Hello Uptown Business Center Clients and Partners,

We hope to see you at one of our upcoming events, including a valuable Bookkeeping 101 training that will help you get ahead of tax filings and set you up to be in a better place for grant/loan opportunities.

Please note that a recent court decision has reinstated Beneficial Ownership Information (BOI) Reporting. Most UBC clients are business entities that will be required to file. FAQs on BOI are below.

As always, please don't hesitate to schedule an Uptown Business Center consultation so we can discuss personalized support for your small business.

Best, 

Kylie Ruscheinski

Uptown Business Center Director

UPTOWN BUSINESS CENTER EVENTS

Bookkeeping 101: Basics for Business Owners

Wednesday, March 26th | 3:00-4:30PM

Uptown Business Center, 4619 N Broadway

Join the Uptown Business Center and Lucky Stone Bookkeeping for Bookkeeping 101: Basics for Business Owners! Learn digital bookkeeping basics for your small business, including:

• Generally Accepted Accounting Principals (GAAP)
• Your Chart of Accounts
• QuickBooks Online: Using the Bank Feed
• Reconciliation and Reports
• Filing Taxes as a Sole Proprietor



Register for this Free Event

Money Smart: Risk Management

Thursday, April 17th | 3:00-4:00PM

Wintrust Bank Uptown, 4800 N Sheridan Rd

Join the Uptown Business Center and Wintrust Bank at Wintrust Bank Uptown for a free training as part of the Money Smart Program on Risk Management. Having a risk management plan is critical for small businesses. Learn the common warning signs for risks, how to identify threat areas, and form your business's risk management plan with this free workshop in partnership with Wintrust Bank.



Register for this Free Event

Beneficial Ownership Information (BOI) Reporting

The Corporate Transparency Act's beneficial ownership information (BOI) reporting requirements are back in effect. Most companies are now expected to comply with reporting obligations by March 21, 2025. Please note that this is a requirement for most businesses but there is no fee for submitting information.

What is BOI?

Most companies in the United States must report information about their beneficial owners - the individuals who ultimately own or control the company - to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.

Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

Who Has to Report?

Your company may need to report information about its beneficial owners if it is:

• a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
• a foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

Who Does Not Have to Report?

Twenty-three types of entities are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies. View the full list of 23 exemptions here.

How Do I Report?

Report beneficial ownership information electronically through FinCEN's website: www.fincen.gov/boi. The system provides a confirmation of receipt once a completed report is filed with FinCEN.

Please note that if you are unsure of your reporting obligation, all businesses and entities can file online. All current businesses should report by March 21, and any future businesses that are created or registered must submit within 30 calendar days after receiving actual or public notice that its creation or registration is effective. All updates or corrections to beneficial ownership information previously filed must also be submitted within 30 days.

OTHER BUSINESS EVENTS

What You Need to Know About Your Business & Federal Taxes

Wednesday, March 12 | 3:00-4:30PM

Virtual Via Zoom

This BACP webinar is presented by the Internal Revenue Service (IRS) and Ladder Up. This workshop 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 business records must be kept? Are you required to make estimated tax payments? What resources does the IRS have for small business owners?

Register Here

Food Service Sanitation Managers Certification Class

Monday, March 24 | 9:00AM-5:00PM

Center on Halsted - Board Room, 3656 N Halsted

Join the Lakeview East Chamber of Commerce for the Food Safety & Sanitation Manager Class hosted by the Safe Dining Association. This credential communicates to the food service and retail industry that you have the knowledge, skills, and abilities necessary to oversee the safe storage, preparation, and service of food in the workplace The Food Safety Certification class will consist of 1 eight hour day of instruction with the exam being given at the end of the class. This class and exam is fully accredited with the Illinois Department of Public Health, Chicago Department of Public Health, Prometric Testing Organization and ServSafe from the National Restaurant Association (administered by request). Upon successful completion of the class and test students will be certified in the State of Illinois and will be able to apply for the City of Chicago certification. All certifications are valid for 5 years.

Learn More & Register

GRANT OPPORTUNITIES

Notice of Funding Opportunity (NOFO) Small Business Capital and Infrastructure Grant Program

Applications Open Until 5:00PM April 7, 2025

OVERVIEW & ELIGIBILITY

The Illinois Department of Commerce and Economic Opportunity (DCEO) Office of Economic Equity & Empowerment (OE3) is pleased to announce the OE3 Small Business Capital and Infrastructure Grant Program. This program will provide funding to small businesses owned by Socially and Economically Disadvantaged Individuals (SEDI) or Very Small Businesses (VSBs) for capital improvement and infrastructure projects.

Grants ranging from $10,000 to $245,000 will support initiatives that drive business growth, enhance operational efficiency, promote sustainability, and create or retain jobs. This funding opportunity is exclusively focused on capital improvements and infrastructure projects to support SEDI-owned businesses and VSBs. Priority will be given to applicants located in Community Development Financial Institution (CDFI) Investment Areas where businesses play a critical role in addressing local economic needs. Click here to learn more.

ELIGIBLE PROJECTS

Examples of eligible capital and infrastructure projects can be found here bit.ly/4gFmCB9.

APPLICATION INFORMATION

Applications must be submitted by Monday, April 7, 2025, at 5 pm.

Apply at bit.ly/3ZM5iTM

CONTACT

For program-specific questions, contact the team at CEO.OE3Grant@illinois.gov.

PREQUALIFICATION

As a reminder, with this NOFO and applying for State grants, an entity must be pre-qualified. For more information on that process, please watch this short video. Click here to read the GATA guide in English  and Spanish.