CPS Meal Pick-Ups
Federal Small Business Loans and Grants Applications Open Tomorrow
Mortgage Relief
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Dear Neighbors,
The sites for free meals from CPS will change beginning Monday, April 6. The closest sites in our area will be LaSalle Language Academy, 1734 N. Orleans and Walter Payton High School,1034 N. Wells. Meals will not be served at any of the other schools in the neighborhood.
Families may pick up grab-and-go meals at 136 school sites across the city from Monday–Thursday, 9 a.m.–1 p.m. A detailed list of spring break meal sites is available
here
. Beginning the following week (Monday, April 13), the district will launch a consolidated meal plan under which 276 schools that were most frequented by families will continue to provide free meals, and schools that were less utilized by families will no longer serve as distribution sites.
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Federal Small Business Loans and Grants
Apply Friday!
We encourage all businesses to apply for these loans as soon as possible because these loans are granted on a first-come, first-serve basis.
The Federal government passed a $349 Billion
"Paycheck Protection Program" as part of the $2.2 Trillion Coronavirus Aid Relief and Economic Security Act.
Banks can start accepting applications this Friday. New Information: Sole Proprietorships and Independent Contractors can apply for the PPP loan beginning on April 10. The financial lifeline is aimed at keeping employers in business and workers getting paid.
The SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. L
oans can be retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Under this program:
- Eligible recipients may qualify for a loan up to $10 million.
- Loan payments will be deferred for six months.
- SBA will forgive up to 100% of the loan depending on how much of your workforce you retain.
- Loans are at .5% interest for a two year term.
What you need to apply:
- Completed SBA Loan Application (SBA Form 5)
- Tax Information Authorization (IRS Form 4506T)
- Complete Copies of most recent Federal Income Tax Return
- Schedule of Liabilities (SBA Form 2202
- Personal Financial Statement (SBA Form 413)
Here is a
sample application
from the SBA – the final application has not yet been released.
Economic Injury Disaster Loan (EDIL) - Apply Now
The EDIL provides working capital up to $2 million for businesses and some non-profits. Up to $10,000 of the loan can be an advance that is a grant. Loans in excess of $25,000 may require collateral. The interest rate is 3.75% for businesses and 2.75% for non-profits. Funds for these loans can be available 3 days after loan approval. The rest of this loan is not forgivable, but will be considered in conjuction with any PPP loan for which you apply.
What you need to apply: Note - you need all this information at your fingertips to apply. Apply
here
.
- Basic business information – name, EIN, address, business type
- Basic financial information – Gross revenues for the 12 month period prior to 1/31/20
- Basic ownership information
- Organization Type - Look at the your most recent entity tax return.
- Trade Name - Use your DBA (Doing Business As) name, or if you don't have a DBA, use the Business Legal Name
- Business Activity/Detailed Business Activity - Scroll down. For example, “Dental” as a detailed business activity after choosing “Health Services”
- Gross Revenues for last year - This is your gross collections for the period 2/1/19 – 1/31/20. You can obtain this information from your business management software. If unavailable, use the number from your 2019 tax return. If your business tax return has been completed, you can find this listed on Line 1a Gross Receipts or Sales.
- If your business tax return has not yet been completed for 2019, you can refer to your December 31, 2019 financial statements for “Gross Collections”
- Cost of Goods Sold (COGS) for last year - If you do not report COGS on your business tax return (like in some service businesses), you can enter “$0” in this field.
For more details and to apply visit the Coronavirus
SBA Loan webpage.
For a full list of all SBA programs, click
here.
Here are guides that are VERY valuable for loan applicants. Please review these.
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LISC/ Verizon Small Business Recovery Fund
Small businesses across the country are confronting extreme economic challenges as a result of the COVID-19 pandemic. Financial support at this critical time can make the difference between staying in business or closing permanently, leading to lost income, jobs and economic stability.
Thanks to a $2.5 million investment from Verizon, the
Local Initiatives Support Corporation (LISC
)
is offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.
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Fannie Mae Freddie Mac Mortgage Relief
Fannie Mae and Freddie Mac have implemented mortgage relief for borrowers whose loans are owned by these agencies:
Fannie Mae and Freddie Mac have communicated the following policies during the COVID19 pandemic:
- Foreclosure sales and evictions of borrowers are suspended for 60 days;
- Borrowers impacted by the pandemic are eligible for a forbearance plan to reduce or suspendtheir mortgage payments for up to 12 months;
- Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to the pandemic is suspended;
- Borrowers in a forbearance plan will not incur late fees; and after forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification.
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Tonight at 7 PM
LIVE: Second City Presents
Improv House Party
The Second City will begin live streaming The
Second City will begin live streaming comedy performances via Zoom beginning tonight at 7:00 PM CST. Tune in to watch live, interactive performances featuring the world’s best improvisers. You can even give suggestions from home!
Improv House Party
Watch as co-quarantined pairs convene digitally to improvise their hearts out in this wild west of comedy streaming live from everyone's bunker. We're taking suggestions (and no prisoners), so be there to get in on the laughs from home. Best of all? You can sneak your own booze in, no questions asked.
Thursday, April 2 2020
7 PM- 8PM CST
This performance is free, but donations will be accepted to
The Second City Alumni Fund
, a resource for performers and other members of The Second City community experiencing critical health and financial challenges.
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All in Illinois
Governor Pritzker announced a new public service announcement aimed at keeping people inside during the COVID-19 crisis. This campaign is an effort to remind people of the importance of practicing individual discipline and doing our part to help stop the spread of the novel Coronavirus by staying home.
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The Weather's Getting Warm Outside - What Should I Do?
The Governor's Stay At Home order means - stay at home. Even when the weather turns lovely. Now is the time to follow the advice of our favorite member of Oz:
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Coronavirus Resources
:
The Doctor Is In: Ask Dr. Arwady.
Live-stream by Chicago Health Commissioner Allison Arwady, M.D., daily at 11:00 am on
Twitter and
Facebook Live.
State of Illinois
Centers of Disease Control and Prevention (CDC)
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