Oak Park EDC
Oak Park Economic Development Corporation
COVID-19 Resources
Resources for Businesses Impacted by COVID-19
Below are links to programs and resources being made available to small businesses affected by the response to the COVID-19 outbreak.
We will continue to send updates as new information becomes available.
Hospitality Emergency Grant Program – DCEO
To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program. Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery.
- Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000
- Bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000
- Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.
Applications will be accepted until 5:00 p.m. on Wednesday, April 1, and recipients will be chosen via a lottery. Accion, DCEO’s program partner, will notify businesses on April 4th if they have received an award. Click here for more information and to apply.
Illinois Small Business Emergency Loan Fund – DCEO
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.
- Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 are eligible
- Businesses can receive a low-interest loan of up to $50,000 with a 5 year repayment period with no payments due for the first six months
- Loans can be used to support working capital
Complete the form linked here to express interest in the program.
Eligible businesses will be invited to submit a full application beginning on April 1. Once submitted, we will strive to make a loan decision within 10 days, and make funds available within two days of receiving bank information from a business.
Federal Stimulus Package – CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
U.S. Chamber of Commerce – Paycheck Protection Program Guide and Checklist
Economic Injury Disaster Loan (EIDL) – SBA
Businesses and most private nonprofit organizations that have suffered a substantial economic injury due to the COVID-19 may now apply for up to $2 million to meet financial obligations and operating expenses that could have been met had the disaster not occurred. Funds can be used for working capital and loan amounts will be based on actual economic injury and the company’s expenses.
The SBA is working to process approvals within 3 weeks of receiving a completed application and payments will be deferred for 12 months after the loan closes.
For more information and to apply: Economic Injury Disaster Loan
Forms required for an application: Application and Forms
Expedited Lending Program for Small Businesses (Accion Chicago)
Accion has announced an expedited lending program up to $25,000 for any businesses with a clean credit report in 2019. Rather than conduct a full underwrite of your business, they will set the maximum loan amount based on your monthly revenues in January and February. Click here to apply.
Webinars
Access to Capital – COVID-19 Edition (Small Business Advisory Council)
Access a recent webinar on Information on New Emergency Offerings to Help Small Businesses in Illinois & Indiana. (Accion Chicago)
Access a recent webinar on Crisis Management and Cash Flow Management. (Accion Chicago)
Village of Oak Park
Village of Oak Park Cornonavirus Resource Page – For the latest information from the Village of Oak Park and to sign up for EMERGENCY ALERTS.
Chamber of Commerce
Business Resources related to COVID-19, both national and local, are available on the Chamber’s website. This site is being updated on a daily basis.
Small Business Administration (SBA)
Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
Tips for Approaching a Lender
OPEDC published a blog post with tips on approaching a lender about loan modification and preparing to open a new commercial loan. You can find it here.
To sign up for the OPEDC newsletter, click here.
To contact OPEDC staff, email v.schrader@opdc.net or j.lynch@opdc.net
