Financial Tools

Paycheck Protection Program

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

• PPP loans have an interest rate of 1%.

• Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.

• Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).

• No collateral or personal guarantees are required.

• Neither the government nor lenders will charge small businesses any fees.

Download this informative PDF for more information.

How To Apply

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 in the program. 

If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:

• Paycheck Protection Program First Draw Borrower Application Form (revised 01-08-21)

• Paycheck Protection Program Second Draw Borrower Application Form (01-08-21)

SBA Disaster Loans

The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19.

• Three Step Process to Apply for Loan

• SBA Economic Injury Disaster Loan Application & Information

• SBA Disaster Business Loan Application

Employee Retention Credit

The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll.  The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Click here for more information.

• FAQ’s for Employer Retention Credit under the CARES Act

• U.S. Chamber Guide to Employee Retention Credit

• Payroll Tax Deferral Information

State Programs

The Business Interruption Grant (BIG) program is a $636 million program developed by Governor Pritzker and the Illinois General Assembly to provide economic relief for small businesses hit hardest by COVID-19.BIG leverages federal funding provided by the CARES Act to help offset COVID-19 related losses for Illinois small businesses. funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs as defined in the eligible cost list found here.

New to BIG – applications for a second round of funding are set to go live September 17. A total of $220 million will be made available for small businesses of all types in Illinois.

More details on the latest round of funding and how to apply can be found here.

The McLean County Small Business Development Center is available virtually to help businesses who have questions regarding many of these grants/applications. Please click here for a detailed explanation of the grants and initiatives available.

There is a Public Assistance Program that is available through the Illinois Emergency Management Agency (IEMA) for reimbursement for expenses of $3,300 or more related to the COVID-19 response.  Eligible organizations include local government organizations such as counties, townships, cities, villages, districts, etc.  If your organization has incurred or anticipates incurring costs (hard and soft funds) of $3,300 or more related to the COVID-19 response, you need to apply-- for your organization-- and track all expenses.  Click here for the checklist with links.

Additional Resources