Serving Businesses in Cragin, Hermosa, Humboldt Park & N. Austin Communities
|
|
The
NWCC
CONNECTION
March 31st, 2020
Business & Community
News & Events
|
|
Special Issue:
City, State & Federal Loan Programs & Resources
for Small Businesses in response to COVID-19 Crisis
|
|
|
|
During the COVID19 crisis, the NWCC can provide assistance and program information about the City and State programs and resources, as well as referrals to relevant
Not-for-profit agencies.
|
|
The NW Connection Chamber of Commerce is funded as
a delegate agency
of the City of Chicago Department of Business Affairs
providing assistance
to the Cragin, Hermosa, Humboldt Park, and North Austin Neighborhoods.
|
|
Chicago Small Business Resiliency Fund
The City of Chicago launched the $100 million Chicago Small Business Resiliency Fund
to support small businesses experiencing temporary losses of revenue due to the COVID-19 outbreak.
SomerCor
is administering this program, as well as the Small Business Improvement Fund (SBIF), the the Neighborhood Opportunity Fund (NOF).
|
|
|
TERMS...
- Amount: Up to $50,000, based on revenues prior to COVID-19 outbreak.
- Repayment Term: Low-interest loans for a term of up to five years.
- Loan Proceeds: Proceeds required to be used for 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.
ELIGIBILITY...
- Suffered more than 25% revenue decrease due to COVID-19
- Employ fewer than 50 employees with gross revenues of less than $3 million in 2019
- Provide a City business address or City business license
- No pre-existing tax liens or legal judgments
REQUISITES...
- Bank statements dating back to October 2019
- Your most recent tax return
- Photo ID (CityKey will be accepted)
|
|
City Extends Temporary Relief Measures to April 30th, 2020
The City of Chicago is extending relief of the following taxes to give immediate, temporary relief to ensure cash flow and supplement federal support that may take a bit longer to activate:
Bottled Water tax - Checkout Bag tax - Amusement tax - Hotel Accommodation tax - Restaurant tax - Parking tax.
Mayor Lightfoot also announced
the temporary suspension or debt collection, ticketing and towing practices, business fine collections, and license renewal and late fees until April 30th 2020.
Click to read
Mayor's Press Release.
|
|
Registering Business Online
Ensures Contact in an Emergency
Registering your business or organization online with CP3 Chicago ensures that in an emergency, the Chicago Police, Fire and Public Health Departments, as well as the Chicago Office of Emergency Management and Communications will have instant access to the key people to contact.
As a CP3 partner, you'll have access to an array of documents providing additional resources regarding security measures and emergency planning. All users are included in the CP3 Mass Alert System, which provides timely situational awareness and briefs on matters specific to your area of interest and responsibility.
Click to register or update
your business.
|
|
Illinois Small Business Emergency Loan Fund
The Department of Commerce and Economic Opportunity (DCEO)
and the Illinois Department of Financial and Professional Regulation (IDFPR) established the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000.
The fund is for businesses located outside of the City of Chicago
with
fewer than 50 workers and less than $3 million in revenue in 2019. Successful applicants will owe nothing for six months and will begin making fixed payments at a below-market interest rate for the remainder of a five-year loan term.
|
|
SBA's Economic Injury
Disaster Loan Program
The SBA provides low-interest disaster loans
to help businesses and homeowners recover from declared disasters, like COVID-19.
- The SBA's Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the coronavirus pandemic.
- These working capital loans can be used to meet needs, including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years.
- Interest rates are 3.75% for small businesses, 2.75% for private non-profits, with a deferred payment of one year from the date of the note.
|
|
Congress Passed a $2 Trillion COVID-19 Rescue Package
What’s in the Coronavirus Stimulus Bill: Checks to Americans, Small Business Loans and more
Katie Edmondson, New York Times via Chicago Tribune - 3/25/2020
|
|
Supply Sources....
Big of small, your local hardware store
stocks more than screwdrivers and paint. These businesses, mapped by
Curbed Chicago
,
are still open where you can get cleaning supplies, housewares, and maybe even a roll of toilet paper.
Click on each store
to access Google map
Chicago’s essential hardware stores, mapped -
Sara Freund, Curbed Chicago - 3/26/2020
|
|
Get your free copy of NWCC's
Shopping & Resource Guide
5,000 copies are distributed annually in the
Cragin, Hermosa, Humboldt Park and N. Austin neighborhoods.
Call Pete!
773/558-8743
|
|
Looking to Buy, Sell or Lease?
Brokers and agents...
|
|
|
|
|
|
|
