New Federal, City Assistance Available to Illinois Small Businesses

March 20 – Illinois has been added to the list of states now eligible for new low-interest disaster loans offered by the U.S. Small Business Administration in response to the COVID-19 pandemic.

The low-interest loans offer up to $2 million in working capital to any qualifying small business or non-profit organization that applies. The loans can be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the pandemic.

Separately, Chicago Mayor Lori Lightfoot announced that creation of the $100 million Chicago Small Business Resiliency Loan Fund, a public-private partnership that will provide low-interest loans to severely impacted small businesses throughout the city.

You can access more information on these programs at the links below.

SBA COVID-19 Disaster Assistance

Chicago Small Business Resiliency Loan Fund