On Wednesday, March 25, 2020, Governor Pritzker announced several new emergency assistance programs:
Illinois Small Business Emergency Loan Fund
A $60 million fund provides low-interest loans up to $50,000 for businesses with fewer than 50 employees and less than $3 million in revenue in 2019.
Downstate Small Business Stabilization Program
A $20 million program supporting small businesses in suburban and rural counties across Illinois provides grants of up to $25,000.
Hospitality Emergency Grant Program
A new $14 million grant program provides up to $25,000 to eligible bars and restaurants and $50,000 for eligible hotels.
Bars and restaurants with less than $1 million of revenue in 2019 and hotels generating less than $8 million in revenue in 2019 are eligible.
For more information on these programs visit the Illinois Department of Commerce and Economic Opportunity’s (DCEO) website:
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
We will keep you posted as new programs and guidance becomes available. In the meantime, we will continue to work remotely to assist our clients as this situation continues to evolve.
Related Read: Small Business Administration Disaster Loans
If you have questions or concerns regarding this Client Alert, please contact Brandon Vahl at [email protected] or your ORBA advisor.
