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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

Chicago, Illinois: Small Business Resiliency Fund

Description of Program and Relief

In response to COVID-19, the City of Chicago has established a $100 million Chicago Small Business Resiliency Fund to provide small businesses with emergency cash flow during this crisis. Funds will be provided to eligible businesses as low-interest loans that can be repaid over a term of up to five years.

Government or Lead Agency

City of Chicago

Dates Available

Applications are now available

Eligibility Requirements/Restrictions

Information on eligibility can be found here.

To be eligible, a business must:

  • Attest to a more than 25% revenue decrease due to COVID-19;

  • Employ fewer than 50 employees and have gross revenues of less than $3 million in 2019;

  • Provide a Chicago business address or Chicago business license;

  • Not have any pre-existing tax liens or legal judgments against it.

Loans will be made in amounts up to $50,000, but will be sized based on pre-COVID-19 revenue.

Loan proceeds must be used for working capital. At least 50% of proceeds should be applied toward payroll, and the business must commit to retain its workforce at 50% of pre-COVID-19 levels.

Application Deadlines (If Applicable)

Applications will close on Friday April 24, 2020.

Contact for More Information

Please click the following links to submit a question (English, Spanish)

List of Additional Information

Please visit:

https://www.connect2capital.com/partners/chicago-small-business-resiliency-fund/

To apply, please click here.


© 2020 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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