Small Business & Restaurant Resources

The City of Chicago is currently in Phase IV of their reopening metrics.

The Chicago Department of Business Affairs and Consumer Protection has a resource page for businesses, consumers, and employees affected by COVID-19.

RESOURCES FOR SMALL BUSINESS SUPPORTERS / CONSUMERS

RESOURCES FOR SMALL BUSINESS OWNERS

FEDERAL RESOURCES FOR SMALL BUSINESS OWNERS

Congresswoman Schakowsky’s office put together this guide for small businesses and non-profits. ​

 

1. Economic Injury Disaster Loan Program remains available

General Information:

The SBA’s Economic Injury Disaster Loan (EIDL) program received significant funding in the Families First Act, which was the 2nd COVID-19 stimulus package. These SBA loans provide small businesses with a long-term, low interest loan of up to $2 million to pay for expenses they would have met if not for the COVID-19 pandemic.

Note that these are loans, not grants, although refinancing an EIDL into a PPP Loan is a possibility, provided you used the fund for the proper purpose. Additionally, applicants can apply for both EIDL and PPP loans simultaneously, although the funds can not be used for the same purpose.

Application Process: 

The SBA has just recently rolled out a new, streamlined application process that is available here. Note that if your business needs short term assistance, and you applied before this week, you may need to re-submit your application (see below).

If you have already applied for funds through EIDL and do not need the $10,000 advance, your application should continue to be processed without additional steps. You may check on the status of your application by calling 800-659-2955.

 

2. Emergency Economic Injury Grants (advance on EIDL loans)

General Information:

Businesses that need an infusion of capital in the short term and who have applied for a loan through the EIDL program can also apply for an Emergency Economic Injury Grant, which will provide an advance of $10,000 from the requested EIDL amount. This process can be started from the EIDL application, available here.

Importantly, if you already submitted an EIDL application prior to the launch of this program (SBA says if you applied before Monday) you will have to resubmit an application using the streamlined process at the link above. ​

 

3. SBA Small Business Debt Relief Program

The Small Business Administration is providing a program to assist small businesses who have non-disaster SBA loans – namely 7(a) loans, 504 loans, and microloans. 

Program Benefits:

The SBA will cover payments (on principal and interest) in addition to fees for six months.

Program Applicability:

This program will apply to preexisting loans in these categories, in addition to new borrowers who take out these loans within six months of the CARES Act becoming law.

Loan Program Details:

Please see the below links if you think that your business could benefit from these options:

7(a) Loan Program Information

  • 7(a) loans max out at $5 million are targeted towards borrowers who lack credit elsewhere and need access to flexible capital.  These loans are offered through approved 7(a) lenders (a list is available here)

504 Loan Program Information

  • 504 Loans max out at $5.5 million and provide long-term fixed-rate financing and may be a good option for businesses looking to purchase property or large equipment

SBA Microloan Program Information

  • The SBA’s microloan program offers loans of up to $50,000 to help small businesses start up or expand.

 

4. Employer Payroll Tax Deferral

General Information: According to the Guide, a provision in the CARES Act allows for the deferral of the employer portion of certain payroll taxes through the end of 2020.  These deferred amounts are due in two installments – one at the end of 2021, the other at the end of 2022.  Included deferrable taxes include the employer portion of FICA taxes and half of SECA tax liability.  Visit the IRS coronavirus webpage.

Key Caveat:

Deferral is not available to employers who received assistance via the Paycheck Protection Program.

 

5. Business Counseling (+ Assistance with Applications)

General Information:

In addition to direct financial assistance to small businesses and non-profits, the recent stimulus packages have included significant funding for enhanced small business counseling services.  These organizations are well versed in how to help small businesses succeed and stand ready and willing to help your organization navigate these difficult times.  Counseling resources include:

 

Office Hours*:

Monday: 9 am - 5 pm

Tuesday: 9 am - 5 pm

Wednesday: 9 am - 5 pm

Thursday: 9 am - 5 pm

Friday: 9 am - 5 pm

Ward Service Office:

1447 W. Morse Ave

Chicago, IL 60626

office@49thward.org

773-338-5796

*Please note the physical office remains

closed due to the ongoing COVID-19 crisis.

Our staff is working virtually from home

and is happy to answer calls and emails.

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