Chamber Members:
We hope that everyone had an enjoyable weekend and that you continue to find ways to adapt during this time of uncertainty. A lot has happened over the past several days and we have shared a number of resources for all of you to utilize. Today, we sent out a COVID-19 Impact Survey that we hope all of you will find the time to take so that we can gather feedback on the impact that the Coronavirus has had on your organization. If you missed that email, here is the link: https://www.surveymonkey.com/r/2X3QYL7
This past Friday we also conducted a video conference with U.S. Congressman Bill Foster and Illinois State Representative Larry Walsh, Jr. It was a highly informative discussion and questions were taken during this one-hour session. We thank both of our elected officials, as well as all that joined us on the call for taking time out of your busy day. We will continue to offer video conferences/webinars as timely topics arise. Here is the video link if you were not able to join us:
Friday was also the second week that our Coronavirus went out as a video edition. The video has been displayed on our various social media accounts. If you have not yet connected with us, please do so today!
www.facebook.com/jolietchamberofcommerceandindustry/
www.twitter.com/jolietchamber
www.linkedin.com/groups/1769881/
http://www.youtube.com/jolietchamber
SBA processed more than 14 years’ worth of loans in under 14 days
As of Thursday, the SBA is currently unable to accept new applications for the PPP based on available appropriations funding. Also, the SBA is unable to accept new applications for the EIDL COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who already submitted their applications will continue to be processed on a first-come, first-served basis. The SBA is committed to helping small businesses recover from the economic impact with additional assistance including SBA 7(a), 504 and microloans, on which the SBA is offering Debt Relief; or, SBA Express Bridge Loans.
CARES 2 / Phase 4 Funding Discussions
It looks like a deal is nearing to add an additional $3000 billion plus to the Paycheck Protection Program ($50 billion more than previous reports). Session in the Senate broke today without an agreement, but a new session has been scheduled for tomorrow. If approved then, the House could take up the vote on Thursday. Additionally, the SBA Economic Injury Disaster Loan program, or EIDL, that provides financing and advances as grants of as much as $10,000 for businesses, would get $50 to $60 billion more. The deal will include $75 billion for hospitals and $25 billion for virus testing. As of right now, the agreement will not include aid for state and local governments.
Please contact our elected officials to share your support of an agreement that would replenish the EIDL and PPP funds. Numerous organizations are waiting to apply and/or receive these in order to survive.
Senator Durbin – https://www.durbin.senate.gov/contact
Senator Duckworth – https://www.duckworth.senate.gov/connect/email-tammy
Congressman Foster – https://foster.house.gov/contact
The U.S. Chamber released a useful guide for independent contractors and self-employed individuals to help them access assistance under the Federal CARES Act. This includes loans through the Paycheck Protection Program and the SBA Economic Injury Disaster Loan Program, as well as Pandemic Unemployment Assistance. Please take a look the guide here
We had mentioned on Friday the announcement that the U.S. Chamber of Commerce Foundation, funded by corporate and philanthropic partners, initiated the Save Small Business Fund. It is a collective effort to provide $5,000 grants to as many small employers as possible. The application process opened today at 2:00 PM.
- TO QUALIFY YOU MUST:
– Employ between 3 and 20 people
– Be located in an economically vulnerable community (there is a zip code field on the landing page that shows if eligible)
– Have been harmed financially by the COVID-19 pandemic
- WHAT YOU CAN EXPECT:
– The application is short. It will take about 10 minutes to complete.
– All you will need is your business’s W-9 form.
– Grants will be awarded on a weekly basis, but you only need to apply one time to be eligible for funding.
Simply click here for full details and the link to apply
Here are two new FAQ links from the U.S. Treasury. The links answer many questions related to economic impact payments, error messages on the IRS portal, etc.
- Economic Impact Payment FAQs: https://www.irs.gov/coronavirus/economic-impact-payment-information-center
- “Get My Payment” FAQs: https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions
The Illinois Department of Commerce and Economic Opportunity’s Regional Economic Development Team, Office of Minority Economic Empowerment, and the Small Business Association will be hosting a technical assistance webinar to support businesses and workers across Illinois. Registration is required:
Friday, April 24, 2020
2:00 p.m. – 3:00 p.m. (CDT)
Illinois Senate President Don Harmon has reached out to members of the Illinois congressional delegation seeking a $40 billion federal bailout to prop up the state’s underfunded public employee pensions, to fund unemployment insurance and to aid hospitals and cities.
Illinois needs more than $40 billion in relief from the federal government because of the coronavirus pandemic. Here is the breakdown:
- $15 billion grant to stabilize the state’s budget
- $10 billion toward pension system payments
- $9.6 billion in direct aid to Illinois’s cities
- $6 billion for the state’s unemployment insurance fund
- Hardship money for hospitals and nursing homes
Finally, “business as usual” will be far from what we are used to here in the near future. All employers are going to have to take a hard look at the many issues and risks as we move to a responsible reopening. We will continue to monitor the situation, but in the meantime consider the following and how you plan to handle each as time goes on:
- Phasing in essential workers
- Checking temps at the door?
- Providing PPE – who pays for it?
- Managing public transportation
- Reacting to childcare issues
- Protecting health/privacy issues
- Avoiding discrimination claims
- Diminishing the threat of Workers’ Comp claims
- Managing Public Relations
- And much more
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