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19
March
2020

State and Local Relief Programs for Illinois Businesses

We know that in this unprecedented time, your business is likely facing various unforeseen challenges, and at Mulligan Funding we are here to support you. Below you will find a number of programs currently available for businesses in the state of Illinois. These loans can be used to pay off other loans, to use as a buffer, and to serve as a source of liquidity to pay your employees.

We’ll work diligently to keep this updated as new information comes out.

NATIONWIDE PROGRAMS:

Facebook 

Facebook will offer up to $100 million in cash grants as well ad grants for small businesses in the US as well as other countries in the coming weeks. You can sign up here to be on the list to receive updates on when the grants will be available.

SBA Disaster Relief Fund 

The Small Business Administration currently has a disaster relief fund, though additional new programs related to COVID-19 are expected to be rolled out within the coming weeks. Businesses affected by the virus are eligible for the existing disaster relief program, as long as their state has declared an emergency.  SBA offers up to 30 years at 2.75%, loan amounts up to $2mm. You can apply for a loan here

STATEWIDE ILLINOIS PROGRAMS:

Future SBA relief

The state of Illinois is working with the SBA in order to get relief funds out for small businesses in your state. While disaster relief funds are not available currently for IL, we suggest filling out this survey to share the potential impacts of COVID-19 on your business. The survey will be used as a “request for an economic injury disaster declaration from the U.S. Small Business Administration” If approved, up to $2 million could become available to small business and non-profits in your state.

One Fair Wage

Illinois is one of the states being prioritized by One Fair Wage to offer assistance that could be of use to your employees as well. They are offering up to $213 in cash assistance to restaurant workers, delivery drivers and other tipped workers and service workers.

If you need any assistance whatsoever in the application process, please do not hesitate to reach out to us. We are happy to assist in any way we can.

*This page was updated on March 19, 2020, and may not reflect recent changes to the Illinois Programs listed above. For up to date information, please follow the links provided and/or independently research and verify.

The information shared is intended to be used for informational purposes only and you should independently research and verify.

Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.