Grants/Loans Available to Small Business Owners (Hurry, Deadlines Are SOON)

From State Senator Sara Feigenholtz:

"This week, Governor Pritzker announced the creation of the Hospitality Emergency Grant Program.  The program offers $14 million in grants to restaurants, bars, hotels and other hospitality businesses to help them make ends meet during the COVID-19 crisis.

It will provide up to $25,000 to eligible bars and restaurants and up to $50,000 for eligible hotels.

Grant funds can be used to compensate employees and pay rent, or to support new practices like expanded pick-up, delivery and sanitation.

The application period for the Hospitality Emergency Grant Program is open now and closes April 1 at 5 p.m. Businesses can find more information on the program here or apply here.

A Spanish-language application is available here.

Additionally, small business owners in Chicago will be able to take advantage of the Chicago Small Business Resiliency Fund, a $100 million program that will support low-interest loans of up to $50,000 for small businesses in Chicago.

Businesses with fewer than 50 employees, have gross revenues of less than $3 million in 2019 and have suffered more than a 25% revenue decrease due to COVID-19 will be eligible to apply.

Applications for the Chicago Small Business Resiliency Fund will begin to be accepted on March 31, 2020. Businesses interested in applying for a loan should complete this interest form and they will hear from a representative as soon as possible."