|Practice Alert| City of Chicago
March 30, 2020
Applications for the City of Chicago Small Business Resiliency Fund open March 31, 2020 for businesses in the City of Chicago. Business owners who have had their business in operation for at least 1 year, and who have been negatively impacted by COVID-19, can borrow up to $50,000 from this fund. Eligible businesses must have had their revenue decreased by at least 25% due to COVID-19, and 50% or more of the employees of the business must live in the City of Chicago (including part-time employees). The City of Chicago will make $100 million available under this fund, and will offer low interest rates, and flexible repayment terms up to 5 years. These loans will be administered as quickly as possible, and the Chicago Small Business Resiliency Fund will only remain open while funds are available. Call RKF Global PLLC at (312) 888-2000 for more information.