COVID-19 BUSINESS RESOURCES & UPDATES
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Topics Include: work hours and shift changes, remote work, related wage and hour issues, including unemployment, leaves of absence and medical privacy. Also, learn how the newly passed Families First Coronavirus Response Act impacts you and your employees, when it takes effect on April 2, 2020.
Friday, March 27
10:30 a.m. - 12:00 p.m.
Free Webinar
Registration will close on Thursday,
March 26 at 11:00 a.m.
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The seminar is presented by LPCC Member and Greensfelder Hemker & Gale PC Labor and Employment Attorney, Scott Cruz.
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Financials are at the center of the entrepreneur's propeller; it's essential to your growth.
But why is it still so challenging to manage cashflow? How are you analyzing your pricing to ensure you have the right margins in place? How do you invest and measure ROI while ensuring cash is healthy in the bank?
To learn more, check out Cultivate Advisor's latest installment of the CEO Webinar Series.
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In response to the current COVID-19 Pandemic, small business advising firm, Cultivate Advisors, is offering free 1 and 2 hour advising sessions to help business owners navigate through the next 30-60 days. As experts in partnering with small business owners, Cultivate Advisors can help you manage cash flow and find innovative ways to survive the next few months.
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SBA Injury Disaster Loan Program Now Open
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The SBA Economic Injury Disaster Loan Program is now open to Illinois small businesses.
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Quick Facts
Application Now Open
Type of Loan
- Working Capital Loan
- Used to pay business expenses such as:
- Fixed debts
- Payroll
- Accounts Payable
Interest Rates and Terms
- Small Business - 3.75%
- Nonprofit Organizations - 2.75%
- Term up to 30 years
- First payment deferred for one year
Criteria for Loan Approval
- Credit History
- Repayment
- Physically located in a declared county
- Suffered working capital losses due to declared disaster
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Chicago Small Business Resiliency Loan Fund
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The City of Chicago is launching the new Chicago Small Business Resiliency Loan Fund in partnership with the Catalyst Fund, chaired by Treasurer Melissa Conyears-Ervin, and other private sponsors.
The new fund will provide more than $100 million in low-interest loans to severely impacted small businesses over the coming months, targeting historically under-resourced communities with an emphasis on minimizing hardship for those businesses and their employees.
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Quick Facts
Application Available on March 31, 2020
Type of Loan
- Working Capital
- At least 50% of proceeds should be applied toward payroll and commitment to retain the workforce at 50% of pre-COVID-19 levels.
Qualifications
- Suffer more than 25% revenue decrease due to COVID-19
- Employ fewer than 50 employees
- Have gross revenues of less than $3M in 2019
- Provide a City business address or City business license
- Have no pre-existing tax liens or legal judgments
Required Documents
- Bank statements dating back to October 2019
- Most recent tax return
- Photo ID (City/Key will be accepted)
Interest Rates and Terms
- Low-interest loans for a term of up to 5 years
- Loans up to $50,000 but sized based on revenues before the COVID-19 outbreak
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Business Invest – Illinois Small Business
COVID-19 Relief Program
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Through the Business Invest - Illinois Small Business COVID-19 Relief Program, the Treasurer's Office would partner with approved financial institutions to provide loans -- either lower rate loans, or loans to a business or non-profit that would not otherwise qualify -- to Illinois small businesses impacted by the COVID-19 pandemic.
The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.
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Quick Facts
- State funds would be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01% (0.0001).
- Deposits could be drawn in $1 or $5 million increments, up to a maximum of $25 million per financial institution.
- Deposited funds would facilitate affordable loans (not to exceed 4.75%) to small businesses and non-profits that could be used to provide bridge funding, pay fixed debts, payroll, accounts payable and other bills.
- Eligible Illinois businesses or non-profits must: (1) have been shut down or limited due to COVID-19; (2) have less than $1 million in liquid assets or $8 million average annual receipts (per SBA standards); and (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.
- Deposits would be renewable as determined by the Treasurer’s Office.
- Financial institutions would be required to provide reports to the Treasurer's Office regarding the usage of program funds, including the number and types of loans provided and the economic impact of such loans.
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Treasury, IRS and Labor Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses
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The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
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Quick Facts
- Paid Sick Leave for Workers - Employees receive up to 80 hours of paid sick leave and expanded paid child care leave
- Complete Coverage - Employers receive 100% reimbursement for paid leave pursuant to the Act
- Fast Funds - Reimbursement will be quick and easy to obtain.
- An immediate dollar-for-dollar tax offset against payroll taxes will be provided
- Where a refund is owed, the IRS will send the refund as quickly as possible.
- Small Business Protection - Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened.
- Easing Compliance - Requirements subject to 30-day non-enforcement period for good faith compliance efforts.
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The Cook County Department of Revenue is taking measures to support businesses in Cook County who are experiencing slowdowns or financial operational issues during this time of great uncertainty. They are offering tax relief options by request.
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Listed below are financing opportunities from BACP's Nonprofit Business Support Partners.
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Join the Small Business Advocacy Council (SBAC) for a town hall meeting regarding the urgent need for access to capital.
Panelists include:
- Brad McConnell, CEO of Accion Chicago
- Manny Flores, CEO of SomerCor
- Stephen Ball, SVP of Business Banking at Fifth Third Bank / Chicago Market Executive
Thursday, March 26
1:30 p.m.
Free Webinar
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Looking for ways to sell gift certificates? Kabbage Payments allows any business to sign up to sell gift certificates online and anyone can purchase them to support participating small businesses.
Once registered, businesses can send a custom link to their customers.
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Looking for the latest updates? We are regularly updating our COVID-19 resource pages with business and neighborhood news.
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Check out our list for ways to support local businesses during this time!
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Listed below is a quick graphic of businesses allowed to remain open during the Stay at Home Order (
graphic provided by NBC 5 News).
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During the Stay at Home orders in Illinois, food service workers may need documentation to identify themselves as essential employees to authorities when traveling to or from work.
The Illinois Restaurant Association has released this template to share with your teams.
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The IDPH has issued interim guidance to provide information on COVID-19 prevention in various food service operations and address the Governor’s Office mandate.
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Have you shifted your business model from on-premises dining to off-premise dining with curbside pick-up, drive-thru and delivery? Here are some tips from the National Restaurant Association to help you make the most of your resources and keep foodservice safe.
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For more information about DePaul University including building closures through spring break and beyond, stay tuned to their Coronavirus COVID-19 updates.
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Here's a directory of fundraisers for Chicago bars, venues, stores and restaurants that can use help to support their staff during the shutdown.
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The State of Illinois and its community partners are working to ensure the health of our citizens. The spirit of volunteerism and community service are alive and well during COVID-19. Those that are considering volunteering have options, both in-person options as well as virtual efforts.
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Lincoln Park Chamber of Commerce | 2468 N. Lincoln | Chicago, Illinois 60614
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