COVID-19 ALERT

April 3, 2020

IVCA is working to provide updates to our members on resources and government updates for companies suffering from the economic effects of COVID-19.

Today's Update:

PPP Loan Application is Available: Monies will be disbursed on a “first come, first served” basis. Download here. 

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION (EIDL) Can be found HERE

The Chicago Small Business Resiliency Loan Fund is now open for applications ! This $100 million fund will provide low-interest grants to thousands of Chicago small businesses suffering due to COVID-19.

Due to the high expected demand, the number of Resiliency Fund loans will be limited. Applications will be reviewed on a rolling first-come, first-served basis. We therefore recommend applying as soon as possible.  Please visit chicagoresiliencyfund.com  to start your application and for more information about loan terms, business requirements, application information requirements and required attestations.  In the event the website is overwhelmed, we recommend checking back often to submit your application. 

The Resiliency Fund has a team of trusted experts at your service to guide you through the application, underwriting and closing phases of your loan. Questions can be submitted in  English  and  Spanish . Additionally, the City of Chicago has a network of  Neighborhood Business Development Centers  to provide free remote/virtual assistance to business owners interested in applying for the Chicago Small Business Resiliency Loan Fund.

The City is committed to leveraging every dollar available to business owners from any source in order to provide as much funding as possible to Chicago's small businesses. The Resiliency Fund is structured to complement the new federal  Paycheck Protection Program  that the Small Business Administration (SBA) has launched. The City and its partners will seek to provide all Resiliency Fund loan applicants with the best offer available, including from the SBA's new program. 

In the event that you/your business does not qualify for this program, please look at the  City’s resource website  to find other programs that may meet your needs. Additionally, please visit  www.chicago.gov/BACPCOVID19  for resources specific to businesses, consumers and employees.

For previous updates, please click here.