Chamber Members:
Here’s to hoping that we all have a good week as we continue to work through this pandemic. At least the sun was out today, and we have some good reports to pass along. Our plan is to keep these updates coming out regularly through the week and then providing a video recap on Friday afternoons. Please make sure you are connected with us if you have not been in the past. Our social media accounts are below:
www.facebook.com/jolietchamberofcommerceandindustry/
www.twitter.com/jolietchamber
www.linkedin.com/groups/1769881/
http://www.youtube.com/jolietchamber
Over the weekend, the IRS reported that the first wave of stimulus checks have been sent out via direct deposit. These deposits should continue this week to all that direct deposited into an account when they filed either their 2018 or 2019 returns. Those that have not filed returns, didn’t authorize direct deposit, or are receiving Social Security will likely have to wait weeks before seeing the funds. As a reminder, these funds come from the CARES Act passage and promises up to $1,200 per person / $2,400 per couple and $500 per child. The payments will however start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds would be doubled for couples.
We’ve also heard some good news on the PPP lending side. Several companies are reporting that they’ve made it through the process without a headache and even getting a loan number, meaning they’re in line to receive their loan/grant within 10 days.
On the flip side, some unfortunate news has come out regarding the original SBA EIDL loans. The funding cap was initially set to be at $2 million depending on how much you could qualify for. The average loan amount was coming in around $200,000, but the backlog of requests is astronomical, leading to new hires just to process the requests. What we’re now hearing is that the fund is running out of money and these loans would be capped at $25,00-$35,000 and that then quickly changed in two days to a cap of $15,000. We have communicated to Senator Durbin, Senator Duckworth, and Congressman Foster that this program needs immediate action.
The same goes for PPP funding, in one week over 250,000 businesses have asked for over $100 billion in funds. That is just under one-third of the allotted fund. The process just opened on Friday for the self-employed and independent contractors as well. Now with this group added into the mix, a resource infusion is sorely needed in order to meet the needs of our small businesses.
According to the US Chamber of Commerce, a total of 54% of all small businesses across the country are either closed or could face closure within the next couple of weeks. The EIDL and PPP loans help keep doors open and provide paychecks rather than unemployment checks. Join us in asking our elected leaders to pursue more funding so that all of the organizations that were promised relief can actually have a fair shot at obtaining it to survive.
Attached is a health screening form that one of our members has shared with us that came from a local SHRM groups. The form is for use to document with employees that have developed COVID-19 symptoms.
Finally, we do have a webinar scheduled for this Wednesday at 10 am hosted by Paul Hager and the Gordon Flesch Company. The focus will be on “Managing a Remote Workforce During COVID-19.” This is a free webinar and you can register here at https://bit.ly/JCWEB1 . We’re looking to announce another webinar on Friday, so stay tuned.
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
mpaone@jolietchamber.com
815.727.5371 main
815.727.5373 direct