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COVID-19 Small Business Resources

We’ve gathered up some helpful resources for Illinois small businesses suffering from the effects of the COVID-19 virus.

SBA Paycheck Protection Program (PPP)
The paycheck protection program is designed to provide a direct incentive for small businesses (500 employees or fewer) to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. Applications are open through August 08, 2020. According to the SBA, this includes $349B in forgivable loans (if certain criteria are met) at a 1% interest rate. This program covers payroll, benefits, rent, mortgage interest and utility costs for a period of 8 weeks. Applications are processed through banking institutions, to apply for a SBA PPP loan at First National Bank call Josh Shofner at 217.935-7451 or email josh.shofner@firstnbtc.com. Read our blog for more detail or learn more at:
https://www.sba.gov/funding-programs/loans/paycheck-protection-program

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Illinois Hospitality Emergency Grant Program
The Hospitality Emergency Grant Program is making $14 million available to food establishments and hotels.  Depending on your 2019 revenue, grants are available for food establishments up to $25,000 and hotels up to $50,000. Learn more at:
https://us.accion.org/news/covid-19-hospitality-business-grant-program/
*This grant program ended on 4/01/2020.

Illinois Small Business Emergency Loan Fund
IL Dept. of Commerce and Economic Opportunity and the IL Dept. Financial and Professional Regulation (IDFPR) have established a small business loan fund for low interest loans up to $50,000. Loans have a 6 month deferral, below market interest rates, and a 5 year repayment schedule.  Applications open March 27, 2020. Learn more at: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx

IPCF COVID-19 Response Fund (Nonprofit Only)
In response to the COVID-19 pandemic and its presence in our community, Illinois Prairie Community Foundation has established the IPCF COVID-19 Response Fund to support local nonprofits that serve populations who have been impacted by the COVID-19 virus and its economic consequences. Learn more at: https://ilprairiecf.org/ipcf-covid-19-response-fund

Downstate Small Business Stabilization Program
Designed for downstate businesses with 50 employees or less, these funds are applied for in partnership with a local municipality, such as a city, village, or county. $20 million is being made available on a rolling basis with a maximum of $25,000 each. Learn more at:
https://www2.illinois.gov/dceo/CommunityServices/CommunityInfrastructure/Pages/DownstateSmBizStabilizaition.aspx

Illinois State Treasurer Small Business COVID-19 Relief Program (Including Nonprofits)
The Treasurer’s office is partnering with financial institutions to offer lower rate loans to a business or nonprofit that would otherwise not qualify. Learn more at:
https://www.illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program

SBA Economic Impact Disaster Loan Program
The SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome temporary loss of revenue. Learn more at: https://www.sba.gov/disaster-assistance/coronavirus-covid-19.

SBA Small Business Guidance & Loan Resources
The SBA has made available a collection of resources that may be helpful to small businesses impacted by COVID-19. Learn more at:
https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19?utm_medium=email&utm_source=govdelivery

SBA 504 Loan Deferment
Businesses with an existing SBA 504 loan that are in good standing qualify for deferment up to 6 months. The deferment may be for partial or full monthly payment amounts. Learn more at: https://www.iowabusinessgrowth.com/wp-content/uploads/2020/03/COVID-19-Handout-Mar-24-2020.pdf

DeWitt County Economic Development Council (DCDC)
DCDC is making a portion of their Revolving Loan Fund (RLF) available to businesses with short term needs as a result of impact from COVID-19. The fund was originally designed to help business expand, but businesses who are able to show that jobs will be retained by way of this temporary financing will be considered. These funds are loans and not a grant. Learn more at:  www.dcdc-illinois.net

News Media Corporation Grants
DeWitt County businesses are invited to apply for grants to assist them in their recovery from the effects of the coronavirus pandemic. News Media Corporation, the parent company of the Clinton Journal, has established a fund of up to $100,000 to help local businesses subsidize local marketing efforts with matching advertising dollars. Learn more at: https://theclintonjournal.com/article/journal-offers-small-business-grants

First National Bank Small Business Loans and Lines of Credit
Although the way we have served you has changed, our lending team is here to help. First National Bank may be able to provide loans or a line of credit to help your business through this difficult time. Our goal is to host all meetings on the phone or using video conferencing, leveraging our investment in technology and tools like DocuSign to create a great experience during these unprecedented times. Contact a loan officer (listed below) to apply.

Josh Shofner, 217.935-7451 josh.shofner@firstnbtc.com
Rachel Costello, 217.935.7452 rachel.costello@firstnbtc.com

First National Bank Cash Management
If your business is distributing payroll through paper checks, now is a great time to switch to ACH origination which allows you to disburse employee payroll through direct deposit. Tammy Shouse at 217-935-2148 or email her at tammy.shouse@firstnbtc.com for this and additional cash management services.

Federal Tax Deadline Extended
The Federal Tax deadline has been delayed until July 15, 2020. If you need assistance with your taxes, please reach out to our affiliate, Collins Consulting, at 712.487.3853 or email them at customerservice@collinsconsultingservice.com.

Illinois Tax Deadline Extended
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Illinois income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporates. This relief is automatic, taxpayers do not need to file any additional forms or call IDOR to qualify. To learn more:
https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020-24.pdf

Additional Resources:
Coronavirus.illinois.gov 
Clinton Area Chamber of Commerce
DeWitt County Economic Development Council
Farmer City Chamber of Commerce
Illinois Economic Development Association
IRS Coronavirus Tax Relief
IDOR Information for Illinois Taxpayers

First National Bank believes that a community is only as strong as its small businesses. We have been amazed to see the response from individuals in our community who continue to support our local businesses through buying their goods online, purchasing gift cards, ordering take-out or delivery from local restaurants and sharing their social media posts. Central Illinois an amazing place to live and work.

First National Bank is here to support you and your business during this unprecedented time, please don’t hesitate to reach out.

 

*updated 4/08/2020

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