Last updated on March 31st, 2020
So far you have two big tasks on your list today, Tuesday, March 31, that I highly recommend you do ASAP in this order:
1) Apply for the SBA Disaster Loan.
This is how you get the $10,000 grant from the CARES Act:
- Apply for a loan
- Request a $10,000 advance to provide immediate economic relief.
- Funds are supposed to be released within 3 days of the request and will not have to be repaid.
- You can apply online here: https://covid19relief.sba.gov/#/
We recommend that you apply fast. We’ve heard rumors that funds are limited and are first come, first serve.
2) Apply for the Chicago Small Business Resiliency Fund
This fund provides emergency low-interest loans to small businesses in Chicago. Applications open today.
- Loans are granted up to $50,000
- Check if you qualify here: Terms and Requirements
- You can apply online here: Application
As with the SBA Disaster Loans, funds are limited and first come first serve, so apply fast.
3) Prepare for the Paycheck Protection Plan loan
Reach out to your banker and tell them you want to apply for the Paycheck Protection Plan loan. This is the forgivable loan under the CARES Act. The application process is not in place yet, but your banker is going to be inundated with requests, and you want to be at the top of their line. Your banker should send a list of documents and information you can compile to be ready to go as soon as the process is released.