***As of 3/30/2020: The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress***
Additional detailed information will be communicated in the days to come on the CARES Act. The federal agencies involved are working diligently to get program rules and processes in place to small businesses as soon as possible. However, it is premature to discuss program implementation specifics of the CARES Act because that work is still being done and program details may change. Our focus at the SBDC is providing our small businesses, lenders, and other small business stakeholders with information that reflects the actual program implementation of the legislation with associated rules and requirements.
The information our center has at this time (as of 3/30/2020) is as follows:
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The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now.
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When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.
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You can view the CARES Act Guide to see information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
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Struggling to get started? The following questions might help point you in the right direction.
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Do you need:
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Capital to cover the cost of retaining employees?
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The Paycheck Protection Program starting on page 2 might be right for you.
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A quick infusion of a smaller amount of cash to cover you right now?
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Look into an Emergency Economic Injury Grant starting on page 7.
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To ease your fears about keeping up with payments on your current or potential SBA loan?
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The Small Business Debt Relief Program starting on page 6 could help.
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Quality, free counseling to help you navigate this uncertain economic time?
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Look into the resource partners in the Counseling and Training section on page 9.
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***As of 3/30/2020: The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress***
Additional detailed information will be communicated in the days to come on the CARES Act. The federal agencies involved are working diligently to get program rules and processes in place to small businesses as soon as possible. However, it is premature to discuss program implementation specifics of the CARES Act because that work is still being done and program details may change. Our focus at the SBDC is providing our small businesses, lenders, and other small business stakeholders with information that reflects the actual program implementation of the legislation with associated rules and requirements.
The information our center has at this time (as of 3/30/2020) is as follows:
-
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now.
-
When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.
-
You can view the CARES Act Guide to see information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
-
Struggling to get started? The following questions might help point you in the right direction.
-
Do you need:
-
Capital to cover the cost of retaining employees?
-
The Paycheck Protection Program starting on page 2 might be right for you.
-
-
A quick infusion of a smaller amount of cash to cover you right now?
-
Look into an Emergency Economic Injury Grant starting on page 7.
-
-
To ease your fears about keeping up with payments on your current or potential SBA loan?
-
The Small Business Debt Relief Program starting on page 6 could help.
-
-
Quality, free counseling to help you navigate this uncertain economic time?
-
Look into the resource partners in the Counseling and Training section on page 9.
-
-
***As of 3/30/2020: Illinois Department of Human Services is assessing the acute needs for PPE items ***
Direct from the Illinois Department of Human Services:
In order to understand the acute needs for Personal Protective Equipment (PPE) among community-based organizations across the state, please consider completing this short survey before April 1.
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The survey is designed to more precisely understand statewide PPE needs.
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Please note that completing the survey, unfortunately, is not a guarantee that you will receive the supplies, and it is not a purchasing order.
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As you fill out the survey, please give your best estimate of need over the next 30-90 days, accounting for both your organization’s staff and customer/client populations.
***As of 3/30/2020: Illinois Department of Human Services is assessing the acute needs for PPE items ***
Direct from the Illinois Department of Human Services:
In order to understand the acute needs for Personal Protective Equipment (PPE) among community-based organizations across the state, please consider completing this short survey before April 1.
-
The survey is designed to more precisely understand statewide PPE needs.
-
Please note that completing the survey, unfortunately, is not a guarantee that you will receive the supplies, and it is not a purchasing order.
-
As you fill out the survey, please give your best estimate of need over the next 30-90 days, accounting for both your organization’s staff and customer/client populations.
***As of 3/30/2020: Illinois Department of Human Services is assessing the acute needs for PPE items ***
Direct from the Illinois Department of Human Services:
In order to understand the acute needs for Personal Protective Equipment (PPE) among community-based organizations across the state, please consider completing this short survey before April 1.
-
The survey is designed to more precisely understand statewide PPE needs.
-
Please note that completing the survey, unfortunately, is not a guarantee that you will receive the supplies, and it is not a purchasing order.
-
As you fill out the survey, please give your best estimate of need over the next 30-90 days, accounting for both your organization’s staff and customer/client populations.
***As of 3/27/2020: Illinois DCEO is calling for your support in donations of PPE items***
Under the leadership of Erin Guthrie, Director, the Department of Commerce & Economic Opportunity (DCEO) recognizes the tremendous impact that the COVID-19 pandemic is having, not only on businesses, but our communities and families as well.
Not surprisingly, during this challenge Illinoisans are stepping up and pulling together. Many businesses and organizations have already reached out to DCEO to offer support, donations and assistance in any way they can. Their contributions are much appreciated by us all. For example, iBio.org a Chicago-based life sciences industry association, is coordinating efforts from among their membership to donate much-needed medical supplies vital for our Illinois communities.
We are asking for your support in providing our hospitals, Illinois doctors and first responders that are in desperate need of items. For donations of personal protective equipment, please email: PPE.donations@illinois.gov.
Here’s the list of items they are looking for:
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Ventilators – LTV1200 Vyaire/ReVel Carefusion or BiPAP v60 Phillips Respironics
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Masks: N-95, ear loop, or surgical
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Gowns: Isolation or non-descript
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Gloves: Nitrile, sterile, or surgical
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Eye Protection: Face shields and goggles
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Infection Control Kits
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Hand Sanitizer: Any size
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Disinfectant Wipes: Any size
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Thermometers: Forehead only
All donated items should be in the manufacture's original packaging and unopened. When emailing items available for donation to PPE.donations@illinois.gov it is essential to list the items’ current location and exact quantity in an “each” type standard as opposed to boxes/pallet, etc. We will then be in touch about the next logistical steps. Please note that if you have smaller quantities of these items, you may redirect or donate to your nearby police, fire, and ambulance services in order to minimize your travel and other logistical steps with your donation.
For non-PPE items, tangible or financial, please email: CEO.BusinessDonations@illinois.gov.
“Make”: Manufacturers who are ramping up or altering their operations to provide more essential items should contact the Illinois Manufacturers Association (IMA) at: https://ima-net.org/covid-19/supplies/
“Sell”: Wholesalers, suppliers, or manufacturers that already have items on hand to sell or will in the future, should contact: COVID.procurement@illinois.gov.
The following items are in greatest need:
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N-95 masks
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Gloves (non-powdered)
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Gowns (impermeable)
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Isolation gowns (all sizes)
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Surgical masks
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Regular masks, ear loop
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Procedure masks with face shields
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Goggles
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Face shields
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Sanitizing wipes
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Purple-top wipes
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Hand sanitizers
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Digital thermometers
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PAPR hoods
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Ventilators – LTV1200 Vyaire/ReVel Carefusion or BiPAP v60 Phillips Respironics
SBA Economic Injury Disaster Loans (EIDL) & Targeted EIDL Advance
Updated on 3/22/2021
Update 3/22/21: The SBA's Economic Injury Disaster Loan (EIDL) program has been updated with the passage of the American Rescue Plan.
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Find the latest information here.
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If you have received other funding from the SBA such as PPP, and/or plan to apply for the Shuttered Venues Operators Grant or the Restuarant Revitalizations Fund Grant, this comparison chart by the SBA is helpful to understand the criteria of each program and how they impact each other's funds.
The EIDL loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
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Low-interest loans of $25,000 to $2 million to small businesses and private non-profits affected by the COVID-19 pandemic.
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These "working capital loans" can be used to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves.
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Terms include:
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3.75% for businesses (fixed) and 2.75% for nonprofits (fixed)
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30 years maturity
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No pre-payment penalty or fees
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Payments can be deferred for one year, but interest still accrues (Borrower may make payments if they choose to)
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There are collateral requirements for loans over $25,000
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The EIDL Loan is not eligible for forgiveness
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The EIDL Advance is eligible for forgiveness
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View full details on SBA's Economic Injury Disaster Loans website
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The SBA is now accepting new Economic Injury Disaster Loan (EIDL) and Targeted EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.
Interested in applying for a SBA Economic Injury Disaster Loan?
1. Familiarize yourself with the process, requirements, criteria, and application itself FIRST via the below resources BEFORE starting the application or contacting our center.
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Applicants MUST ensure they have ALL required documentation submitted to the SBA for consideration when submitting an application.
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View the SBA EIDL FAQ Sheet
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IMPORTANT:
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Incomplete submissions will delay the application process.
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If you do not already have a login, you can register to create an account. You will then be directed to the required application form.
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Businesses will receive an app number once someone in the loan center enters your documents into the system.
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If you started using the old system, upload a cover page and then complete and upload the unfinished documents noting the application number you were previously given on each page.
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The disaster loan center will send out email notifications when the status changes on your application.
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Chrome browser seems to work best if you are having technical difficulties.
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2. Assemble the Required Forms and apply
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The EIDL and EIDL Advance application can be accessed via the SBA's COVID-19 Economic Injury Disaster Loan Application website
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If you have questions regarding the EIDL program, application, or status of your application questions: contact the SBA at 1-800-659-2955 or disastercustomerservice@sba.gov
Interested in the Targeted EIDL Advance?
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COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.
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Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
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Applicants do not need to take any action at this time. SBA will reach out to those who qualify.
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SBA will first reach out to EIDL applications that already received a partial EIDL Advance (between $1,000 - $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.
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All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.
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To learn more view the SBA's Economic Injury Disaster Loans website and scroll down to the "Targeted EIDL Advance" section