Chamber Members:
Apologies to start as this update is a little long considering an update did not go out yesterday. First, big thank you to Kevin Courtois from the US Chamber of Commerce and those that joined us on the webinar today reviewing the CARES Act – PPP lending, updates on EIDL loan, Sick Leave, and FMLA. We also welcomed our colleagues and some members from Orland Park, Tinley Park, and West Suburban chambers of commerce. A lot of useful information was shared and attached to this message you can see the PowerPoint slides and some additional checklists through the US Chamber of Commerce. Below is the link to the audio/visual recording of the session. We’re working to produce more informational sessions in the near future.
The Federal Reserve on Thursday announced a bevy of new moves aimed at getting another $2.3 trillion of financing into businesses and revenue-pinched governments. Among the Fed’s measures were details regarding its Main Street business lending program and several other initiatives it is undertaking. The loans would be geared toward businesses with up to 10,000 employees and less than $2.5 billion in revenues for 2019. Principal and interest payments will be deferred for a year.
The U.S. Treasury has released 18 FAQs on the Paycheck Protection Program for borrowers and lenders that address many of the concerns lenders have grappled with during the first few days of the program.
For those of you who have applied for an SBA EIDL loan, here is a story gathered from a source that got through the SBA hotline – “When I finally talked to someone here is what I learned: If you applied for an EIDL loan and the app was complete, you should have received an application number which just means they have the app. If you do not have that app number, then your application did not go through.
Next step, applicants will receive two emails. One asking for the address/bank/etc. of where the up to $10,000.00 should be deposited. ($1,000.00/employee not to exceed $10,000.00) (this requires no documentation) and he said if the email asks for documentation it is not coming from the SBA and is fraud. The next email will be from the SBA lending department and will give guidance on how to get to the portal to set up registration and actually apply for the loan. Also, he had no idea on turnaround time. He said they are hiring more processors every day.”
So, if you’ve gone through this process it seems as if this is a good checklist to follow and rest assured if you have not yet received your funding that this is what is happening.
Announcement from the United Way of Will County
The Will County COVID-19 Response Fund, which is in partnership will the Community Foundation of Will County, received notification that they will be receiving a grant award from the Illinois COVID-19 Response Fund. As a result, our United Way is in the process of accepting grant applications from local organizations that are successfully responding, through community-based programs, to the needs of individuals affected by the COVID-19 pandemic and its economic consequences. You can access the Will County COVID-19 Response Fund grant application and guidelines on their website – www.uwwill.org/will-county-covid-19-response-fund/
DCEO and the Illinois Chamber of Commerce are hosting a series of COVID-19 Emergency Small Business Assistance Webinars. Below is the list of webinars with a specific focus on different regions within the state. These are FREE to attend and no registration is required. We believe you should actually be ok with listening in on any of these as most of the info should be the same.
Friday, April 10th
1:00 p.m. – 2:00 p.m. – SOUTH COOK – https://zoom.us/s/485609670
2:30 p.m. – 3:30 p.m. – CENTRAL IL – https://zoom.us/s/775390875
Monday, April 13th
1:00 p.m. – 2:00 p.m. – SOUTHERN IL – https://zoom.us/s/868478836
Tuesday, April 14th
1:00 p.m. – 2:00 p.m. – NORTHERN COOK – https://zoom.us/s/346358497
This was posted by the Illinois Department of Employment Securities and we wanted to keep everyone informed. The direct link to the IDES document can be found here https://www2.illinois.gov/ides/News%20%20Announcements%20Doc%20Library/Federal-Stimulus-FAQ-April2020.pdf.
CARES Act Unemployment Benefits Expansion Package
▪ Federal Pandemic Unemployment Compensation (FPUC) FPUC provides an additional $600 per week for individuals receiving regular unemployment benefits, PUA, PEUC, or extended benefits if they are triggered under Illinois law, beginning March 29, 2020 and concluding the week ending July 25. FPUC has been implemented and began disbursement of payment to those receiving unemployment benefits beginning the week of April 6, 2020.
▪ Pandemic Emergency Unemployment Compensation (PEUC) PEUC provides an additional 13 additional weeks of federally funded unemployment benefits for individuals who have exhausted their regular unemployment benefits.
▪ Pandemic Unemployment Assistance (PUA) PUA provides a total of 39 weeks of federally funded unemployment benefits to individuals not typically eligible for unemployment benefits, including independent contractors and self-proprietors, but have become unemployed as a direct result of COVID-19.
This portion of the benefits expansion package has not yet been implemented. Further details about the program, how to apply, and eligibility requirements will be made as soon as they have been finalized at IDES.Illinois.gov.
While these new expansions will financially help unemployed Illinoisans in the months to come, not everyone will be eligible for all the benefits contained in the package, and some benefits will
not begin immediately. Further details about the new federal programs and how to apply
will be made available once they have been finalized.
How will this affect Illinois unemployment benefits? For weeks of unemployment beginning March 29, 2020, and ending July 31, 2020, individuals receiving unemployment benefits will receive $600 more than they would receive in their weekly benefit amount. In many cases, individuals will also be eligible for more weeks of unemployment above the 26 weeks provided under regular unemployment rules. Both of these benefits will be applied automatically if you qualify.
What do I do if I have already received my maximum benefits? Some individuals who have received their entire 26 weeks of regular unemployment benefits may be eligible for more weeks of benefits under the stimulus package. If you have exhausted your benefits, or you are close to exhausting your benefits, we are finalizing the process to continue benefits under the stimulus package. Details will be available as soon as we have received further guidance from the US Department of Labor.
I am self-employed. Do I qualify under the new federal unemployment program? Under regular unemployment rules, the incomes of self-employed workers, freelancers, and independent contractors are not subject to unemployment taxes and so typically these individuals are not eligible for unemployment benefits. The stimulus package creates a new, temporary program to help people who lose this type of work as a direct result of the current public health emergency. IDES will provide information about how to apply for this benefit as soon as it is finalized.
Department of Employment Security Waiving Penalty for Employers
Agency Suspends Late Wage Report Filing Fee
SPRINGFIELD – The Illinois Department of Employment Security (IDES) announced that employers will not face a penalty fee for filing their February 2020 wage reports late. The emergency rule was electronically filed with the Secretary of State on April 7, 2020 and becomes immediately effective.
Wage reports are filed by employers and businesses on a monthly basis and document the number of workers and the wages each worker is paid during that month. These reports, which reflect employment and wages for the previous month, are used to determine whether a claimant is monetarily eligible for unemployment benefits and the amount of benefits for which the claimant is eligible. The timely filing of these reports is vital to integrity of the unemployment trust fund, out of which unemployment benefits are paid.
Employers are still encouraged to file their February 2020 wage reports, which were due to the department on March 31, 2020, as soon as possible. This will assist with department in making monetary eligibility determinations for workers who have been impacted by layoffs and job losses as a result of COVID-19 and are currently filing unemployment benefit claims.
IDES is continuing to work through and process an unprecedented number of unemployment benefit claims and questions, both online and through the call center. Over 300,000 unemployment claims were filed in the month of March, compared to the just over 36,000 claims filed in March 2019.
Workers who have experienced layoffs, job losses, and business closures due to COVID-19 should visit IDES.Illinois.gov for more information about how they could qualify for unemployment benefits or to file a claim.
Anyone with a question or in need of assistance with unemployment benefits at this time is encouraged to visit our website. For those in need of technical assistance or without the capability to file a claim online, please call the customer service center at 800.244.5631.
Roughly 6.6 million Americans filed new applications for unemployment benefits in the first week of April as the coronavirus pandemic devastates the U.S. economy and forces millions out of work, according to data released Thursday by the Labor Department. The 6,606,000 initial claims for unemployment insurance filed between April 1 and 7 dropped slightly from revised, record-high 6,867,000 million new applicants during the previous week, extending an unprecedented surge in layoffs.
Pace to Implement “Quick Board, Safe Board” Program to Expedite Boarding
To help stop the spread of COVID-19 and limit operator-passenger interaction, Pace will implement a temporary “Quick Board, Safe Board” policy and waive fare collection on fixed route bus and ADA paratransit service beginning Thursday, April 9, and lasting the duration of the Governor’s Stay at Home order.
A reminder that Pace is offering free rides on all Pace fixed route bus and On Demand services to all medical personnel–including doctors, nurses, EMTs, and paramedics–for the duration of the State’s “stay at home” order. To ride free, medical personnel must present a work ID showing that they are employed at a hospital, doctor’s office, medical facility or local fire department. For the latest information on Pace’s response to the COVID-19 pandemic, see: http://www.pacebus.com/health/
Here is the updated member lender list for PPP – email mpaone@jolietchamber if you would like to be added.
Heartland Bank & Trust
Thomas Kentner
(815) 744-0863
First American Bank
Edward J Pizzo
(815) 927-5273
First Secure Community Bank
Steve Jamnik
(815) 230-8013
Woodforest National Bank
David Chipurnoi
(815) 729-1660
Hometown National Bank
Marc Gorsch
Rick Waggoner
(815) 207-4664
Midland States Bank
Chris Uram
(815)-230-4302
Merchants and Manufacturers Bank
Erik Schelling
(815) 724-2041
BMO Harris Bank
Nancy Caballero – Borunda
815-741-5632
Anna Hullinger
815-741-6465
*Requirement – must be a BMO Harris Bank business customer prior to April 3rd, 2020.
*First Midwest Bank will be participating in a number of COVID-19 Client relief programs. Please visit our website at Firstmidwest.com for the latest information or call your First Midwest Bank relationship manager.
Finally, The Senate on Thursday blocked dueling plans to provide hundreds of billions of dollars to help small businesses contend with the coronavirus-fueled economic meltdown amid a stalemate over the scope of the package.
Senate Majority Leader McConnell tried to pass an additional $250 billion for the Paycheck Protection Program, but Democrats objected. Instead, Democrats tried to offer their own alternative to amend the GOP plan to include $100 billion for hospitals, $150 billion for state and local governments and an expansion of food assistance, in addition to the small-business funding. Republicans, similarly, rejected the Democratic measure. The partisan impasse throws the small-business funds into limbo until at least Monday, when the Senate is next expected to be in session.
Stay well,
Joliet Region Chamber of Commerce & Industry Staff and Board of Directors
Mike Paone
Vice President – Government Affairs
Joliet Region Chamber of Commerce & Industry
815.727.5371 main
815.727.5373 direct