Important Information Relating to COVID-19
As pillars and major employers in your communities, FHLBank Chicago knows that you are focused on maintaining your business operations and supporting your customers and communities. Our team is well positioned to maintain the level of assistance and partnership you have come to expect from us. Serving you remains our highest priority.
The following is a resource page to summarize the temporary relief that may be available to you during the COVID-19 pandemic, best practices and suggestions for managing virtual operations, and additional resources that may be useful to you as we navigate these unprecedented times. Check back regularly for the latest updates.
COVID-19 Related Updates from FHLBank Chicago
- November 30, 2020 | Additional MPF Traditional Government Accommodations for COVID-19 Loan Modifications
- October 20, 2020 | A Message from the Chair of Our Board of Directors
- October 7, 2020 | Additional MPF Traditional Accommodations for COVID-19 Payment Deferrals
- September 23, 2020 | Deadline for the Targeted Impact Fund Extended to November
- August 10, 2020 | A New Opportunity to Make an Impact: Announcing the Targeted Impact Fund
- June 29, 2020 | FHLBank Chicago Announces Q3 and Q4 2020 Dividend Guidance
- June 16, 2020 | Increased Access to the Community Development Advance Program for Paycheck Protection Program (PPP) Eligible Borrowers
- May 5, 2020 | COVID-19 Update: A Message from the Chair of Our Board of Directors
- April 23, 2020 | SBA 7(a) Paycheck Protection Program (PPP) Loans are Now Eligible Collateral
- April 21, 2020 | Important Update Regarding Our COVID-19 Relief Program
- April 20, 2020 | A COVID-19 Relief Program for Our Members and Their Communities
- March 31, 2020 | COVID-19 Update: A Message from the Chair of Our Board of Directors
- March 27, 2020 | Coronavirus Update: We Are Here to Support You
- March 12, 2020 | An Update on the Coronavirus and Its Implications
Targeted Impact Fund
What is it?
Through the Targeted Impact Fund, we have allocated sufficient funds for all member institutions to access grants to provide direct support to those most impacted by the COVID-19 crisis as well as organizations that promote equity and opportunity for communities of color. While this grant program seeks to provide targeted relief for maximum community impact, we know every community’s needs are unique. For this reason, we are offering members the flexibility to provide relief grants to beneficiaries that align with one or more of four program priorities below.
Follow these steps to ensure timely and successful access to the Targeted Impact Fund:
Step 1
- What to do: Identify the authorized individual to complete the application and determine the beneficiaries.
- How to do it: Click here to contact our Community Investment team with any questions.
Step 2
- What to do: Confirm your FHLBank Chicago member number.
- How to do it: Review this information by logging into eBanking.
Step 3
- What to do: Complete the application for the Targeted Impact Fund, indicating your contact information, beneficiary information, and amount requested per beneficiary. The grant is available as a one-time-only per member institution or associate member institution and cannot be modified.
- How to do it: Click here to download the application.
Step 4
- What to do: Duly authorized user for member or associate member institution should email the completed application to ReliefGrant@fhlbc.com.
Reminders:
- Fund opens: Monday, August 17, 2020
- Fund closes: Deadline extended to Tuesday, November 10, 2020 (final applications due this date)
- Grant requests can be made throughout the funding period. Grant requests will be funded on six funding dates: September 4, September 18, October 2, October 16, October 30, and November 13. To be funded on one of these dates, members must submit a Targeted Impact Fund application by 3:00 p.m. CST on the Wednesday before the funding date, with the exception of the last funding period. To receive funding on November 13, applications must be submitted by 3:00 p.m. CST on Tuesday, November 10.
- If we are unable to process your grant request in the funding period in which your request is received, your request will be processed on a subsequent funding date.
Eligible beneficiaries must align with at least one of the following program priorities:
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Support for Minority Business Enterprises (MBEs) and/or Women’s Business Enterprises (WBEs) to develop, grow, and/or rebuild small businesses classified as an MBE or WBE; an MBE is a business with over 50% minority ownership, and a WBE is a business with over 50% female ownership. Eligible beneficiaries include, but are note limited to: restaurants, retail, and professional services with over 50% minority or female ownership.
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Advancement of Black and Latino communities through organizations that promote a fair and inclusive society or otherwise promote equity and racial justice. Eligible beneficiaries include, but are not limited to: Boys and Girls Club, YMCA, Maydm, Nehemiah Center for Urban Leadership Development, Urban League, NAACP, and My Block,My Hood, My City.
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Empowerment services for populations hardest-hit by COVID-19 including but not limited to Black, Latino, Native American, elderly, and rural communities. Eligible beneficiaries include, but are not limited to: Community centers, senior centers, food pantries, Meals on Wheels, and Salvation Army.
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Support for affordable housing sustainability to assist low- and moderate-income households through entities that provide or promote affordable housing via rental assistance programs, housing counseling agencies, homeless services, fair housing agencies, and affordable housing projects in need of operational support. Eligible beneficiaries include, but are not limited to: Housing authorities, Habitat for Humanity affiliates, and homeless shelters.
Click here to download the Targeted Impact Fund Grant Application.
For more details about the Targeted Impact Fund, click here to download our FAQ document.
FAQ document last updated on September 22, 2020.
COVID-19 Relief Program
What is it?
- 1-year, zero-rate advance up to $4 million per member
- Prepayable at any time, without fee
- 2% Reduced Capitalization Advance Program (RCAP)
- Available for all FHLBank Chicago member and associate member institutions
- Collateral and all other advance eligibility requirements apply
FHLBank Chicago has allocated enough funds for all member and associate member institutions to execute a COVID-19 Relief Advance up to $4 million, but the Bank may be limited in how many advance requests can be processed within a single week. The program will be available for four weeks: Monday, April 27 - Friday, May 22.
Follow these steps to ensure timely and successful access to the COVID-19 Relief Advance:
Step 1
- What to do: Ensure you are operationally-ready to transact with FHLBank Chicago by reviewing the "Steps for Uninterrupted Access" on this page. The FHLBank Chicago Sales, Strategy, and Solutions team is notifying members and associate members that may need to execute documentation and/or pledge and report collateral to receive Relief Advance funds.
- How to do it: Review the steps on this page under "Operational Readiness with FHLBank Chicago."
Step 2
- What to do: Confirm your FHLBank Chicago Member Number and identify the individual with Advance Transact authorization who will complete the application.
- How to do it: Review this information by logging into eBanking.
Step 3
- What to do: Complete the one-page application for the COVID-19 Relief Advance, indicating the Requested Advance Amount. The Requested Advance Amount is one-time-only per member associate member institution and cannot be modified.
- How to do it: Click here for the Application.
Step 4
- What to do: Individual with Advance Transact authorization for member or associate member institution should email the completed application to the email address provided to ReliefAdvance@fhlbc.com.
Reminders
- Requests submitted and processed Monday 8:00 a.m. (CST) through Thursday 3:00 p.m. (CST) will be scheduled to fund Friday mornings. Funding may roll to the next Friday if a high volume of requests occur during the week. All requests should be received no later than Thursday, May 21 at 3:00 p.m. (CST).
- Relief Advance is prepayable at any time without fee.
- What to do: Review FAQ document for more information.
What Is It?
- Grants up to $20,000 are available per member and associate member institution.
- Beneficiaries are small businesses and nonprofit organizations in Illinois and/or Wisconsin as selected by member or associate member institution.
FHLBank Chicago has allocated enough funds for all member and associate member institutions to receive up to $20,000 in Relief Grant funds, but the Bank may be limited in how many grant requests can be processed within a single week. The program will be available for four weeks: Monday, April 27 - Friday, May 22.
Follow these steps to ensure timely and successful access to the COVID-19 Relief Grant Program:
Step 1
- What to do: Identify the authorized individual to complete the application and determine the small businesses and/or nonprofit organizations beneficiaries.
- How to do it: Click here to contact Community Investment with any questions.
Step 2
- What to do: Confirm your FHLBank Chicago member number.
- How to do it: Review this information by logging into eBanking.
Step 3
- What to do: Complete the one-page application for the COVID-19 Relief Grant Program, indicating at a minimum your contact information and Amount Requested. The grant is available as a one-time-only per member institution or associate member institution and cannot be modified.
- How to do it: Click here for the application.
Step 4
- What to do: Duly authorized user for member or associate member institution should email the completed application to ReliefGrant@fhlbc.com.
Reminders
- Requests submitted and processed Monday 8:00 a.m. (CST) through Thursday 3:00 p.m. (CST) will be scheduled to fund Friday mornings. Grant funds may roll to the next Friday if a high volume of requests occur during the week. All requests should be received no later than Thursday, May 21 at 3:00 p.m. (CST).
- Ideally, member or associate member institutions should deploy grant funds within 30 days to beneficiaries from the time they receive the funds. Community Investment staff will request grant beneficiary information from members if not yet provided.
- What to do: Review FAQ document for more information.
Click here to download the COVID-19 Relief Advance application.
Click here to download the COVID-19 Relief Grant application.
For more details about the COVID-19 Relief Program, click here to download our FAQ document.
FAQ document last updated on April 23, 2020.
FHLBank Chicago Accommodations and Relief
To read the latest announcement from September 1, 2020 and to view an example of the new reporting requirement, please click here.

The following information is as of June 24, 2020. For a summary of the most recent MPF Announcements and e-alerts that the MPF Program publishes in regards to COVID-19, visit the MPF COVID-19 Resource Center.
Below are announcements from the MPF Program regarding COVID-19 related important updates for MPF Products offered by the FHLBank Chicago. Please contact the MPF Service Center or MPF Sales Support with any questions.
Impact of COVID-19 on MPF Government Loans and MPF Government MBS Loans Products: MPF Government and MPF Government MBS
MPF Government loans and MPF Government MBS loans must follow policies and guidance issued by the applicable Government Agencies. Visit the applicable agency’s site.
- The Federal Housing Administration (FHA)
- The Veterans Administration (VA)
- The Rural Housing Service(RHS)
Impact of COVID-19 on Originating and Servicing MPF Xtra Loans Product: MPF Xtra
PFIs and Servicers of MPF Xtra, visit Fannie Mae’s Single-Family Originating & Underwriting and Single-Family Servicing sites for the latest guidance and policy information related to COVID-19.
The MPF Program is actively monitoring reports about the potential impact of COVID-19 (coronavirus) on borrowers, PFIs, and Servicers. We have communicated various investor updates and temporary policies via MPF Announcements and e-alerts to ensure our PFIs and Servicers receive the most up to date information and enable you to better assist borrowers impacted by COVID-19. This webpage will provide a summary of the most recent MPF Announcements and e-alerts that the MPF Program published in regards to COVID-19. The red text identifies the most recent changes.
Register for MPF Program Communications
- Visit www.fhlbmpf.com to register for MPF Program e-mail alerts to ensure that your institution is up-to-date on the latest MPF Program announcements. From the MPF Program website, registration is easy to complete in three steps:
Select "Online Guides"
Select "E-mail Subscriptions"
Select "I want to receive e-mail announcements and notifications about this site."
What Is It?
- Grants up to $50,000 are available to support nonprofit lenders by providing resources to strengthen their financial position, increase operational efficiency, and grow human capital.
- Members may submit multiple grant applications for individual lenders.
- Grants are accessed by members and associate members and passed through to beneficiaries.
- The program opened on April 6; the application deadline has been extended to Friday, May 22.
- Award announcements expected in late August.
FHLBank Chicago has allocated additional funds to support member and associate member institutions, particularly if impacted by the COVID-19 pandemic.
Follow these steps to ensure timely and successful access to the Community First Capacity-Building Grant Program:
Step 1
- What to do: Identify an individual with full authority to make the certifications required by the application and that you have identified the nonprofit lender beneficiary that will be supported by the Capacity-Building Grant.
- How to do it: Click here to contact Community Investment
Step 2
- What to do: Complete the application for the Capacity-Building Grant Program in partnership with your nonprofit lender beneficiary.
- How to do it: Click here for the application.
Step 3
- What to do: Member institution or associate member institution should email the application to Community Investment.
- How to do it: Review FAQ document for more information.
Reminders
- Additional information will be requested from select applicants, with award announcements expected for late August.
- Grant recipients must request disbursement of grant funds within six months of executing the grant agreement through the member institution that sponsored the application.
- What to do: Review the FAQ document for more information or visit our Community First Capacity Building Grant Program page.
Beginning June 22, 2020, loans made by members to Paycheck Protection Program (PPP) eligible entities can qualify for our Community Development Advance program. Under this program, members may access our discounted Community Advance rate to support qualifying community lending. Applications for this expanded program eligibility will be accepted through December 23, 2020. All program and advance requirements apply.
What Are the Program Parameters?
- Member’s borrower must be PPP-eligible; the underlying loan is not required to be for PPP.
- Members will certify as to the PPP eligibility of their borrower; additional documentation will not be required to support eligibility.
- Applications relying on borrowers’ PPP eligibility to qualify for the Community Development Advance will be accepted through December 23, 2020.
- The underlying borrower’s loan must be funded by the member no later than December 23, 2020 and must be less than 90 days old at the time of the member’s advance draw. The member must draw the advance no later than December 31, 2020.
- The existing per-member Community Advances Program limit applies: Maximum advance amount is the greater of $250M or 10% of the member’s non-Community Advance portfolio.
- Members may submit a portfolio of loans to PPP-eligible entities to be funded under a single Community Development Advance.
How to Participate
Members interested in participating must complete the Community Development Advance application. If you have questions regarding the program or application, please reach out to me or Community Investment at ci@fhlbc.com.
Operational Readiness with FHLBank Chicago

You can download our Test Your Line PDF here.
Additional Resources
- Register for our Weekly Market Update as we monitor market developments.
- Check out our Solutions page to see all of our market solutions.
- FHLBank Chicago's Tips for Working Remotely document.
Monitoring COVID-19 Developments
Disclaimer
The Federal Home Loan Bank of Chicago (FHLBank Chicago) makes no representations or warranties (express or implied) about the accuracy, currency, completeness, or suitability of any information provided on this page. The data and valuations provided on this page are for information purposes only and are provided as an accommodation and without charge. The information provided on this page is not intended to constitute legal, accounting, investment or financial advice or solicitation, or the rendering of legal, accounting, consulting, or other professional services of any kind. You should consult with your accountants, counsel, financial representatives, consultants and/or other advisors regarding the extent this information may be useful to you and with respect to any legal, tax, business and/or financial matters or questions. The information provided on this page may contain forward-looking statements which are based upon the FHLBank Chicago’s current expectations and speak only as of the date(s) thereof. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in the FHLBank Chicago’s periodic filings with the Securities and Exchange Commission, which are available on its website at This page may provide relevant links to other outside web sites unrelated to FHLBank Chicago. FHLBank Chicago is not responsible for such linked sites nor the content of any of the linked sites. You understand that when going to a third-party web site, that site is governed by the third party’s privacy policy and terms of use, and the third party is solely responsible for the content and offerings presented on its website.
In addition, certain information provided on this page speaks only as of the particular date or dates included, and the information may have become out of date. FHLBank Chicago does not undertake an obligation, and disclaims any duty, to update any of the information included on this page. Because the situation relating to the COVID-19 pandemic continues to evolve, information here may become stale at any given time. Last updated April 10, 2020.