply to become an approved program depository with the Illinois Treasurer's Office.
Visit the Community Development Linked Deposit page to view the applicable impact investment deposit rates.
Click to listen to the conference call with the Treasurer's office and the Illinois Chamber of Commerce on March 27, 2020
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State of Illinois COVID-19 Response
Governor Pritzker’s administration makes constant daily updates on the COVID-19 crisis in Illinois on their Covid-19 Response website here.
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Webinar with Federal Department of Labor and Illinois Department of Employment Securities
Monday, April 6, 2020, the Illinois Chamber of Commerce hosted a webinar with officials from the Department of Labor and Illinois Department of Employment Securities (IDES) Director Thomas Chan discussed via webinar the vital information for businesses on unemployment requirements for employees and contractors as outlined in the recent federal CARES Act. The recording can be found here. Additionally, frequently asked questions and answers can be found on the Department of Labor’s website and also via IDES’s website. To view the Federal Stimulus Package Unemployment Benefits click here.