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COVID-19: Small Business Resources

Has your business been negatively impacted by the ongoing coronavirus pandemic? The Coleman Entrepreneurship Center has collected resources for entrepreneurs whose business has been effected by COVID-19 in some way.

For one-on-one assistance, email the Coleman Entrepreneurship Center, at cec@depaul.edu.

Program
Eligibility Requirements Application Link
CARES Act Unemployment Benefits Expansion Package Unemployment benefits will be available for 1099s in Illinois under the Coronavirus Aid, Relief, and Economic Security Act. Apply here
Chicago Small Business Resiliency Fund To qualify, businesses must have fewer than 50 employees (50% of whom are Chicago residents) and less than $3 million in gross annual revenues pre-COVID-19. Businesses must also have suffered a revenue decrease of at least 25% due to COVID-19, and be located in the City of Chicago and in business for at least one year as of the date of application. Apply here
Cook County Community Recovery Fund This rapid relief loan fund offers one-time, zero-interest loans of up to $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County. Apply here
Disaster Loan Assistance through the SBA The loan program provides small businesses with working capital loans of up to $2 million. Small businesses can apply for up to $10,000. The loan advance will provide economic relief to small businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. Apply here
Downstate Small Business Stabilization Program Businesses with 50 or fewer employees located in downstate and rural areas of Illinois may apply for a grant for working capital up to $25,000. Click the application link to learn about more eligibility information. Apply here
Hospitality Emergency Grant Program Bars and restaurants that generated between $500,000 and $1 million in revenue in 2019 (up to $25,000), and bars and restaurants that generated less than $500,000 in revenue in 2019 (up to $10,000); hotels that generated less than $8 million in revenue in 2019 (up to $50,000). Apply here
Illinois Small Business Emergency Loan Fund 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 for up to $50,000. Apply here
Paycheck Protection Program through the SBA Businesses with fewer than 500 employees can apply for this loan to keep workers on payroll. Loans will be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. Apply here
Verizon Small Business Reco​very Fund through LISC Grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19, especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who do not have access to flexible, affordable capital. Apply here