Dear Frankfort Chamber members,
A bit of good news this morning: All Illinois small businesses (
according to SBA’s size standards
) and private non-profits can now apply for loans of up to $2 million through the U.S. Small Business Administration’s
Economic Injury Disaster Loan Program
. If your business has been affected by the coronavirus pandemic, this program offers working capital to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. Interest rates are 3.75% for small businesses and 2.75% for non-profits. Apply now at
https://disasterloan.sba.gov/ela/
.
If you have questions, the Illinois District Office is hosting twice daily webinars on the Economic Injury Disaster Loan program. Businesses and other stakeholders can register for these trainings at
www.sba.gov/il
. These trainings will cover:
- Program eligibility
- Use of proceeds
- Terms
- Filing requirements
- Additional small business resources
Additional Resources
- Information for small businesses affected by coronavirus at www.sba.gov/coronavirus
- Follow @SBA_Illinois on Twitter.
- Subscribe to email updates at bit.ly/SubscribeIL to stay up to date on SBA news and events.
- SBA resource partners (Illinois Small Business Development Centers, WBDC, SCORE, Veterans Business Outreach Center) stand ready to help. Go to www.sba.gov/local-assistance to find a counselor or mentor.
You can also email
Illinois.do@sba.gov
or call (312) 353-4528 (Chicago office) or 217-(217) 747-8249 (Springfield office) to talk to a Small Business Administration team member directly.
US Chamber of Commerce
The US Chamber of Commerce believes another bill is already under development that will be specifically targeted to address liquidity issues for small and medium sized businesses. Issues under discussion include:
- Cutting payroll taxes
- Streamlining the process for accessing federal loans
- Additional measures from the Fed and Treasury to make more loans and loan guarantees available
In addition, local Chambers of Commerce are encouraged to reach out to state legislators to ask for the following:
- 90-day sales tax deferments
- Defer minimum wage increase for the time being
A formal request for such is being organized by the Illinois Association of Chamber of Commerce Executives, which will name each Chamber of Commerce in the state.
Stay safe and healthy, and we will continue to keep you updated.
Sincerely,
Marianne Melcher
Executive Director
