News Flash

Business

Posted on: March 11, 2020

COVID-19 Resources for Business

The following COVID-19 informational resources may be of interest to area businesses. This page will be updated regularly. To sign-up for notification emails when this page is updated or for other Village emergency and informational notices register on the NotifyMe module. The Village COVID-19 general announcement page can be found here

NOTICE OF PENDING  GRANT DEADLINES:  Application for the 2nd round of the State of IL "BIG" Grant opens the afternoon of Thursday, September 17th and will be available on a rolling basis until depleted. Early application encouraged. Details at this link and below.

RESTORE IL PHASING INFORMATION:  In an effort to prevent resurgence of COVID-19 in Illinois, Governor Pritzker announced changes to the Restore IL plan. Counties have been grouped into areas that may be subject to further business operation restrictions should health figures indicate additional risk. Review the Plan for details on the new tiered approach for specific industries should health metrics dictate further action. The current Phase 4 Industry specific guidelines, signage and toolkits continue to be available.  On October 28th the Governor's office determined the IDPH metrics indicate further restriction is required for the Lake-McHenry County Region 9 which includes Libertyville. Effective October 31st, additional mitigation measures will be imposed on businesses and will be listed here by the State. These are also described in the Lake County Health Department Press Release.  10-28-20 edit

Reopening Information:

Financial Assistance: Please note some of these funds have short application time-frames and multiple rounds, check the websites for new details.

  • BIG Grants:  Beginning Thursday, September 17th, the State of IL  will accept application for the Business Interruption Grant (BIG) Program.  The program is administered through the IL Department of Commerce & Economic Opportunity.  View the program website for details, sample application questions, a preparation check-list, etc.  Certain industries will be given priority funding, but all impacted business may apply for consideration. edit 09-15-20
  • CARES Act Resources for Business:  Note application for the Emergency Disaster Loan (EIDL) is applied for online through the SBA while other programs such as the Payroll Protection (PPP) are through financial institutions
    • EIDL and EIDL Advance: The EIDL online application has reopened. Additionally, the SBA announced that as of mid-July it is restoring eligibility for the EIDL Advance to those who did not check the box indicating the desire to be considered for the EIDL Advance of up to $10,000 and whose loan status is either withdrawn or declined.  The SBA will begin distribution of the Advance monies if the original application requested the funds. SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties. Program application and details here.  07-08-20 edit
    • PPP: Acceptance of applications ended August 8th. Program details here. To apply for the PPP, it is suggested you first contact your local banker. A list of lenders can be found on the SBA search module (note many listed will only take application from existing customers). Additional lenders accepting application from new or non-bank customers include firms such as Inland Bank, Great Lakes Credit Union, PayPal, Square, Betterfin, Kabbage, and Intuit-QuickBooks, as well as those listed in this article. A portion of the PPP loan may be forgivable. The SBA has released the PPP Loan Forgiveness Application-- this document includes a worksheet to calculate your PPP Loan usage, and information on on how to calculate your FTE total. 09-03-20 edit
    • Subsidy for Current Loan Payments and Express Bridge Loans: The SBA will cover up to 6 months of principal and interest payments that are owed on most existing SBA loans. 5-7-20 edit
  • Illinois State Treasurer’s Small Business Relief Program: The program is an impact investment loan program to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. 5-7-20 edit
  • Employee Retention Credit: Treasury Encourages Businesses Impacted by COVID-19 to Use Employee Retention Credit. 5-7-20 edit
  • IL Department of Commerce (IL DCEO): guide of emergency funding sources from various agencies 5-7-20 edit
    • ILDCEO Small Business Loan; announced 3/25/20; loan continues but application temporarily halted for processing of existing submittals; hospitality grant application closed. 5-7-20 update
  • HartBeat of Main Street Grant: Round 2 opened 10-22-20, additional rounds anticipated. This grant of $5000-$15,000 is for businesses which operate in an older or historic main street, downtown or commercial district in the U.S.  Details here.  10-22-20 edit
  • BeyGOOD Black-Owned Small Business Impact Fund:  BeyGood has teamed up with the NAACP to expand economic opportunity by awarding grants of $10,000 on the 15th of each month through the end of 2020. 10-22-20 edit
  • LISC Grant: Latest grant round closed. Grants of $20,000 to small business owners to help meet their most immediate needs. Eligible expenses include: rent and utilities, payroll, debt to vendors, upgrading technology,  immediate operational costs, etc. Priority will be given especially to entrepreneurs of color, women- and veteran-owned businesses.   Learn more about this program and view FAQs. 9-14-20 edit
  • Lake County Small Business Recovery Grant Program:  Latest grant round closed. The County is reviewing applications with funds anticipated for release by check in mid-September.  Applications were accepted for this program from July 7-July 20, 2020.  Eligible businesses may receive up to $30,000 to cover up to four months of occupancy costs and other related expenses, restrictions apply.  Information and application can be found here. A list of Frequently Asked Questions is available. 09-03-20 edit
  • Alternate Funding: explore alternative funding opportunities such as SBA Express Bridge Loans, Business for All Grant by Hello Alice, Salesforce Care for Small Business Grant, Sam Adams Restaurant Strong Fund, and the Restaurant Employee Relief Fund.  09-03-20 edit

Various Resources & Guidance:

Restaurants & Liquor Service:

Health & Safety:

Facebook Twitter Email