Resources For Small Businesses
As you know, Congress recently passed the CARES Act to extend credit access to qualified small businesses through bank loans. This bill secured $350 million in forgivable loans and $10 billion in grants to small businesses, tribal business concerns, and certain nonprofits. It also gave small businesses the opportunity to apply for up to $10,000 in grants to retain workers and pay for debt obligations. Finally, the CARES Act created a new SBA 7(a) Paycheck Protection Program that would forgive loans used for payroll costs (including paid leave, health care, and other costs) to retain workers, and other expenses such as rent, mortgage interest, and utilities. Independent contractors, sole-proprietors, and other self-employed persons were to be eligible for these loans.
Unfortunately, the Trump Administration made changes to the loan programs in the dark of night that sabotaged the programs and prevented companies from accessing the credit they desperately needed. As a result the Administration completely botched the roll-out of this essential program.
I am closely monitoring the implementation of these loan programs and will conduct the oversight and investigations necessary to ensure that these programs provide small businesses with the support they need. In the meantime feel free to fill out the application here and contact my office at 347 413 1959 to address your specific situation.
In the meantime, below are some resources for small and midsized businesses during this pandemic:
Loans & Grants:
- Village of Schaumburg Small Business Loan program (The Village of Schaumburg is offering forgivable loans, up to $15,000 each, to small businesses (those with 500 employees or less) in Schaumburg.)
- Facebook Small Business Grant Program
- Google's support to small to mid sized businesses
- Red Backpack Fund, Grants for Women entrepreneurs (application portal opens on May 4, June 1, July 6, and August 3.)
- Hello Alice is offering emergency grants of $10,000
- GoFundMe has partnered with Intuit QuickBooks, Yelp, GoDaddy, and Bill.com to give small businesses a $500 grant if they raise at least $500 on GoFundMe.
- Yelp is offering advertising credits for small, independently owned restaurants and bars.
- The Council of Fashion Designers of America and Vogue are offering grants of up to $100,000 for fashion industry businesses that are at least two years old, employ no more than 30 people, and generate less than $10 million in revenue a year. Applications here are due May 2.
- Beauty Changes lives is offering $1,000 grants for licensed beauty professionals who are out of work due to the coronavirus.
- Illinois Department of Employment Security (IDES) and Unemployment Benefits
- CARES Unemployment Benefits Expansion Package (May 6)
- CARES Unemployment Benefits Expansion Package (April 15)
- Illinois State Treasurer's Small Business COVID-19 Relief Program
- Emergency Small Business Grants and Loans Assistance
- Medical Supply Chain Information
- Cook County Taxes, Fine, and Fees Relief Package
Small Business Administration Disaster Resources:
- U.S. Small Business Administration Disaster Loan Program
- SBA Comparison of Covid Loans as put out by America's SBDC
- A great overview of Federal Loan relief.
- What is in the 2 Trillion CARES Act? Find out here. Small Business Guide and Checklist.
- Schaumburg Business Association's overview of the Stimulus package
- US Bartender Guild’s National Charity Foundation Emergency Grants
- OSHA Guide on Preparing Workplaces for COVID-19
- OSHA Guide on Preventing Worker Exposure to COVID-19
- CDC Resources for Businesses