Under the leadership of Governor JB Pritzker, DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) established the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000 for working capital, with at least 50% of loans proceeds to be applied toward payroll or other eligible compensation including salaries, wages, tips, paid leave, and group healthcare benefits.
Since launching the Illinois Small Business Emergency Loan, Governor Pritzker and the General Assembly established the $636M Business Interruption Grants (BIG) program to provide relief to small businesses across the state who have experienced losses due to the COVID-19 pandemic.
As a part of the BIG program authorized by the General Assembly, DCEO will be working with eligible business owners that have received loans to convert those loans to grants. Going forward, DCEO will not be supporting additional loans under the Illinois Small Business Emergency Loan program and invites businesses to apply for support though the BIG program.
HOW TO APPLY: Eligible business owners that have received a loan through the Illinois Small Business Emergency Loan program will be contacted by their loan administrator to submit an application for loan forgiveness.
If you have not yet received a loan, but are currently on the waitlist, you will be contacted for priority consideration for a Business Interruption Grant.
MORE INFORMATION: Details on the BIG program, how to apply for a BIG grant and eligible uses of funds are available here.