Grants, Loans & Emergency Assistance
- Grant provides up to $25,000 per eligible business for 60 days of verifiable working capital expenses (employee salaries, general operating expenses, inventory, and advertising/marketing expenses)
- Eligible businesses include for-profit small retail and service businesses or business considered "non-essential" as defined by Governor Pritzker's Executive Order without the ability for employees to work remotely and that have 50 employees or less (including business owners)
- Is determined by first come first serve
- Applications by businesses must be submitted to a unit of local government (the Village of Heyworth)
- The Village must hold a public hearing on applications and pass resolutions of support approving the grant applications
- To find out more about the how the Village is processing these grant applications to comply with DCEO requirements, click here.
- Supports low-interest loans of up to $50,000 for small businesses in every industry
- Eligible businesses must employee fewer than 50 employees and generated less than $3 million in revenue in 2019
- Successful applicants will owe nothing for 6 months and will then begin making fixed payments at 3% interest for the remainder of a 5-year loan.
- Applications are available on DCEO's website as of Friday, March 27.
- Paycheck Protection Program
- This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
- Economic Injury Disaster Loan Advance
- This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- Express Bridge Loans
- This loan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- Debt Relief
- The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
- Governor Pritzker has directed the Illinois Department of Revenue to defer sales tax payments for more than 24,00 small- and medium-sized bars and restaurants.
- Eating and drinking establishments that incurred less than $75,000 in sales tax liabilities last year will not be charged penalties or interest on payments due in March, April or May made late.
- Penalties and interest will be automatically waived; however, qualified taxpayers must still file their sales tax return even if they are unable to make a payment.
- To read more specifics about this sales tax deferral, see the Illinois Department of Revenue Bulletin.
McLean County Targeted Development Loan Program [$900,000 balance]
To provide emergency assistance locally (in the County) for established small businesses suffering during the outbreak. (Contact: Bloomington-Normal Economic Development Council – Patrick Hoban, CEO)
Lee Enterprises (The Pantagraph)
The Pantagraph is offering “matching advertising credit” grants ranging between $250 and $15,000, from April thru June, 2020 to local businesses. Funds are available for all of their advertising platforms, including their websites, newspaper, digital applications and more. Visit bit.ly/pantagraphgrant for more information.
The U.S. Chamber of Commerce recently released its “National Return to Work Plan” and considerations for how businesses should start preparing.
Look for more information about readying your business in the coming weeks on BNPrepared.org
FINANCIAL ASSISTANCE FOR RENTERS AND HOMEOWNERS
Emergency Rental Assistance Program
This program helps low-income households with their rent payments. Tenants who are approved for this program will receive a one-time grant of $5,000 paid directly to their landlords to cover rental payments missed starting in March 2020. In addition, it can also help prepay rent bills through December or until the $5,000 is exhausted, whichever occurs first. These grants do not have to be repaid.
To qualify, applicants must demonstrate that their income before March 1 was at or below 80% of their Area Median Income, which is calculated for each county (approx. $77,440 for Heyworth residents). Also, an adult member of the household must have had a loss of income due to the COVID-19 pandemic on or after March 1, and the household must have an unpaid rent balance that began after March 1.
Emergency Mortgage Assistance Program
This program helps households that have been unable to make their mortgage payments due to a loss of income during the COVID-19 pandemic. Under this program, the State will provide grants of up to $15,000 to pay past due mortgage payments. The grant is paid directly to the homeowner's mortgage service provider. These grants do not have to be repaid.
To qualify, applicants must have reported an adjusted gross income on their 2019 tax return at or below 120% of their Area Media Income (approx. $116,160 for Heyworth residents). Also, an adult in the household must have had a loss of income due to COVID-19 impacts on or after March 1. Applicants must have been current on their payments as of February 29, 2020 and their mortgage must be past due or in forbearance.