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SBDC Webinar: COVID-19 Financial Assistance for Illinois Small Businesses
April 1 @ 10:00 AM - 11:00 AM
One event on April 1, 2020 at 10:00am
One event on April 2, 2020 at 11:00am
One event on April 3, 2020 at 4:00pm
With information rapidly changing, we are committed to providing accurate training, information sharing, and guidance on the different financial assistance options available to small business in Illinois. This webinar, led by SBDC Director Don Elmore, will provide details about the financial options available, including eligibility requirements, what documents are necessary to apply, program terms, and more. The webinar will be approximately 30-45 minutes of presentation time followed by Q&A. Participants will be able to ask questions in the chat box, which will be moderated by a member of our team.
Topics to be covered:
- SBA’s Economic Injury Disaster Loan Program
- Offers up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses; 2.75% for non-profits.
- State of Illinois – Hospitality Emergency Grant Program
- Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery. Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.
- State of Illinois – Illinois Small Business Emergency Loan Fund
- 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.
- State of Illinois – 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.
- Accion – Expedited Line of Credit (+ other Accion services)
- For existing Accion clients and for any entrepreneur who needs access to capital right now, they are launching an expedited Accion line of credit application for up to $25,000. Any entrepreneur who has a clean credit report in 2019 is eligible for this expedited process.
- Illinois Small Business COVID-19 Relief Program
- The program is an impact investment loan program under which the State Treasurer would make up to $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.
- U.S. Government – Keeping Workers Paid and Employed Act (Division A of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act))
Please keep in mind that things are changing on a daily basis. Each webinar will include the most recent updates on each program.
Dates / times:
- Tuesday, March 31, 2020: 1 – 2 PM
- Wednesday, April 1, 2020: 10 – 11 AM
- Thursday, April 2, 2020: 11 AM – 12 PM
- Friday, April 3, 2020: 4 – 5 PM
RSVP: Free to attend – registration is required to secure a spot. RSVP below, call 217-378-8535, or email email@example.com. Webinar instructions will be sent out closer to the date.
The Illinois Small Business Development Center at Champaign County EDC is here to help. Our services are free & confidential. Contact us to schedule a phone or Zoom appointment: firstname.lastname@example.org or 217-378-8535. Assistance is also available in Spanish, French, Italian, and Portuguese.