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Goodbye, 2020... Hello, 2021!
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As we all know, the past year was extremely difficult for our businesses, our community, our city, and our world. While we may not have anticipated all that 2020 would have in store at this time last year, we are confident 2021 will bring new hope and new opportunities. We wish you and your loved ones a happy, healthy, and fruitful New Year in 2021.
- Lakeview East Chamber of Commerce
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Record $125,000 in LVE Gift Cards - Thank You!
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We are so thankful for our local residents and shoppers who have spread their love for small businesses. We had a record breaking year for gift card sales and shoppers' rebates with over $125k now circulating back to our merchants. Our local Byline Bank added to helping small business with an additional $15k in gift card purchases. Thank You for supporting small businesses and thank you to Byline Bank for being committed to our community. |
Sandra Silva dedicated her life to helping others and touched many people with her kind gestures. She was an active Committee member of the Lakeview East Festival of the Arts and served on several committees of the Lakeview East Chamber of Commerce. She dedicated her life to helping seniors and her beloved community. The Lakeview East Chamber of Commerce is saddened to hear of her passing and send our condolences to her family and loved ones. We will be keeping her in our hearts and carry her spirit within us.
Sign Guest Book at legacy.suntimes.com
T o Plant Memorial Trees in memory, please click here. |
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Local Businesses: What's Open
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Kim Us - 3422 N. Broadway
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The Lakeview East Chamber is committed to providing the latest updates and resources for our community during this difficult and uncertain time. Please visit the below pages on our website for up-to-date information regarding COVID-19 and small business resources including the Paycheck Protection Program, City Ordinances, financial resources and grants, and more.
**Please scroll down to the Business & Government Affairs section for more specific information.**
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(Spoiler alert! It's you: the audience.)
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What's On in the Belmont Theater District?
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Just minutes from downtown in Chicago's Lakeview and Lakeview East neighborhoods, the Belmont Theater District is home to more than 50 theaters and hundreds of shops and restaurants within a short walking distance.
Amidst recent suspension of group gatherings and, thus, live performances, many Belmont District Theaters have opted into providing digital, remote and streaming programming for patrons to enjoy from the comfort of their own homes.
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COVID-19 Economic Relief Bill
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Stimulus Checks
The package sends direct stimulus payments of $600 to individuals making up to $75K per year and maximum of $1200 per couple.
Business Related
- New Economic Injury Disaster Loan (EIDL) grants for businesses in low-income communities
- FFCRA paid sick or family leave will become optional for employers from January 1, 2021 through March 31, 2021
- Extension and modification of employee retention tax credit through June 30, 2021 - Ineligible with PPP forgiveness
- Temporary (100%) deduction for business meals provided by a restaurant, and paid or incurred in 2021 or 2022
- 5-year extension for the Work Opportunity Tax Credit and tax-free student loan payments to employees
- PPP changes including covered period, second draw, and new forgivable items
Small Business Loans (PPP)
The package reopens with $284 billion in forgivable
Paycheck Protection Program so that some of the hardest-hit small businesses can apply for a second loan. We encourage business owners to reach out to your local banks and start the PPP process as soon as possible since once again, these are limited funds and not everyone will be accepted.
It carves out $12 billion for minority-owned businesses. It also expands eligibility to more nonprofits as well as local newspapers, TV and radio broadcasters.
PPP Changes
- Taxes and Gross Income
- Overrides previous IRS position - now follows original intent of Congress
- PPP-forgivable business expenses are fully deductible (if otherwise allowable)
- Any part of PPP loan that is forgiven is not included in gross income
- Second Draws
- Borrower as no more than 300 employees
- Businesses experienced at least a 25% decline in gross receipts in any quarter of 2020 v. 2019
- Original PPP funds must be exhausted
- Maximum loan amount is lesser of 2.5 times average monthly payroll costs, or $2M
- Borrowers can select any covered period between 8 and 24 weeks starting on origination date
- Eligible Expenses
- Expanded list of eligible expenses now included*:
- Operating costs: software; cloud computing; HR/payroll; accounting
- Supplier costs: pursuant to a contract or order in effect prior to the PPP loan; essential to operations
- Worker protection: PPE and adaptive investments; to help comply with federal or state guidelines
- Property damage: vandalism or looting due to public disturbances in 2020; if not covered by insurance
- *Supplements original list of payroll costs, rent, utilities, mortgage interest
- Borrowers must spend at least 60% of the proceeds on payroll costs to maximize forgiveness
PPP Next Steps
- SBA to adopt rules to implement new program within 10 days
- SBA to issue rules within 17 days that describe how recipients of an unforgiven first draw (e.g., returned funds) can seek a PPP loan
- SBA to release simplified 1-page forgiveness application (<$150k loan) within 24 days
During this free webinar recording, Employco:
- Reviews the new tax deductibility
 provisions - Provides an updated list of the items that are eligible for forgiveness
- Summarize sthe requirements for employers to request a new PPP loan
- Discusses the changes to the forgiveness application process
You'll also be able to get some clarity on human resource issues including unemployment and payroll. There will be a brief presentation to begin the session but most of the time will be dedicated to answering your specific questions.
The package creates a $15 billion grant program for live venues, theaters and museum operators that have lost at least 25% of their revenues. - Up to $10 million per eligible business. A second grant, worth half the amount of the first, may also be available.
- The money will be for specified expenses such as payroll costs, rent, utilities and personal protective equipment.
- During the first 14 days of the program's implementation, grants will be awarded to those who have faced 90% revenue losses. Then, those who have experienced at least 70% revenue losses will be eligible during the next two weeks. After the first month of the program, any other eligible businesses can receive grants.
Legislation also Includes: - $300 per week for supplemental unemployment insurance benefits for 11 weeks
- $28 billion towards vaccine acquisition and distribution
- $20 billion for coronavirus testing efforts
- $25 billion for rental assistance and an eviction moratorium extension
- A tax credit "to support employers offering paid sick leave"
The Lakeview East Chamber of Commerce will continue to update our business community on any new rules, regulations and opportunities for financial assistance.
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Reminder - State of Illinois Minimum Wage and Tipped Wage Increases
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As of January 1, 2021, the state of Illinois' minimum wage is $11.00, and the tipped wage is $6.60. Click here to review the updated rates. Click here to read the full notice.
Businesses located in the city of Chicago or in municipalities within Cook County that have opted into Cook County's minimum wage ordinance must comply with local minimum wage regulations.
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Updates to City of Chicago's Small Business Improvement Funds Program
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The city of Chicago's Small Business Improvement Fund (SBIF) program uses Tax Increment Financing (TIF) revenues to help owners of commercial and industrial properties within specific TIF districts to repair or remodel their facilities for their own business or on behalf of tenants.
Program participants can receive grants to cover between 25 percent and 75 percent of the cost of remodeling work, with a maximum grant of $100,000 for commercial properties and $150,000 for industrial properties. The grant, which is administered by SomerCor on the City's behalf, does not have to be repaid.
Starting Jan. 1, 2021, SBIF staff has begun to roll out a series of enhancements to the program. Most notably, the maximum grant amount has increased to $150,000 for commercial properties and $250,000 for industrial properties. Additionally, commercial applicants may be eligible to receive reimbursement up to 90% of eligible project costs.
Click here to learn more and sign up for upcoming informational webinars. |
 
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For recordings of past BACP webinars, please click here.
Wednesday, 1/13/21 Webinar at 3:00 PM: How to Become Certified
Presented by the City of Chicago Department of Procurement Services (DPS)
DPS is the certifying agency for the following certifications: Minority-Owned Business Enterprise (MBE), Women-Owned Business Enterprise (WBE), Veteran-Owned Business (VBE), Business Enterprise for People with Disabilities (BEPD), Disadvantaged Business Enterprise (DBE) and Airport Concessions Disadvantaged Business Enterprise (ACDBE).
This webinar will provide detailed information on who is qualified to be a Chicago certified firm. Learn out what documents are needed when submitting an application and how to avoid the most common mistakes in the certification process. Subject matter experts will be on-hand to answer all your questions about common certification topics.
Friday, 1/15/21 Webinar at 9:30 AM: What You Need to Know About Your Business & TaxesPresented by the Internal Revenue Service (IRS) and Ladder UpThis webinar will answer important tax questions for your business including: Are you required to file a tax return? Is your worker an independent contractor or an employee? What will the IRS request during an audit? Are you required to make estimated tax payments? What resources does the IRS have for small business owners? Register for the 1/15 Webinar
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ChibizHub is an online platform build by the City of Chicago to help connect small businesses with service providers. Currently, ChibizHub is providing up-to-date resources related to COVID-19.
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19th District Community Alternative Policing Strategies (CAPS)
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The 44th Ward is served by the 19th District (bounded by Lawrence, Lake Shore Drive, Fullerton, and the Chicago River). Each police district is divided in beats, and each beat has a team of beat officers assigned to it. Police representatives from these teams and local community leaders conduct the CAPS meetings. For more information on CAPS, visit the Chicago Police Department's web page, How CAPS Works.
NOTE: Beginning in 2021 there will be separate meetings for every individual beat. We will share the updated schedule once it is available.
Beats 1923, 1924 & 1925 | Wednesday, January 6th, 7:00 - 8:00 p.m.
Virtual
Beat 1933 | Tuesday, January 12th, 6:30 - 7:00 p.m. Virtual
Beat 1922 | Wednesday, January 20th, 7:00 - 8:00 p.m.
Virtual
 
 
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3356 N. Halsted
(773) 281-3355
Chicago's leader in nightlife and entertainment. Follow us on Instagram, Facebook, & Twitter @roscoestavern today! Roscoe's is OPEN with new Winter Hours & HEATED Seating!
Monday - Friday * 3PM-10PM
Saturday * 12PM-11PM
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941 W. Grace St
(708) 323-5427
With a creative mind, a degree in Art & Design and a passion for turning other peoples ideas into reality - I am ready to help you give life to your vision. Whether it be t-shirts for a team or fundraiser, promotional items for an event, invitations or announcements... Shel-Shocked Designs can be your "one-stop shop" for everything to put you at ease.
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Are you or anyone you know, looking to move their business to Lakeview East? You can view Storefront Opportunities on our website here!
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The Lakeview East area is bustling with new development. For development projects visit our website
here.
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Red-Purple Line Modernization - Temporary Track Construction Near Sheffield and Bus Connections at Addison and Belmont
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The weekends of January 8th and January 15th will see shuttle buses between the Addison and Belmont stations, for the Red Line only, to allow for temporary track construction. Trains will operate between Howard and Addison, and Belmont and 95th. Shuttle buses will replace train service between Addison and Belmont. More details can be found by clicking here.
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Construction has begun for the five year phase of the RPM project. To find out more about this project please visit the RPM website here. The modernization project has many steps, and it is important to know when and how you or your business may be affected. Sign up for construction impact alerts in your community here.
Follow the CTA's new Red and Purple Modernization (RPM) Project social accounts
The CTA has launched new social media accounts for the RPM project. Stay up to date on the project, get service information, plus more by clicking on each platform to follow them on
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