Resources for Businesses
With frequent changes taking place, we are continuing to update information and resources for businesses on a regular basis and will share them here. Interested in updates via email? Please get in touch with us at info@LFLBchamber.com.
LOANS & GRANTS
Informational Webinar Link: Congressman Brad Schneider hosted a webinar with updates on Small Business Resources on April 7, 2020
Paycheck Protection Program
General Information: The PPP program is designed to help small businesses maintain payroll in light of the COVID-19 pandemic. Eligible businesses who enroll in the program will receive a forgivable loan to use for payroll purposes, in addition to helping pay for utilities, rent, mortgage interest payments, and more. Details are included in the links below.
To Apply: Businesses need to apply to the approved 7(a) lender directly – the application process for small businesses has launched and the start date for independent contractors and self-employed individuals to submit PPP loan applications is April 10, 2020.
Be prepared so that you have what you need when the lender opens up their online application. Have the following information:
- The date you started your business
- Detailed information to calculate the average monthly payroll costs.
- Your annual revenue
- Your business mailing address
Lender Information: PPP loans will be 100% federally guaranteed but handled by SBA-certified lenders. Lending institutions that are not currently SBA-certified but want to participate should email DelegatedAuthority@sba.gov.
Resources: The Small Business Administration distributed additional guidance from the U.S. Department of the Treasury on how the Paycheck Protection Program is going to be implemented and what both lenders and borrowers need to know. The following documents were provided:
- General Program Overview for the Paycheck Protection Program
- PPP: Information for Lenders
- PPP: Information for Borrowers
- Sample Paycheck Protection Program Application
- Small Business Administration’s PPP Page
Economic Injury Disaster Loan Program (EIDL)
General Information: The SBA’s Economic Injury Disaster Loan (EIDL) program received significant funding in the Families First Act, which was the 2nd COVID-19 stimulus package. These SBA loans provide small businesses with a long-term, low interest loan of up to $2 million to pay for expenses they would have met if not for the COVID-19 pandemic. Please note that these are loans, not grants, although refinancing an EIDL into a PPP Loan is a possibility, provided you used the fund for the proper purpose. Additionally, applicants can apply for both EIDL and PPP loans simultaneously, although the funds cannot be used for the same purpose.
Application Process: The SBA has an application process that is available here. Note that if your business needs short term assistance, and you applied before this week, you may need to re-submit your application (see below). If you have already applied for funds through EIDL and do not need the $10,000 advance, your application should continue to be processed without additional steps. You may check on the status of your application by calling 800-659-2955.
Small Business Resources
U.S. Small Business Administration
- Disaster Loan Assistance website
- SBA Economic Injury Disaster Loan page
- COVID-19 Small Business Guidance & Loan Resources
- Webinar Recording – “Funding Training for Illinois Small Businesses: Applying for the Economic Injury Disaster Loan"
- Coronavirus (COVID-19) Small Business Survival Guide
State of Illinois
- Illinois Department of Commerce
- Illinois Department of Commerce COVID-19 Information for Small Business
- Illinois Department of Commerce Emergency Small Business Grants and Loans Assistance
- Illinois Department of Employment Security - Unemployment Benefits for Employees
- Illinois Department of Employment Security - Unemployment Insurance
- Illinois Department of Financial & Professional Regulation - COVID-19 Resource page
- Illinois Department of Revenue Updates
- State of Illinois COVID-19 Shelter in Place Order
- State of Illinois Coronavirus Response Website
- State of Illinois Coronavirus (COVID-19) Daily Updates
- State of Illinois Coronavirus (COVID-19) Resources For Business
- State of Illinois Coronavirus (COVID-19) Response: Food Service FAQs
- State of Illinois Coronavirus (COVID-19) Response: Unemployment FAQs
- Definition of Essential Businesses & Operations
- CDC Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019
- Centers for Disease Control & Prevention
- Internal Revenue Service - Economic Impact Payments
- Summary of the CARES Act
- Department of the Treasury -Paycheck Protection Program
- Small Business & Non Profit Webinars on Congressman Schneider’s YouTube Channel
World Health Organization