We understand that the COVID-19 pandemic is rapidly evolving. We are monitoring the situation and are following the recommendations of our public health authorities, as the health of our employees and clients is a top priority.
We are also keeping up-to-date on the various resources being made available. As they come up, we will keep you informed. We have a dedicated page on our website we will also keep up to date:
https://www.glm-accounting-bookkeeping.com/covid-19-help.html
State of Illinois Resource
Illinois Emergency Small Business Grants and Loans Assistance
Under Governor JB Pritzker, DCEO is working with partners to launch emergency assistance programs for Illinois small businesses. For Suburban Businesses, these initiatives include:
Illinois Small Business Emergency Loan Fund: https://us.accion.org/small-business-loans/
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.
Get More Details Here
Small Business Administration Resource
Disaster Assistance Loan Program: https://www.sba.gov/funding-programs/disaster-assistance
At first they were encouraging everyone to use the online application. Now they are asking to download the paperwork. Fill it out and upload it through their site. Please note if they are a Sole Proprietorship; they use a different Form (C)
Forms Available Here (If the Above Site is too Busy)
Get More Details Here
What Congress' stimulus package would mean to local business:
The $2 trillion economic rescue package approved by the U.S. Senate late Wednesday night and passed today in the House includes a number of provisions and aid for businesses struggling to maintain normalcy during the COVID-19 pandemic.
Get More Details Here
Your Bank Can Help
Contact your banker and have a conversation about your business and what is happening with it. They may be able to adjust your current loans to add months to the end of the loan to by-pass making payments now.
If you have existing SBA Loans you may have a way to differ payments for up to 6 Months.
Again, contact your banker and talk with them.
Sooner is Better then Later.
Get More Details Here
Other Resources Available
Local Business Support
Get More Details Here
We are also keeping up-to-date on the various resources being made available. As they come up, we will keep you informed. We have a dedicated page on our website we will also keep up to date:
https://www.glm-accounting-bookkeeping.com/covid-19-help.html
State of Illinois Resource
Illinois Emergency Small Business Grants and Loans Assistance
Under Governor JB Pritzker, DCEO is working with partners to launch emergency assistance programs for Illinois small businesses. For Suburban Businesses, these initiatives include:
Illinois Small Business Emergency Loan Fund: https://us.accion.org/small-business-loans/
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.
Get More Details Here
Small Business Administration Resource
Disaster Assistance Loan Program: https://www.sba.gov/funding-programs/disaster-assistance
At first they were encouraging everyone to use the online application. Now they are asking to download the paperwork. Fill it out and upload it through their site. Please note if they are a Sole Proprietorship; they use a different Form (C)
Forms Available Here (If the Above Site is too Busy)
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- The idea is to show a before and after impact of Covid-19. Include the loan amount requested that you include a narrative and numbers to show justification of how your business was impacted.
Get More Details Here
What Congress' stimulus package would mean to local business:
The $2 trillion economic rescue package approved by the U.S. Senate late Wednesday night and passed today in the House includes a number of provisions and aid for businesses struggling to maintain normalcy during the COVID-19 pandemic.
Get More Details Here
Your Bank Can Help
Contact your banker and have a conversation about your business and what is happening with it. They may be able to adjust your current loans to add months to the end of the loan to by-pass making payments now.
If you have existing SBA Loans you may have a way to differ payments for up to 6 Months.
Again, contact your banker and talk with them.
Sooner is Better then Later.
Get More Details Here
Other Resources Available
Local Business Support
- Contact your town’s Economic Development Departments for local assistance.
- Contact your local Chamber of Commerce for additional information
Get More Details Here
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