First American Bank is providing information about the government loan programs available at this time to help guide our existing clients to making the right decisions. We will update this page frequently as more information becomes available. Please note programs vary by location. 

CARES Act: Paycheck Protection Program

Visit the CARES Act: Paycheck Protection Program page for more information.

FLORIDA

SBA Disaster Relief Program

  • Loans up to $2,000,000 
  • Loans up to $25,000 are unsecured
    • Loans above $25,000 will be subject to looking for collateral
  • 3.75% fixed interest rate on loans to for-profit companies
  • 2.75% fixed interest rate on loans to non-profits
  • Up to 30-year term and amortization (determined on case-by-case basis)
  • Financing to be used for working capital and more
  • Disaster loan proceeds can be used to cover expenses that cannot be covered due to the disaster. They are not intended to replace sales.
  • Any existing tax liens or past due student loans (or other federal debt) must be resolved in order to be approved. Forming a payment plan can be considered a form of resolution for this.
  • The typical time frame for approval ranges from 17-21 days.

What to Know: Apply today at the SBA website: https://disasterloan.sba.gov/ela/Account/Login

This system is constantly updating; please check this list again often to see if your county is included: https://disasterloan.sba.gov/ela/Declarations/Index

Florida Small Business Emergency Bridge Loan Program: Economic Injury Disaster Loan
  • Eligibility:
    • All 67 counties in Florida
    • Small business owners (2-100 employees)
    • Established in Florida prior to 3/9/2020
  • Loans up to $50,000
  • Loans up to $100,000 made in special cases
  • 1 year term
  • Interest free for the loan term
  • No payments needed throughout loan term, but must be paid in full by end of loan term
  • Non-payment Penalties: penalties for non-payment will begin at expiration of established term of each loan
    • 12% per anum on the unpaid balance thereafter until the loan balance is repaid in full  
    • Default subject to normal commercial collection process

Application Deadline: May 8, 2020

Applications can be downloaded at: www.floridadisasterloan.org

These loans are designed to help small business owners meet immediate financial needs until financial recovery is secured such as profits from revived business, receipt of payments on insurance claims or federal disaster assistance. Loans made under this program are short-term debt loans made by the state of Florida using public funds – they are not grants.

ILLINOIS

SBA Disaster Relief Program
  • Loans up to $2,000,000
  • Loans up to $25,000 are unsecured
    • Loans above $25,000 will be subject to looking for collateral
  • 3.75% fixed interest rate on loans to for-profit companies
  • 2.75% fixed interest rate on loans to non-profits
  • Up to 30-year term and amortization (determined on case-by-case basis)
  • Financing to be used for working capital and more
  • Disaster loan proceeds can be used to cover expenses that cannot be covered due to the disaster. They are not intended to replace sales
  • Any existing tax liens or past due student loans (or other federal debt) must be resolved in order to be approved. Forming a payment plan can be considered a form of resolution for this
  • The typical time frame for approval ranges from 17-21 days

What to Know: Apply today at the SBA website: https://disasterloan.sba.gov/ela/Account/Login

This system is constantly updating; please check this list again often to see if your county is included: https://disasterloan.sba.gov/ela/Declarations/Index

Chicago Small Business Resiliency Fund
  • Loans up to $50,000 (amount based on revenue before COVID-19 outbreak)
  • Repayment Term: Low interest loans for a term of up to five years
  • Loan Proceeds: proceeds are required to be used for working capital. At least 50% of proceeds should be applied toward payroll and commitment to retain the workforce at 50% of pre-COVID-19 levels.
  • Eligibility
    • Businesses who suffered more than 25% revenue decrease due to COVID-19
    • 50 employees or less
    • Gross revenue less than $3,000,000 in 2019
    • City business address/business license required
    • No pre-existing tax liens or legal judgments

What to Know: The city of Chicago is establishing a $100 million Chicago Small Business Resiliency Fund, providing emergency cash flow to eligible small businesses. Loan applications will be administered through the Community Development Financial Institution (CDFI).

Apply today at: https://www.connect2capital.com/partners/chicago-small-business-resiliency-fund/

Emergency Small Business Grants and Loan Assistance

Under the leadership of Gov. J.B. Pritzker, the Department of Commerce and Economic Opportunity is working with partners to launch emergency assistance programs for Illinois small businesses. These initiatives include:

Hospitality Emergency Grant Program

  • Grant funds available to support working capital for bars/restaurants and hotels
  • Working Capital for bars/restaurants include:
    • Rent, payroll, and other accounts payable
    • Job training (such as new practices related to take out, delivery and sanitation)
    • Technology enabling new operations as well as other costs to implement that technology
  • Working capital for hotels include:
    • Supporting the retention of employees
  • For hotels, funds can be used as working capital to support the retention of employees.
    • Bars/restaurants that generated between $500,000 and $1 million in revenue in 2019 are eligible for up to $25,000
  • Bars/restaurants that generated less than $500,000 in revenue in 2019 are eligible for up to $10,000
  • Hotels that generated less than $8 million in revenue in 2019 are eligible for up to $50,000
  • Eligibility:
  • Bars/restaurants with a valid license to serve food or liquor
    • Generated revenues of less than $1 million in 2019
  • Hotels with a valid license (hotels, motels other lodging establishments)
    • Generated revenues of less than $8 million in 2019

What to Know: Available to small businesses throughout Illinois

To apply, visit: https://us.accion.org/news/covid-19-hospitality-business-grant-program/

Application deadline: 5 p.m. April 1, 2020

Illinois Small Business Emergency Loan Fund

  • Offering small businesses low interest loans of up to $50,000
  • No repayment on loan for 6 months, followed by fixed payments at below market interest rate for remainder of 5-year loan term
  • Used to support working capital
  • Eligibility:
    • Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019

What to Know: Available for small businesses in Illinois (Chicago excluded)

Apply at: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx

Downstate Small Business Stabilization Program

  • Offering small businesses in downstate and rural counties across Illinois opportunity to partner with local governments to obtain grants of up to $25,000 in working capital
  • Grants to be offered on rolling basis
  • Eligibility:
  • 50 employees or less
  • Application must be submitted on behalf of local government recognized by the Illinois Constitution able to support economic development activities on a sufficient scale

What to Know: To support small businesses in downstate and rural counties across Illinois, DCEO is repurposing $20 million in Community Development Block Grant funds to stand up the Downstate Small Business Stabilization Program.

Ineligible Communities: Communities receiving an annual allocation directly from HUD on an entitlement (formula) basis are not eligible to apply for the state’s CDBG funding.

WISCONSIN

SBA Disaster Relief Program

  • Loans up to $2,000,000
  • Loans up to $25,000 are unsecured
    • Loans above $25,000 will be subject to looking for collateral
  • 3.75% fixed interest rate on loans to for-profit companies
  • 2.75% fixed interest rate on loans to non-profits
  • Up to 30-year term and amortization (determined on case-by-case basis)
  • Financing to be used for working capital and more
  • Disaster loan proceeds can be used to cover expenses that cannot be covered due to the disaster. They are not intended to replace sales.
  • Any existing tax liens or past due student loans (or other federal debt) must be resolved in order to be approved. Forming a payment plan can be considered a form of resolution for this.
  • The typical time frame for approval ranges from 17-21 days.

What to Know: Apply today at the SBA website: https://disasterloan.sba.gov/ela/Account/Login

This system is constantly updating; please check this list again often to see if your county is included: https://disasterloan.sba.gov/ela/Declarations/Index