Chamber Members:
We’re looking forward to our Virtual Santa 5K tomorrow and looking forward to good news on a federal relief package. Full details are rumored to be released on Monday, but we’re working behind the scenes to advocate for inclusion of PPP deductibility and automatic PPP forgiveness for loan amounts of $150k or less. The Chamber, along with other 501c6 organizations, has continually been left out of the majority of funding programs so we’re pushing for that inclusion as well.
Look for more information and updates next week as time ticks down to December 11.
*Daily Coronavirus update brought to you by Silver Cross Hospital
The Latest on Federal Aid & Gov’t Shutdown Negotiations
Speaker Nancy Pelosi expressed optimism Friday that the parties will come together to secure a coronavirus relief package before Congress leaves Washington for the winter holidays. Addressing reporters in the Capitol, the Speaker said party negotiators still have a number of disagreements to iron out to win such an agreement, but indicated the sides are making steady progress and all but guaranteed that a bipartisan deal will be sealed in the coming days.
“We’ll take the time we need and we must get it done,” Pelosi said. “We cannot leave without it.” Pelosi had spoken Thursday with Senate Majority Leader Mitch McConnell (R-Ky.) seeking a strategy for passing both an emergency COVID-19 bill and legislation to fund the government and prevent a shutdown. Both sides emerged from that discussion in agreement that the two bills should be lumped together for the sake of expediency — a message Pelosi amplified on Friday.
President-elect Biden on Friday urged Congress to pass a $900 coronavirus relief bill during the lame-duck session as a starting point in public remarks notable for their care in dealing with GOP and Democratic objections to the emerging compromise.
Biden said it was critical to get a bill passed soon to provide relief to Americans hours after a new labor report showed slowing job growth as coronavirus cases spike across the country.
He repeatedly dodged questions about whether he’s spoken to Senate Majority Leader Mitch McConnell, while deflecting questions about progressive concerns that the legislation does not provide enough immediate hep to families in need.
The leading appropriators in each chamber — Sen. Richard Shelby (R-Ala.) and Rep. Nita Lowey (D-N.Y.) — have been in frequent talks in recent weeks on the issue of government funding, but there remain disagreements on provisions affecting veterans’ health care, Trump’s signature border wall and funding for detention beds overseen by Immigration and Customs Enforcement. Without an agreement, the government is scheduled to shut down on Dec. 12, and Shelby had suggested earlier in the week that a short-term spending bill might be needed to keep the lights on.
What’s in the $908 Billion Bipartisan Plan
The plan introduced by “The Problem Solvers Caucus,” a group of 25 Democrats and 25 Republicans in both the U.S. Senate and House, splits the more than $900 billion to 15 different areas. Click here for yesterday’s update with more information if you missed it: https://jolietchamber.com/2020/12/coronavirus-update-for-12-3-2020-breakthrough-on-relief-jobs-report-and-vaccinated-past-presidents/
November Employment Report
The U.S. added 245,000 jobs and the unemployment rate fell to 6.7 percent in November, according to data released Friday by the Labor Department. The November employment report showed the recovery from the coronavirus recession fading at a much steeper rate than had been expected. Economists projected the U.S. to add roughly 400,000 jobs last month.
While the November unemployment rate was lower than the consensus projection of 6.8 percent, it also came with a decline in the labor force participation rate. A decline in the percentage of jobless workers seeking employment can reduce the unemployment rate.
The U.S. has regained roughly 11.6 million of the 21 million jobs lost to the onset of the pandemic, but the surprisingly steep drop-off in job gains last month is a red flag for the fragile economy as the coronavirus surges across the nation.
The number of long-term unemployed workers — those jobless for at least 27 weeks — also increased in November by 385,000 people. Those who suffer long-term unemployment typically find it harder to get another job than those who’ve been unemployed for shorter periods.
The leisure and hospitality industry gained just 31,000 jobs and has yet to recover 3.1 million jobs lost since February. Retailers lost 35,000 jobs in November when stores typically load up on seasonal hires for the holiday shopping rush.
November’s job gains were led by the addition of 145,000 transportation and warehousing jobs, likely reflecting a surge in online shopping. A gain of 32,000 temporary help service workers, 46,000 health care workers and 27,000 construction jobs also buffered slowdowns across the rest of the economy.
Governor Ensures Illinois Spending Cuts are Taking Place
Governor Pritzker said reductions in state spending are happening behind the scenes. He didn’t provide any specific examples and he also said he needs the legislature to reconvene in order to make real reductions in the state’s spending.
Asked why his office has yet to announce any reductions to state spending, Pritzker said he’s fighting two budget battles at once. “One is the highly-unusual emergency that has occurred in the year 2020 and that’s COVID-19,” he said. “There is the other aspect that I have been working on since I took office and that is the long-term structural deficit that’s been in place for decades now and I came into office and identified it, I’ve held it up, and we’ve been addressing it since day 1. We’re continuing to look at the ways that we can cut government. I don’t want to cut services. I want to cut the cost of government for people … You may think that that hasn’t already occurred, that we haven’t already make cuts, but actually we are doing it within the agencies even now.”
Pritzker said he needs Illinois lawmakers to reconvene in order to make any significant reductions to state spending. In the meanwhile, other Governors, all whose budgets have been crippled in-part by their own executive orders aimed at slowing the spread of COVID-19, have made the following cuts:
- In New York, Democratic Gov. Andrew Cuomo authorized a reduction in spending by $10 billion.
- New Jersey Gov. Phil Murphy announced $1.25 billion in spending reductions for the coming budget, with additional reductions already in place during the current fiscal year.
- Washington Gov. Jay Inslee instituted furloughs for most state employees and canceled a 3% scheduled raise for the state’s highest-paid employees.
- Colorado Gov. Jared Polis signed a budget that reduced spending by $3 billion.
- Maryland Gov. Larry Hogan proposed nearly $1.5 billion in spending reductions, citing their revenue reductions.
- Wisconsin Democratic Gov. Tony Evers has ordered more than $300 million in spending reduction since the pandemic began.
- In May, California Gov. Gavin Newsom laid out more than $14 billion in spending cuts that included a reduction in state workers’ salaries.
- After reducing state spending by more than $1 billion, Florida Republican Gov. Ron DeSantis ordered his agencies to identify at least 8.5% in additional cuts to the current budget.
US Chamber of Commerce Interview with CDC Director Dr. Robert Redfield
In conversation with the U.S. Chamber President Suzanne Clark, Dr. Redfield will talk about the state of the pandemic, the latest on the approval and distribution of a COVID-19 vaccination, what businesses should be doing to prepare for the coming months, and much more.
https://youtu.be/3BAVCKNeHAc
House Passes Cannabis Reform Bill
The House on Friday passed sweeping legislation that would decriminalize marijuana at the federal level, the first time either chamber of Congress has voted to legalize cannabis.
The measure, the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, passed on a largely party-line vote of 228-164. The GOP-controlled Senate is not expected to take up the measure. The legislation would remove marijuana from the federal list of controlled substances and expunge some marijuana convictions for nonviolent criminals.
The bill would allow states to continue to establish their own rules and regulations regarding sales and access to medical marijuana. Individuals would no longer be prosecuted federally for marijuana offenses, leaving the question of legality to states. Recreational cannabis is legal in 15 states including Illinois and 34 states have legalized medical marijuana.
Program Notices & Reminders
ComEd Bill Assistance
Small-business customers can visit ComEd.com/SmallBizAssistance or call 1-877-4-COMED-1 (1-877-426-6331) to learn more or apply for the Small Business Assistance Program.
ComEd’s bill-assistance programs also include flexible payment options for residents, financial assistance for past-due balances and usage alerts for current bills. Any customer who is experiencing a hardship or difficulty with their electric bill should call ComEd immediately at 1-800-334-7661 (1-800-EDISON-1), Monday through Friday from 7 a.m. to 7 p.m. to learn more and enroll in a program.
Business Interruption Grant
Funds still remain and the program is still open for application. Please visit:
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/C19DisadvantagedBusGrants.aspx
SBA EIDL
Low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA) are still available to Illinois small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations.
The SBA has opened a Virtual Business Recovery Center to apply online using the Electronic Loan Application via the SBA’s secure website at https://DisasterLoanAssistance.sba.gov/. Business owners and residents should contact the SBA Customer Service Representatives at
(800) 659-2955 for assistance in completing their applications. Requests for SBA disaster loan program information may be obtained by emailing FOCE-Help@sba.gov.
Tell Congress to Make PPP Loans Deductible – Call to Action
The Paycheck Protection Program Flexibility Act of 2020, or PPP, was passed in order to provide small businesses across the United States crucial relief during widespread government shutdowns due to the COVID-19 pandemic. These loans can be forgivable when proceeds are used for payroll, rent, mortgage interest and utilities. Congressional leaders intended for PPP funded expenses to be deductible like other business expenses.
Despite the intent of Congressional leaders, additional legislation is needed to make PPP funds used to pay business expenses deductible. The failure to allow these deductions will have a devastating impact on small businesses struggling to keep their doors open and retain their employees.
Are you a small business owner who thought salary and expenses paid by PPP loans would be deductible? In partnership with the Small Business Advocacy Council (SBAC), we’re asking you to please contact your Congressional leaders and ask them to sponsor and strongly advocate for legislation that makes salary and other businesses expenses paid for by a PPP loan deductible!
You can contact your Senators and House Representative here: https://oneclickpolitics.global.ssl.fastly.net/messages/edit?promo_id=10057
See below for two articles for further information / aid on PPP forgiveness and deductibility
7 Resources for PPP Loan Forgiveness Help
https://www.uschamber.com/co/run/business-financing/ppp-loan-forgiveness-resources?utm_medium=Email&utm_source=SFMC&utm_campaign=MO_Newsletter&utm_content=2020_11_25
Will You Owe Taxes on Your Paycheck Protection Loan?
https://www.uschamber.com/co/run/finance/tax-implications-of-paycheck-protection-loans
SBDC at JJC Update
Here is a list of upcoming programs delivered from the Small Business Development Center through Joliet Junior College:
Funding Your Business
Date: 12/8/20
Time: 4:00 PM – 5:00 PM (CST)
Funding your business is critical for start-ups as well as companies who are looking to expand. Establishing business credit is the first step. Get a basic understanding of what banks look for to qualify for a loan from Nancy Kuzma of Old Plank Trail Community Bank/Wintrust Community Bank. https://ilsbdc.ecenterdirect.com/events/33653
Video Marketing for Small Business
Date: 12/10/20
Time: 4:00 PM – 5:00 PM (CST)
Video production once meant bringing in a full production crew to produce a television commercial. Now, a child can produce a quality video on their phone. And that video is a very important component to your website, social media pages, product information, as well as your local advertising. Learn the benefits of video marketing and hear from Mike Puglitsch at Acclaim Media about how easy the process can be. https://ilsbdc.ecenterdirect.com/events/33572
Website Development
Date: 12/15/20
Time: 3:00 PM – 4:00 PM (CST)
A website is more than just a placeholder to occupy property in cyberspace. Your website should be the central point that your social media, SEO, email marketing, pay per click ads, content, CRM…. orbit around to generate business for your business. Join Jason McCoy from WSI to discuss how to develop a website that meets your needs. https://ilsbdc.ecenterdirect.com/events/33652
21 Topics in 21 Minutes for 2021 Growth
Date: Scheduled one-on-one session
In less than 30 minutes, the Illinois Small Business Development Center at Joliet Junior College will help you prioritize key 2021 business plans whether it is for your people, your product, your marketing, your sales, your money or the impact of this crisis. In this short, one-on-one exercise, we will help you determine up to three of the biggest opportunities for growth in the year ahead. We will offer no-cost tools to develop your strategy for success in those areas. Email us at SBDC@JJC.edu and we will send you a link for registration.
Business Services Webinar from the Workforce Center of Will County
Join this Webinar to learn how the Workforce Center can assist your business with resources you need to find, hire, and retain hard-working employees.
Wednesday, December 9, 2020 from 8:30 a.m. – 9:30 a.m.
To register for the webinar please click on the link below:
https://bit.ly/36e7yY8
Finally, we will host our next Virtual Conference on Thursday, December 10th.
Town Hall Meeting – A follow up on the last 6 months
Please join the Joliet Chamber for an interactive virtual conference with community leaders from various business sectors including education, healthcare, and governmental affairs, for a follow-up conversation to the last Town Hall Meeting.
Panel of Speakers will include Dr. Arvid Johnson from the University of St. Francis, Ruth Colby from Silver Cross Hospital, Sue Olenek from the Will County Health Department, Barry Kolanowski from Senior Services Center, and Mike Paone from the Joliet Chamber. Here is the link to register: http://jolietchamber.chambermaster.com/events/details/2020-webinar-december-10-town-hall-meeting-5978
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