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Illinois

These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on August 24, 2020.

For more up-to-date information on the relief programs available in Illinois, we recommend that you visit the state's Coronavirus (COVID-19) Response portal.

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Description of Program and Relief

Small Business Emergency Loan Fund

In light of COVID-19, the Illinois Small Business Emergency Loan Fund will offer small businesses low-interest loans of up to $50,000. 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.

Government or Lead Agency

Illinois Department of Commerce & Economic Opportunity

Dates Available

The acceptance of new applications has been temporarily suspended. The Illinois Department of Commerce & Economic Opportunity’s newsletter, available here, will provide updates on upcoming opportunities.

Eligibility Requirements/Restrictions

Information about eligibility requirements may be found here:

https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx

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.

Application Deadlines (If Applicable)

N/A

Contact for More Information

Ceo.support@illinois.gov

List of Additional Information

Please visit:

https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx

Businesses located north of the I-74 should apply here.

Businesses located south of the I-74 should apply by reaching out to Galen Gondolfi at:

GGondolfi@justinepetersen.org


© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.

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