PAYCHECK PROTECTION PROGRAM (PPP) FORGIVENESS UPDATE
We are waiting on additional guidance prior to preparation of loan forgiveness applications for the Paycheck Protection Program Loans (PPP). It is our understanding that the SBA is considering automatically forgiving all PPP Loans that are less than $150,000.
BUSINESS INTERRUPTION GRANTS (BIG) - (FOR ILLINOIS SMALL BUSINESSES)
We wanted to make sure all of our small business clients know about the BIG grant. It was established to provide relief to small businesses across Illinois who have experienced losses caused by the COVID-19 pandemic. The program has already awarded $270 million during its first round of funding. The next round of BIG will award nearly $200 million for small business and will be open to small businesses statewide. The link below will bring you to the Illinois website where you can learn more about the program and submit applications.
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/C19Disadvantaged...