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The original item was published from 4/3/2020 3:13:00 PM to 4/10/2020 4:21:19 PM.
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Posted on: March 23, 2020
[ARCHIVED] Resources For Businesses
- Paycheck Protection Program- Applications start April 3
- A loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020. Learn more here.
- Coronavirus Aid Relief and Economic Security (CARE) Act
- The CARE Act that was just passed by Congress is intended in part to assist business owners with whatever needs they have right now. The Small Business Owner Guide to the CARES Act provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. ES) Act.
- U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) Program - Learn more here.
- NEW INFORMATION - SBA EIDL provisions were expanded under the CARES Act to include:
- SBA approval based solely on your credit score; no tax return is necessary, and a prior bankruptcy doesn’t disqualify you.
- You don’t need to demonstrate you’re unable to obtain credit elsewhere.
- Loans smaller than $200,000 don’t require a personal guarantee or real estate as collateral; however, business property will be used as a general security interest on loans over $25,000. Loans over $200,000 require personal guarantees of 20%.
- You can request an advance of up to $10,000 to pay allowable expenses; the advance is expected to be paid by SBA within 3 days. Essentially an emergency grant, you don’t have to repay it, even if your application is denied. (If you subsequently get a PPP loan, this amount will be deducted from any loan forgiveness you receive from that program.)
- Additional SBA Resources
- Information for small businesses affected by coronavirus is available here.
- Follow @SBA_Illinois on Twitter.
- You can also email Illinois.firstname.lastname@example.org or call (312) 353-4528 (Chicago office) or 217-(217) 747-8249 (Springfield office) to talk to a Small Business Administration team member directly.
State of Illinois Assistance
- Tax Delay - State and local sales tax deferment for small to medium-sized bars and restaurants. Learn more here.
- Illinois Small Business Emergency Loan Fund - Learn more here.
- Small businesses low-interest loans of up to $50,000.
- Businesses outside Chicago with less than 50 workers and $3 million in 2019 revenue.
- 5-year term; payments deferred 6 months; below-market interest rates.
Cook County Assistance
- Restaurants May Display An A-Frame Sign:
Restaurants who remaining open for curbside service during the closure order, may temporarily display an A-frame sign in an effort to make the public aware you are providing this essential service. Temporary A-frame signs will not require a permit but will be subject to the following requirements.
- Only one (1) sign is permitted per business.
- Sign is limited to 3.5 feet in height and 2 feet in width.
- Sign must be stored indoors when business is closed.
- No illumination is allowed.
- Placement of sign must maintain a four (4) foot wide passage on any sidewalk.
- Sign shall not create unsafe conditions for pedestrians or vehicles using the public right-of-way.
- Sign cannot interfere with sight visibility lines for safe vehicle and pedestrian traffic.
- Sign must not be used outdoors when high winds or heavy snow conditions exist.
- Sign may only be displayed until such time as the State of Illinois has lifted its restaurant closure order.
If you have any questions regarding these requirements, please contact Linnea O’Neill at (847) 784-3555.
Emergency Resources for Workers