Applications will be open soon for the Cook County Bureau of Economic Development's Community Recovery Fund, which is part of the Community Recovery Initiative. This loan fund will offer one-time, zero-interest loans of as much as $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County.
Make sure you're ready by preparing documents and information, including:
- Bank statements from October 2019 to the date of application
- A copy of your most recently filed federal tax return
- A copy of your most recent annual financial statements (this is only required if you own/operate a small business)
- A photo ID of the independent contractor or business owner; valid forms of identification consist of a driver’s license issued by the State of Illinois or any other U.S. state, an identification card issued by any U.S. state, a passport or consular identification
Small businesses are eligible if they employ 25 or fewer employees, earn less than $3 million in annual revenue, are located in suburban Cook County, and have seen revenues decrease more than 25% as a result of COVID-19.
Independent contractors are eligible if they make at least half of their yearly income in 1099 contract work, earn less than $100,000 annually, and reside in suburban Cook County.