April 1 is both the deadline and start-up date for small businesses damaged by the Coronavirus (COVID-19) Pandemic to apply with the Illinois Department of Commerce and Economic Opportunity (IDCEO) for a portion of $90 million in emergency grants and low-interest loans, respectively. Click HERE for more information and to apply.
Small business restaurants, bars and hotels face a deadline of April 1 at 5 p.m. to enter a lottery for $14 million in Hospitality Emergency Grants is April 1 at 5 p.m., and starting on April 1 small businesses only can apply for five-year loans of up to $50K at an interest rate of only three percent interest from the $60 million Illinois Small Business Emergency Loan Fund.
An estimated 300 Hospitality Grants will be awarded via an applicant lottery on April 4, with monies distributed on April 6. Grant awards will be distributed equally among Cook County, collar counties and downstate counties. Applicants need only submit their liquor or business license and most recent tax return.
Based on annual earnings, restaurants and bars are eligible for grants of $10K ($500K or less) or $25K (up to $100M), while hotels with less than $8M in revenue are eligible for up to $50K. Grants funds must be used for working capital, training and technology.
Illinois Small Business Emergency Loans are available to small businesses outside of the City of Chicago with fewer than 50 employees and less than $3M in revenue in 2019. No loan repayments are required for the first six months.
Small Business Loans must be used for working capital, with at least 50 percent of the loan proceeds applied toward payroll or other eligible compensation (rent, insurance, etc.), plus a commitment to hire or retain at least 50 percent of a business workforce for six months.