The global pandemic of COVID-19 is on everyone’s minds these days. Millions of confirmed cases have been reported, and tens of thousands of people have died in the United States due to complications from the virus. Health and government officials continue to monitor the situation very closely. In countries throughout the world, non-essential businesses and schools have been temporarily closed in an effort to stop the spread of coronavirus. Illinois Governor J.B. Pritzker issued a “stay at home” order through April 30. For those small business owners and employers who are struggling to maintain their livelihoods, there is some relief in the form of financial assistance. The Illinois Department of Commerce & Economic Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) established the Illinois Small Business Emergency Loan Fund to provide small businesses with the opportunity to apply for loans up to $50,000 at a low-interest rate.
Who Can Apply for the Bailout Loan?
The below eligibility requirements apply to small businesses that are in Illinois but are outside the city of Chicago. Small businesses within Chicago can apply to a similar loan program. Requirements are based on employment between October 2019 and December 2019. Seasonal businesses may use an employment average between January 2019 and December 2019.
In addition, the business must:...