On behalf of our members and businesses throughout the state, the Illinois Chamber of Commerce is dedicated to providing information, resources and updates from federal and state policy stakeholders to help Illinois businesses during the Coronavirus crisis.


Main Points

    COVID-19 small business loans

   

Federal Legislation

   

Payroll Tax Credits

  • The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. You can find out more in the press release.

   

SBA and U.S. Chamber conference call

  • The Chamber and the IACCE hosted a call for our local chambers with a presentation from Bo Steiner, district director for the U.S. Small Business Administration's (SBA) Illinois District Office on the COVID-19 Economic Injury Disaster Loan Program  and update from Allison L. Dembeck, an executive director in the Congressional and Public Affairs Division at the U.S. Chamber of Commerce on federal initiatives to address the
  • economic crisis. You can view Bo’s presentation here.

Treasurer Frerich's Business Invest

The Illinois Small Business COVID-19 Relief Program is an impact investment loan program to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.

Treasurer Frerichs's office will make $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. 

The Treasurer's Office is partnering with approved financial institutions to provide lower rate loans, or loans to a business or non-profit that would not otherwise qualify, to small businesses impacted by the COVID-19 pandemic.

State funds will be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01 percent. Deposits can be drawn in $1 or $5 million increments, up to a maximum of $25 million per financial institution.

To participate in the program, financial institutions must be or apply to become an approved program depository with the Illinois Treasurer's Office.  

Visit the Community Development Linked Deposit page to view the applicable impact investment deposit rates. 

More Links

For more information on COVID-19 in Illinois please see the Illinois Coronavirus Response website.

For more information on COVID-19 business updates please see the U.S. Chamber of Commerce Combating the Coronavirus website.