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Your all-in-one information resource for small business assistance, including grants, loans, and best practices.

Coronavirus Aid, Relief, and Economic Security (CARES) Act

Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL)

Who? Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Interest rate: 3.75% for small businesses, 2.75%.for non-profits.

Terms: Long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Approval: Loans can be approved by the SBA based solely on an applicant’s credit score. Loans that are smaller than $200,000 can be approved without a personal guarantee.

Advance: Borrowers can receive a $10,000 emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.

Paycheck Protection Program

The Loan: The maximum loan amount must be the lesser of 2.5 average month’s eligible payroll costs or $10,000,000 with an interest rate no higher than 4% with a maximum maturity of 10 years. No personal guarantee or collateral is required for the loan. The lenders are expected to defer fees, principal and interest for no less than six months and no more than one year.

Forgiveness: The Act provides that the Government will forgive the amount of a loan under the Act that a recipient can document was used to pay: (1) payroll costs; (2) mortgage interest; (3) rent and (4) utilities—in each case for up to eight weeks following the issuance of the loan.

Both Loans? Yes, you can get both an EIDL (mentioned above) and a Paycheck Protection Program loan as long as they don’t pay for the same expenses. Make sure to check with your lender before taking both types of loans if you are not sure of the specifics.

Other: The self-employed, sole proprietors, and freelance and gig economy workers are also eligible to apply. Businesses, even without a personal guarantee or collateral, can get a loan as long as they were operational on February 15, 2020.

Small Business Administration Loan Forgiveness

The CARES Act includes forgiveness of loan payments for most existing SBA loans. Once implemented, you will not have to make your next six months of loan payments.

Who is eligible? Small business owners participating in the 7(a), Community Advantage, 504, or microloan programs. This benefit can also apply to new borrowers.

Forgiveness: Payments due during this six month period will never have to be repaid.

Other: No action is required to receive this benefit.

Find more information here.

Small Business Owner Resources and Information

Federal Resources

Disaster Assistance in Response to the Coronavirus (SBA)

Covid-19 Economic Injury Disaster Loan Application (SBA)

Loan Guidance (SBA)

Families First Coronavirus Response Act: What Businesses Need to Know

CDC Guidance for Businesses and Workplaces

State Resources

Restore Illinois Phase 3: Business Guidelines

Coronavirus Information for Small Businesses

Emergency Small Business Grants and Loans Assistance

Stay at Home Order & Essential Business Guidance

Small Business COVID-19 Relief Program

Business & Organization Guidance (IDPH)