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Effective April 20, 2020In anticipation of additional funds being allocated, we are pleased to announce that First Bank will once again accept applications for the SBA Paycheck Protection Program loans. At this time, applications are being accepted for current clients. The application can be found below along with guidance for best practices, checklists and FAQs. Please work directly with your banker regarding any questions you may have when completing the application. If you are unsure of how to reach your banker, please call our main number at 847-432-7800 and our team will gladly assist you. Once your banker has received the application, the review and processing of the application will begin. Like all banks, we are still waiting on critical guidance from the SBA and we may determine that additional information is required to complete the application. Your banker will be in touch with you throughout the process and keep you informed on the status of your application. CARES Act - Paycheck Protection Program (PPP)The SBA and Department of the Treasury recently released information regarding the application process for disaster relief loans. Please note, the application and documentation checklist are provided for guidance purposes and we may be required to request additional information not currently listed. As we wait for the SBA to provide us with finalized documentation requirements, we highly encourage you to begin gathering the necessary documents currently outlined to ensure you have everything needed, complete a draft of the application and be prepared to submit all paperwork once the SBA requirements are finalized. We kindly ask for your patience as we work together to provide relief loans for your business through this new application process.
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SBA Economic Injury Disaster Loan Program - EIDLFind more information on the SBA’s Economic Injury Disaster Loans at: www.SBA.gov/Disaster Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Below is a checklist we have created to help guide you through the application process. If you need assistance or have questions, please contact a Relationship Banker. |
Chicago Small Business Resiliency Fund Now Accepting ApplicationsThe City of Chicago recognizes that COVID-19 has put a difficult burden on our business community. As a response to this challenge, the City of Chicago has established the $100 million Chicago Small Business Resiliency Fund, which will provide businesses with emergency cash flow during this health crisis. Funds are available to eligible businesses as low-interest loans. Loans of up to $50,000 are available for businesses and nonprofits located in Chicago with a gross annual revenue of less than $3 million. Loan applications are administered through lending partners Accion Serving Illinois & Indiana and the Community Reinvestment Fund. |
AccionHelping neighborhood entrepreneurs grow is Accion’s mission. Now more than ever, Accion Serving Illinois & Indiana is working hard to creatively respond to the COVID-19 pandemic that threatens the health of small business owners, employees, customers, families, and communities. Accion continues to focus on providing entrepreneurs flexible capital and other valuable resources. |