InBusiness/Chicago planned to open with wishes for
a Happy New Year. Yesterday's events make those words seem overly bright and lacking the reality of current circumstances. But, we believe all of our collective
efforts will create a "Better Year."
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Thank You for Plugging into
the NW SIDE BUSINESS NEWS...
In the January 8th, 2021 Issue:
Second Round: New, Improved COVID Relief Funding -
2021 New Laws - - SBIF's On Deck - 50/50 Sidewalk
Program - ADU Ordinance - ComEd & Career Training
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New Year, New Laws...
2021's new Federal and State of Illinois laws:
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From New IDs to Automatic College Savings Accounts, These New Laws Take Effect in 2021 - Click to read (Harmeet Kaur, CNN 1/4/2021).
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Seven New Laws Take Effect in Chicago for 2021. Here's a Look at What's Changing - Click to read (Shelby Bremer, NBC/Chicago 1/4/2021)
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Second Round of Relief Funding
Holds Several Improvements, Changes
The recently signed $900 billion COVID relief package includes an additional $284 billion for the Paycheck Protection Program (PPP) for small businesses, created under the CARES Act in March.
This new package provides additional funding for companies that didn't receive PPP money in the first round - especially Minority and Women-owned businesses. Additionally, it allows businesses a second chance at PPP money if loss of revenue in 2020 is 25% or greater than 2019 revenue. The bill also addresses a major issue with PPP: the deductability of expenses paid for with the forgivable loan.
Highlights of the new bill provide...
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Funds for businesses that received the first round of PPP funds can qualify for the second if they show significant losses in 2020 over 2019.
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Funds earmarked for NFPs, news outlets that weren't eligible in the 1st round
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$15 billion for live venues, independent movie theaters, and cultural institutions
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$20 billion for targeted grants through the Economic Injury Disaster Loan program through the Small Business Administration (SBA)
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Tax deductions for business meal expenses
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Funds earmarked for other businesses obtaining loans through community-based lenders like Community Development Financial Institutions (DDFIs) and Minority Depository Institutions (MDIs).
PPP Funding for Small Businesses" - Neil Hare, AllBusiness 12/2020
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SBIF, 2021 Style....In its 21st year, SBIF is one
of the longest-running and most successful City programs, helping to retain and expand small businesses in nearly every neighborhood. SBIF grants use local Tax Increment Financing (TIF) revenue to reimburse companies for qualifying repairs and upgrades. Click to learn more about SBIF & Somercor
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TIF Districts on deck for January 2021 - Click on district name for map & info'
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On January 7th, 2021 at 1 PM, DPD and SomerCor are
hosting a webinar to review program requirements
and the application process for SBIF districts.
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Michael Goldstein - (773)504-1200
CURRENTLY FOR LEASE
Hard-to-find, inexpensive space in Chicagoland.
500' to 160,000 sf - Short & Long Term Leases
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Click on addresses for details & interior photos. For pdf of space in all
properties, click here or, due to volatility of leasing, call (773)504-1200
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50/50 Shared Cost Sidewalk Program
The City of Chicago's 2021 Shared Cost Sidewalk Program opens on January 11, 2021, from
6 AM to 10 PM. It is administered on a first-come, first-served basis and the number of participants based on
or with the free CHI311 mobile apps on iOS Apple, or Android.
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ComEd's Career Training Collaborative
CONSTRUCT is a ten-week training program powered by ComEd and an alliance of companies, social service agencies, and labor unions, providing a path to good-paying, entry-level jobs in construction-related fields. Simultaneously, because construction crews reflect the diversity of the communities where they work, the goal
increases the pool of qualified minority candidates for construction jobs in Illinois.
The agencies noted below run the classes at their facilities, provide individual job counseling and guidance, and work with students on job placement. Eligible candidates should be at least 18 years old with a high school diploma or GED equivalent; a minimum 8th-grade reading and math score; a valid driver's license; pass a drug test, background check, and admissions interview.
Through Pandemic" - Graduates 79 Candidates
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For Additional Information contact one of the agencies below;
Click on name to go to their websites.
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The ADU Ordinance...The Chicago City Council has re-legalized ADU's - accessory dwelling units,
AKA coach houses, basement and attic apartments, and granny flats. Allowed in five pilot areas: North, Northwest, West, South, Southeast - the ordinance includes all R zones, except RS-1. For specific information, click here
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This eNews is produced by InBusiness/Chicago and sponsored
by Chicago Property Investors. Visit InBiz's website here.
For late breaking news and info' between issues, check out
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