We hope that today’s update finds you all happy and healthy. Please continue to share with us any announcements, questions, issues, or just uplifting stories that we can share with fellow members!
Here is your update for Tuesday, March 24. The Dow has posted a single day record of up 2,000 points or 11% on optimism that a new stimulus package will be finalized soon. Unfortunately, as of 4:00 PM, there has been no finalization over language in the newest effort for a Coronavirus stimulus package (Phase 3). It seems as if different versions and reports pop up hourly. We’ll continue to monitor and share specifics once complete. You can follow the Senate debate with this link – https://www.c-span.org/video/?470620-1/senate-works-break-impasse-coronavirus-economic-relief-package
Please consider reaching out to both Senator Durbin and Senator Duckworth at this time to urge them to pass legislation sooner rather than later and work in a bipartisan manner to achieve results during this time of crisis.
Sen. Durbin 202-224-2152
Sen. Duckworth 202-224-2152
This is information shared by Illinois State Treasurer Michael Frerichs on Business Invest — Illinois Small Business COVID-19 Relief Program:
This is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small businesses and non-profits negatively affected by the COVID-19 pandemic. The purpose of this program is to provide vital economic support to small businesses and non-profits to help overcome the loss of revenue they are experiencing. Through this program, the Treasurer’s Office would partner with approved financial institutions to provide loans — either lower rate loans, or loans to a business or non-profit that would not otherwise qualify — to Illinois small businesses impacted by the COVID-19 pandemic.
* State funds would be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01%
* Deposited funds would facilitate affordable loans (not to exceed 4.75%) to small businesses and non-profits that could be used to provide bridge funding, pay fixed debts, payroll, accounts payable and other bills
* Deposits could be drawn in $1 million or $5 million increments, up to a maximum of $25 million per financial institution
* Eligible Illinois businesses or non-profits must (1) have been shut down or limited due to COVID-19; (2) have less than $1 million in liquid assets or $8 million average annual receipts (per SBA standards); and (3) be headquartered in the State of Illinois or agree to use the funds in Illinois
* Deposits would be renewable as determined by the Treasurer’s Office
* Financial institutions would be required to provide reports to the Treasurer’s Office regarding the usage of program funds, including the number and types of loans provided to small businesses and non-profits and the economic impact of such loans. For background, here is a link to the Treasurer’s website that explains this program in greater detail: https://bit.ly/SmallBizRelief
We mentioned yesterday that if you have the ability to utilize your business for the purpose of manufacturing a much needed supply or to donate items, the state is looking for assistance. Here is the link to the site to help – https://ima-net.org/illinois-request-for-essential-supplies/
SBA announces online training available for small businesses impacted by coronavirus. All Illinois small businesses can now apply for low-interest disaster loans to help offset the economic impact of the coronavirus pandemic. The Illinois District Office will host free webinars as long as there is demand covering:
- Use of proceeds
- Filing requirements
- Additional small business resources
Choose the date and time most convenient for you. Click the link to register now.
Tuesday, March 24, 11 a.m. CT
Tuesday, March 24, 3 p.m. CT
Wednesday, March 25, 11 a.m. CT
Thursday, March 26, 11 a.m. CT
Thursday, March 26, 3 p.m. CT
More webinars will be announced soon! Watch your email for future events.
Information you’ll need to collect for your loan application
- 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.
- Here are the documents you’ll need to provide to complete the application:
- SBA Form 5 or SBA Form 5C for sole proprietorships – SBA loan application
- IRS Form 4506T – Tax Information Authorization for the applicant, principals and affiliates
- Complete copies of the most recent Federal Income Tax Return.
- SBA Form 2202 – Schedule of Liabilities
- SBA Form 413 – Personal Financial Statement
- SBA Form 1368 – Monthly sales figures
- We recommend you apply online, but preparing these documents ahead of time will streamline the process for you.
As information becomes available related to disaster reporting and assistance available from the State of IL, as well as the Small Business Administration (SBA), the IL SBDC at Joliet Junior College will make every effort to keep you up to date. The Department of Commerce and Economic Opportunity (DCEO) has provided this link to allow you to report anticipated impact of COVID-19 on your business: https://form.jotform.com/200717156003039
We’ve shared before news from Accion and here is new Information on New Emergency Offerings to Help Small Businesses in Illinois & Indiana. Join us tomorrow, March 25th at 5:30 pm for a webinar presentation, with moderated Q&A after, in which Accion Serving Illinois & Indiana CEO Brad McConnell will outline what is available to entrepreneurs now and what additional resources will be available soon. He will discuss what the federal government, State of Illinois, and City of Chicago are launching to help small business owners.
Here is another option that we have come across to share for those in need. The Facebook Small Business Grants Program – https://www.facebook.com/business/boost/grants
Joliet Region Chamber of Commerce & Industry Staff and Board of Directors
Joliet Region Chamber of Commerce & Industry