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

The NWCC CONNECTION April 23rd, 2020 Business & Community News & Events

4/24/20 Resiliency Fund Deadline - List of Business' Designated Essential - Small Business Fund $5K Grants - Eateries Open for Pickup Delivery - City Taxes Relief Extended to June 1st

Who Decides?   The Stay at Home Order, effective since March 21st, 2020 defines which types of businesses are essential and can continue normal operations. Non-essential businesses may remain open to manage inventory, payroll and benefits, undertake measures for employees to work from home and protect their physical location. Those who don't observe the order could be fined up to $10.000K. Click to download/view List of Essential Businesses & Q & A's

Click for CARE Guidelines for businesses and consumers engaging in essential activities

Click for up -to-date information on COVID-19 pertaining to Illinois that could affect you.

Submission Deadline: Friday, April 24th, 2020 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

Chicago Extends Temporary Relief Measures to June 1st, 2020 The City of Chicago is extending relief of the following taxes : Bottled Water tax - Checkout Bag tax - Amusement tax - Hotel Accommodation tax - Restaurant tax - Parking tax. This local measures is designed to serve as immediate, temporary relief to help sustain cash flow and supplement other business relief measures that may take a bit longer to activate.

Save Small Business Fund Launched The Save Small Business Fund, launched April 20th , is earmarked for businesses located in economically disadvantaged communities with from 3 to 20 employees The one-time supplemental $5K cash grants are an initiative funded by contributions from corporate and philanthropic partners for employers across the United States. Click to learn more about the Fund and how to apply.

Eat.News List of Eateries Open for During COVID-10 Crisis WTTW's "Check Please" has made available a database of restaurants open for take-out, curbside pick-up, or delivery. Click here for the list. The list is continuously evolving - if you have a favorite that's still operating but not on listed? Use this form to add it.    WTTW thanks Lauren A. , Jennifer G.,   Sean L. , Marina R., Uyen T. for curating Dining at a Distance™ in Chicago. For additional support and resources, visit Eat.News

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

The NW Connection Chamber of Commerce 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.