Paycheck Protection Program: A small business or 501(3)c with fewer than 500 employees (of any status), sole proprietor, independent contractor or self-employed individual. Apply locally through Beverly Bank, or any other existing SBA 7(a) lender. The maximum loan amount is 2.5x your monthly payroll, up to $10 million. If the funds are used for payroll costs, interest on mortgages, rent, and utilities and employee levels are maintained for the first 8 weeks, the loan will be forgiven. It does not require a personal guarantee, will be deferred for 6 months, and has a fixed interest rate of 1%.
Illinois Small Business Emergency Loan Fund – FOR BUSINESSES OUTSIDE OF CHICAGO: Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. 5 year loan term, 3% fixed interest. 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.