DIsaster Assistance Applications

COVID-19 Disaster Assistance Applications

 

  • 4.3.2020 - PPP Loan Application is Available: Monies will be disbursed on a “first come, first served” basis. Download here.
    • You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

  • 4.3.2020 - COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION (EIDL) Can be found HERE
  • 4.3.2020 -The Chicago Small Business Resiliency Loan Fund is now  open for applications ! This $100 million fund will provide low-interest grants to thousands of Chicago small businesses suffering due to COVID-19.
    • Due to the high expected demand, the number of Resiliency Fund loans will be limited. Applications will be reviewed on a rolling first-come, first-served basis. We therefore recommend applying as soon as possible.  Please visit chicagoresiliencyfund.com  to start your application and for more information about loan terms, business requirements, application information requirements and required attestations.  In the event the website is overwhelmed, we recommend checking back often to submit your application. 
    • The Resiliency Fund has a team of trusted experts at your service to guide you through the application, underwriting and closing phases of your loan. Questions can be submitted in  English  and  Spanish . Additionally, the City of Chicago has a network of  Neighborhood Business Development Centers  to provide free remote/virtual assistance to business owners interested in applying for the Chicago Small Business Resiliency Loan Fund.
    • The City is committed to leveraging every dollar available to business owners from any source in order to provide as much funding as possible to Chicago's small businesses. The Resiliency Fund is structured to complement the new federal  Paycheck Protection Program  that the Small Business Administration (SBA) has launched. The City and its partners will seek to provide all Resiliency Fund loan applicants with the best offer available, including from the SBA's new program. 
    • In the event that you/your business does not qualify for this program, please look at the  City’s resource website  to find other programs that may meet your needs. Additionally, please visit www.chicago.gov/BACPCOVID19  for resources specific to businesses, consumers and employees.
  • Illinois Small Business Emergency Loan Fund - DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.

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. Starting this Friday, March 27th, interested businesses will be able to express interest at a form that will be posted here.

Who is eligible?  Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 can apply. Small businesses within the City of Chicago can apply to a similar loan program here.
What can loan funds be used for?  Loans can be used to support working capital.
How do businesses apply?  Businesses will be able to complete an interest form on this web page on Friday, March 27, 2020.
How much money is available?  Businesses can receive up a low interest loan of up to $50,000 with a 5-year repayment period with no payments due for the first six months.
How soon will businesses receive funds?  Eligible businesses will be invited to submit a full application beginning on April 1. Once submitted, we will strive to make a loan decision within 10 days, and make funds available within two days of receiving bank information from a business.