Financial Resources
Housing Assistance
To help residents impacted by COVID-19, the City of Chicago recently announced $33 million from the federal stimulus bill to be used for housing grants.
The first grant will be administered through the Department of Family and Support Services and will provide between 3 and 6 months worth of rental support. Families can make only up to 50% of the area’s median income in order to qualify.
The Department of Housing will provide grants between $2,000 and $3,000 based on need to households earning up to 60% of the area’s median income.
DEADLINE APPROACHING: Paycheck Protection Program Extension
The Paycheck Protection Program is designed to provide loans to small businesses that keep their workers on payroll. The loans can be 100% forgivable under certain circumstances.
There’s still money available, and every eligible business should take advantage of this funding opportunity. The new deadline to apply is Saturday, August 8.
To apply, complete this application and take it to your bank, which will submit the application to the SBA. If your bank is unable to help, search for a program lender here or find one on this list.
Revolving Loan Funds
The U.S. Department of Commerce recently released $8.2 million through the federal CARES Act to provide gap financing to small businesses and entrepreneurs. In Chicago, these loans will be administered through Accion.
Expanded Outdoor Dining Program
As Chicago entered Phase 4 of the reopening plan, the City created the Outdoor Dining Program to help restaurants set up outdoor dining on streets and sidewalks. The program is being updated and expanded to help even more restaurants keep their doors open. Learn more about the expanded program here.
