Serving Businesses in Cragin, Hermosa, Humboldt Park & N. Austin Communities

The NWCC CONNECTION April 9th, 2020 Business & Community News & Events

City, State & Federal Loan Programs & Resources for Small Businesses in response to COVID-19 Crisis

BACP Director of Labor Standards will present an overview of laws and rules for businesses, as well as Worker's rights, during the COVID-19 crisis. Click HERE to register Presented by the Department of Business Affairs & Consumer Protection

SBA $2M Disaster Loan Program Covers Payroll, A/P, Fixed Debt 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. Click to learn more about the SBA's Disaster Loan Program

*Note Corrected Link 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 Correct Link to Access: Info' & Application Form

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.

Resources & Assistance From the IRS The IRS has established a special section on IRS.gov focused on steps to help businesses and other taxpayers affected by the Coronavirus. Their page will be updated as new information becomes available. The Department of Treasury also has a resource page at Coronavirus: Resources, Updates, and What You Should Know.

Registering Business Ensures Contact If An Emergency Occurs Should an emergency strike your business at any time, it's important that the Police or Fire Departments responding be able to contact you or a designated agent. Registering online with CP3 Chicago ensures that in any 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. Additionally, as a CP3 partner, you'll have access to 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 information. 

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. Click to learn more.

During the COVID19 crisis, the NWCC can provide direct assistance with City, State, and Federal. programs and resources Call Pete Schmugge, Executive Director at 773/558-8743 or email nwconnectioncc@gmail.com

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 email nwconnectioncc@gmail.com

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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.