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.
Business Assistance Loan Program – Village of Oak Park
Status: Accepting applications.
The Village of Oak Park has created a Business Assistance Loan Program using $300,000 in federal CARES Act Community Development Block Grant funds. The program is focused on helping small Oak Park businesses that have been negatively impacted by the outbreak of the COVID-19 coronavirus.
Loan applications may be submitted electronically to Business@oak-park.us beginning at 9 a.m., Tues., July 28.
Applications will be considered on a first-come first-served basis.
Business Interruption Grants (BIG) – State of Illinois
Status: Round 2 application period is open.
The second round of the Business Interruption Grants (BIG) Program is now open, offering $220 million in financial assistance for small businesses that were hit hard by the pandemic.
The BIG program is open to all eligible businesses (for profit and nonprofit) with $20 million or less in annual revenue in 2019 and who experienced losses due to COVID-19. The grant size will be equivalent to two months of expenses. Find additional information on the BIG program and how to apply here.
Economic Injury Disaster Loan (EIDL) – SBA
Status: Active.
On June 15, the SBA began accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from all eligible small businesses and U.S. agricultural businesses. To learn more about eligibility and apply, click here.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Apply for an EIDL Loan Advance
EIDL Loan Application Checklist (READ FIRST)
EIDL Step-by-step Guide
Employee Retention Credit (ERC) – IRS
Status: Active
The Employee Retention Credit (ERC) under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Note: Businesses that have received a PPP loan are not eligible for the ERC program.
Illinois Small Business Emergency Loan Fund – State of Illinois DCEO
Status: Not accepting new applications.
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) have established 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.
- Loan funds must be used for working capital, and at least 50% of loan proceeds must be applied toward payroll or other eligible compensation, with a commitment to hire or retain at least 50% of a business workforce for six months.
Eligibility criteria and application information can be found here. Once submitted, the State will strive to make a loan decision within 10 days, and make funds available within two days of receiving bank information from a business.
Expedited Lending Program for Small Businesses (Accion Chicago)
Status: Accepting Applications
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 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
