Minority-owned businesses, especially those with less than $500,000 in annual receipts, are less likely to be approved for financing than white owners.
Federal Funding.
Payment Protection Program (PPP) - CLOSED
Applicants have seen more success applying through these fintech entities, especially those with only a Sch C/1099MISC.
Keep in mind that if you have no payroll then you must have net profits to show either with a Sch C, K1, or 1099MISC. If you’re business reports losses then you will not have a good chance at receiving funds.
Economic Injury Disaster Loan (EIDL) - TBD
Please click HERE for more info.
State Funding.
Illinois Small Business Emergency Loan Fund - CLOSED
Currently not accepting applications at this time. They are currently reviewing the large number of submitted loan applications received. They are temporarily suspending the acceptance of applications from businesses at the moment to process the current applications in queue. More info HERE.
If you applied for the loan and want a status update from Accion or have a question for them, you can submit the question HERE.
Downstate Small Business Stabilization Program – CHECK FOR STATUS
Grant for $25,000 for small businesses that employ 50 or less people. You must work with your local government to apply. Your local government has to apply on your behalf. Please click HERE for more information.
Sole-proprietorships with an ITIN and meet the other criteria can also apply.
Illinois State Treasurer – CHECK FOR STATUS
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. For more information please click HERE.
NON-COVID-19, DCEO Grants – CHECK FOR STATUS
Understanding the Grant Accountability and Transparency Act (GATA) Pre-Award Process (Grantee Guide) – This guide goes over how to get pre-qualified for State grants. Current non-COVID-19 grants open at DCEO. Click HERE for more info.
Local Funding.
None at the moment.
Non-Governmental Funding.
LISC Small Business Relief Grants – Next round opening soon
Grant for small businesses. Sign up on their website to be notified when next round opens.
Business owners that use an ITIN and use that same ITIN number to pay their taxes, can apply as well.
For information in Spanish, click here.
Has $10,000 emergency grants for small businesses affected by COVID-19.
Hello Alice Business Grant – Hispanic Business Owners
Other Resources.
Small Business Development Center (SBDC) in your area
DishRoulette Kitchen Resident CPA
Click HERE to schedule a free consultation with our resident CPA and founder, Brian Soto.
Bringg Now – free software for small businesses to assist with delivery
Venturize – website to provide you unbiased information regarding loans