Funding Options For Employers
New Funding Opportunities
The City of Springfield is offering grants of $5,000 to assist small businesses located within the City of Springfield in preventing, preparing for, and responding to the COVID-19 pandemic. Eligible small businesses may request reimbursement for business expenses incurred during the period of March 17, 2020 through December 31, 2020. Upon submittal, City staff will review the application for conformity with the program policies. Applications must be received by November 30 and must be complete to be considered. For detailed information click the link above.
On September 17, applications went live for a $220 million second round of BIG which aims to provide relief for all types of small businesses, but with a particular focus on businesses downstate, in disproportionately impacted areas (DIAs), and for heavily impacted industry and regions – representing businesses that have been unable to reopen or operating at a severely diminished capacity since the spring. For detailed information click the link above.
Small Business Owner's Guide to The CARES Act
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed by Congress are intended to assist business owners with whatever needs they have right now. The U.S. Department of the Treasury and the U.S. Small Business Administration (SBA) are responsible for updating the application form and instructions for loan forgiveness. Small business owners can find the most up-to-date information by clicking here. Below is information about major funding programs.
The Paycheck Protection Program was designed as a loan to provide a direct incentive for businesses with 500 or fewer employees to keep their workers on the payroll. On June 5, 2020, The Paycheck Protection Program Flexibility Act of 2020, was signed into law by President Trump. The law amends the Paycheck Protection Program to give borrowers more freedom regarding how and when loan funds are spent while retaining the possibility of full forgiveness. The link provides key takeaways from the PPP Flexibility Act and the changes it includes.
SBA Revised Applications for PPP Loan Forgiveness
- EZ forgiveness application information can be found here - instructions and application.
- Full forgiveness application information can be found here - instructions and application.
- The Interim Final Rules can be found here.
On September 17, applications for a $220 million second round of BIG aims to provide relief for all types of small businesses, but with a particular focus on businesses downstate, in disproportionately impacted areas (DIAs), and for heavily impacted industry and regions – representing businesses that have been unable to reopen or operating at a severely diminished capacity since the spring. For detailed information click the link above.
In addition to the Business Interruption Grants, the Governor also announced DCEO's new economic recovery program will provide $25 million to support Illinois businesses that have sustained property damage as a result of civil unrest during the protests and demonstrations on or after May 25, 2020. The Distressed Capital Program will reimburse the costs to repair structural damages, including repairs to storefronts and entrances, improving electrical systems, and restoring exterior work.
IL State Treasurer Small Business COVID-19 Relief Program
The Business Invest - Illinois Small Business COVID-19 Relief Program is an impact investment loan program under which the State Treasurer has made 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. Through this program, the Treasurer's Office partners with approved financial institutions to provide loans -- either lower rate loans, or loans to a business or non-profit that would not otherwise qualify -- to Illinois small businesses impacted by the COVID-19 pandemic.
U.S. Chamber of Commerce
- U.S. Chamber’s Updated Guide to PPP Loan Forgiveness
- Small Business Guide and Checklist for Emergency Loans
Economic Injury Disaster Loan (EIDL)
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 on June 16.
SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
If businesses need assistance or have questions on this program, they can contact their local Small Business Development Center or contact our First Stop Business Center at 800-252-2923. Click HERE to find your closest SBDC office.
SBA webinar recordings regarding funding programs
US Small Business Administration hosted two webinars on June 18 to provide the most up-to-date information on the Paycheck Protection Program, Economic Injury Disaster Loans, and other relief for small businesses impacted by COVID-19. The webinar recordings are linked below.
- The U.S. Department of Labor has provided information for employers on the new federal law regarding paid sick leave and expanded FMLA due to COVID-19. The new federal law applies to employers of 500 employees and less.