Today is going to be quick and light as far as the daily update goes. We are gearing up for our Town Hall Virtual Conference tomorrow at 1:00 pm to discuss the recovery from the COVID-19 pandemic and moving forward into phase four.
Please join us for a free, interactive virtual conference with community leaders from various business sectors, including education, healthcare, banking, economic development, and governmental affairs. You can register here: http://jolietchamber.chambermaster.com/events/details/2020-webinar-june-10th-town-hall-meeting-5907
PPP Funding is Available Still
PPP funds are still available ($130 billion to be exact) for small businesses, independent contractors, some nonprofits, and tribal businesses whose operations were impacted by the Coronavirus outbreak. Now, the recent Paycheck Protection Program Flexibility Act extends the time to spend loan proceeds from eight weeks to 24 weeks and expands the percentage of funds that can be used for non-payroll expenses.
PPP Deadline to Apply is Nearing
While many extensions and flexibilities were enacted with recent legislation, one date remains. The last day a PPP loan application can be approved is June 30, 2020. Now is the time to apply for a PPP loan if you have been thinking about it as mentioned above, plenty of funding remains.
SBA Continues to Help with PPP Application
Through webinars, virtual meetings and phone calls, business advisers from the SBA Resource Partner Network are still helping small businesses navigate the PPP process. Connect with a SBA Resource Partner near you or one of the many other helpful resources from the Federal Resources for Small Business page: https://covid-sb.org/?utm_medium=email&utm_source=govdelivery
How Has PPP Helped Your Business
The SBA wants to know what impact the PPP funds have had on your business. They are looking for stories of how funding has aided both your business and employees. You can send your story to Illinois.firstname.lastname@example.org
Workers’ Comp Bill Signed by Governor
Governor Pritzker has signed into law a bill that lawmakers passed last month that differs slightly from an emergency rule issued, but then removed back in April regarding who covers the costs when a worker gets COVID-19.
The law qualifies essential employees for workers’ compensation if they contract the coronavirus on the job, with businesses able to rebut the claims by showing they followed public health guidance. The law also spreads out the cost of COVID-19-induced increases of unemployment insurance to all Illinois businesses, and allows Illinois to take advantage of an extra $2.1 billion in unemployment insurance money from the federal government for seven weeks of extended unemployment benefits.
Phase 4 Dining
Governor Pritzker looks to open indoor dining in phase four. As talked about, phase four could begin as early as June 26 if all criteria are achieved.
Let’s Hope We Get Surprise News on this Topic
The National Bureau of Economic Research on Monday reported the U.S. economy broke into recession in February, ending 128 historic months of growth. The bureau, which did not wait, as is customary, for two consecutive quarters of contraction to announce the obvious, noted that gross domestic product dropped 5% in the first quarter of 2020, and this quarter is expected to be worse. We can hold out hope that this news will be reversed just like the job gains last week, but we may have to wait until the third quarter for that.
Finally, we have brought up a lot of information on how to safely reopen your organization, but not too much on what to do if people aren’t following your rules and thereby risking other customers and employees. Here is a good article on how to prepare for that situation. The article covers sharing your policy with customers and clients in advance, preparing your employees, implementing a backup plan, and then determining the last straw. You can find the article here: https://www.inc.com/emily-canal/reopening-social-distancing-masks.html?utm_source=incthismorning
Joliet Region Chamber of Commerce & Industry Staff and Board of Directors
Vice President – Government Affairs
Joliet Region Chamber of Commerce & Industry