The latest version of the Federal Coronavirus Relief Bill (Coronavirus Aid, Relief, and Economic Security Act (CARES Act)) passed Friday, 27 March, 2020 resulting in a number of financial support options our federal government is providing for individuals and small business owners. The State of Illinois government is also providing economic assistance. If you still have questions for your business, you can seek a Small Business Administration (SBA) counselor here.
Help for Individuals
- Protect yourself financially from the impact of the coronavirus: The Consumer Financial Protection Bureau consolidates ways citizens can protect themselves from the impact of COVID-19 addressing concerns such as meeting financial obligations (e.g. loan payments, loss of income) or responding to a COVID-19 scam.
- Economic Impact Payments: Information about the federal stimulus checks.
- State of Illinois Guidance for workers and residents.
Help for Small Businesses
Review the full Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Guide to understand the following key programs in more detail:
- Paycheck Protection Program (PPP): Eligible for small businesses, non-profits, veterans groups and tribal groups with less than 500 employees to cover up to 8 weeks of payroll costs and other eligible expenses. Contact your bank or a lender for more information. Find a lender here.
- Small Business Administration Loan Forgiveness: Eligible for small business owners participating in the 7(a), Community Advantage, 504, or microloan programs to forgive 6 months of most SBA loan payments.
- Economic Injury Disaster Loans (EIDL): Eligible for small businesses, non-profits, tribal businesses and cooperatives to provide up to $10,000 economic relief to continue to operate during the pandemic. Complete the EIDL loan application online here.
- SBA Express Bridge Loans: Eligible for small businesses who already have a business relationship with a SBA Express Lenders to provide up to $25,000 quickly.
Additional Federal Small Business Tax Credit Guidance:
- COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs
- FAQs: Employee Retention Credit under the CARES Act
- Seek a SBA business counselor near northern Illinois
CDC Health Guidance for Businesses & Employers: