Thanks for plugging into the April 14th issue of the NORTHWEST SIDE BUSINESS NEWS

City of Chicago, State of Illinois & Federal Loan Programs & Resources Re COVID-19 Crisis

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

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

Mayor Extends Temporary Relief Measures to April 30th, 2020 The City of Chicago is extending relief of certain 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.

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IRS COVID-19 Resources & Assistance 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.

More News from the IRS, click on title to access info' Economic Impact Payments: What you need to know Download Infographic re Economic Impact Payments IRS issues warning about Coronavirus-related scams IRS: Employee Retention Credit available for businesses financially impacted by COVID-19 IRS unveils People First Initiative to temporarily adjust, suspend key compliance programs

Need Some Help?... SCORE is America’s premier source of free business mentoring and education. As a resource partner of the U.S. Small Business Administration (SBA), it has helped more than 11 million entrepreneurs through mentoring, workshops, and educational resources since 1964. Visit SCORE's   Coronavirus Small Business Resource Hub  for COVID-19 business assistance and information on SBA loans and the CARES Act.

Ensure Emergency Contact from Police, Fire Departments Should an emergency strike your business, it's crucial the Police or Fire Departments 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 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.

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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.

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