Part 3 of 3 - Federal and State Emergency Small Business Programs

The chart below compares grant and loan programs available at the state level for Illinois and Indiana businesses.  Please contact us with any questions.  This information is current as of 4/4/2020.

 



Program/ Benefit	Illinois Small Business Emergency Loan Fund	Downstate Small Business Stabilization Program	Indiana Rapid Response Loan Fund
Type	Loan	Grant	Loan
Purpose	Inexpensive financing opportunity for business affected by Coronavirus	Quick relief for businesses affected by Coronavirus	Inexpensive financing opportunity for business affected by Coronavirus
Amount	Up to $50,000	Up to $25,000	Up to $25,000
Eligibility/ Eligible Expenses	Working Capital; 50% of loan must be used for payroll	Working Capital; costs incurred after date of grant award	Wages, insurance premiums, other expenses
Applicable Dates	4/1/2020	Until funds are exhausted
Restrictions		Proof of Urgent Need required
Other Info	Low interest loan of up to $50,000 with 5 year repayment period, 6 month payment deferral, 3% interest rate	Grant of up to $25,000 per business based on 60 days of working capital	Loan up to $25,000 at 3.75% rate
Eligible	Business outside City of	Under 50 employees, not	Not agricultural enterprises,
Businesses	Chicago, Under 50 employees	located in an ineligible	religious or charitable
	and $3 M in revenue; Must	community or county; must	organizations or businesses with
	experience at least 25% decrease	demonstrate urgent need in	1/3 or more of revenue from
	in revenues; Not available for	relation to the COVID-19	gambling activities
	non-profits or farms	emergency and commit to
		retaining jobs
Employee limits	50	50
Self Employed?		Yes, but must employ at least one person other than the owner
How to Apply	https://app.smartsheet.com/b/fo	In conjunction with local	https://www.response.indycham
	rm/c75a9b0557564704a73a0afc	government (city, village,	ber.com/loans
	1eba81b2	county)
		https://www2.illinois.gov/dceo/
		CommunityServices/Community
		Infrastructure/Pages/DownstateS
		mBizStabilizaition.aspx