Tinley Park Chamber COVID-19 Updates
Restaurant Facebook Page
The Tinley Park and Orland Park Chambers have teamed together to create a Facebook Group to help promote restaurants’ menu and delivery options to the community. https://www.facebook.com/groups/2912717675476125/
Shop Local Facebook Page
The Tinley Park and Orland Park Chambers have teamed together to create a Facebook Group to help promote local businesses in the community. https://www.facebook.com/groups/206554664000174/
Restore Illinois Phase 4 to Begin June 26
Governor Pritzker released plans yesterday for reopening businesses and industries as the state moves into Phase 4 of the “Restore Illinois” plan. The governor’s office says all four regions of the state are on track to move into Phase 4 on Friday, June 26.
For the full set of guidelines, click Here
FREE Zoom Webinar: Recovery & Reopening
As additional financial relief packages become available and we move into Phase 4 on Friday, June 26, local businesses will have many questions! Our friends at the Orland Park Chamber have secured a representative from the Illinois Department of Commerce and Economic Development as a guest speaker at a free webinar on Wednesday, June 24, at 8 a.m.
Register in advance for the June 24 webinar Here
Small Business Loans & Grants
Cook County Community Recovery Initiative
Cook County has launched a comprehensive initiative to provide economic relief to small businesses, non-profits, community service organizations and independent contractors (1099 workers) in response to the COVID-19 pandemic. Read More Here.
NEW!! Main Street Lending Program
As a result of the Coronavirus Aid, Relief & Economic Security (CARES) Act, the Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses. While the program’s start date has yet to be announced, here’s what you need to know to check eligibility and get ready to apply.
Small Business Administration Economic Injury Disaster Loans*
The State of Illinois has received its statewide Economic Injury Declaration which means small businesses in all 102 Illinois counties may be eligible for low-interest, economic injury disaster loans up to $2M per business. Deadline to apply is December 21, 2020
- CLICK HERE for the link to apply
- CLICK HERE for a detailed document on the SBA’s three-step disaster loan process
- CLICK HERE for a handout on additional disaster assistance resources from the SBA
*Please note that the SBA system has been overloaded with requests since being announced. A tip given through the SBA is to try applying before 9am and after 3pm.
US Chamber Guide to EIDL: NEW – Guide to SBA’s Economic Injury Disaster Loans (EIDL)
Illinois Small Business Emergency Loan Fund
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term. Fins more information and apply HERE.
Information on the Illinois Small Business COVID-19 Relief Program
Business Invest – Illinois Small Business COVID-19 Relief Program (“Program”). The program is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.
Through this program, the Treasurer’s Office would partner with approved financial institutions to provide loans — either lower rate loans, or loans to a business or non-profit that would not otherwise qualify — to Illinois small businesses impacted by the COVID-19 pandemic.
- State funds would be deposited with qualified financial institutions for a 1-year term at a near-zero deposit rate of 0.01% (0.0001).
- Deposits could be drawn in $1 or $5 million increments, up to a maximum of $25 million per financial institution.
- Deposited funds would facilitate affordable loans (not to exceed 4.75%) to small businesses and non-profits that could be used to provide bridge funding, pay fixed debts, payroll, accounts payable and other bills.
- Eligible Illinois businesses or non-profits must: (1) have been shut down or limited due to COVID-19; (2) have less than $1 million in liquid assets or $8 million average
- annual receipts (per SBA standards); and (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.
- Deposits would be renewable as determined by the Treasurer’s Office.
- Financial institutions would be required to provide reports to the Treasurer’s Office regarding the usage of program funds, including the number and types of loans provided and the economic impact of such loans.
Further information can be found via the Illinois Treasurer’s WEBSITE.
DCEO Webinar on Phase 4/BIG Program
Illinois DCEO is holding a webinar on Monday to review the Phase 4 guidelines and Business Interruption Grant program. Register Here
Just In: Applications Live for $85 Million in New Grants to Help Businesses and Communities Recover
Governor Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) on June 23 released applications for two new business and economic recovery programs. Both programs offer priority for small businesses whose operations were heavily restricted or completely shut down during the pandemic, for those located in disproportionately impacted areas (DIAs), as well as those in communities damaged by recent civil unrest. DIAs are low-income areas that have experienced high rates of COVID-19 cases.
These programs are the latest in a series of grant programs designed to offset the economic impact of COVID-19 for businesses and communities across Illinois.
New Business Interruption Grants Program
The first round of Business Interruption Grants (BIG) will provide $60 million to businesses experiencing losses or business interruption as a result of COVID-19 related closures.
The BIG Program is available for up to 3,500 businesses and DCEO will begin distributing funds to qualifying businesses mid-July. Specifically, the program includes support for:
- Businesses in Disproportionate Impacted Areas (DIAs) – $20 million for businesses that are located in a subset of DIAs that have recently experienced significant property damage, providing 1,000 grants of $20,000 each
- Bars and Restaurants – $20 million for bars and restaurants unable to offer outside service, providing at least 1,000 grants of up to $20,000 each
- Barbershops and Salons – $10 million for barbershops and salons, providing 1,000 grants of $10,000 each
- Gyms and Fitness Centers – $10 million for gyms and fitness centers that have lost significant revenue due to COVID-19, providing 500 grants of $20,000 each
*Applications available for review June 23
*Applications are accepted starting June 26
*Application closes July 7 at 5:00 p.m.
Rebuild Distressed Communities Program
The Rebuild Distressed Communities (RDC) program will provide $25 million to support Illinois businesses that have sustained property damage as a result of civil unrest. Through RDC, businesses will be reimbursed the costs to repair structural damages, including repairs to storefronts and entrances, improving electrical systems, and restoring exterior work.
The Rebuild Distressed Communities Notice of Funding Opportunity (NOFO) will solicit applications from regional and local organizations to perform outreach, and coordinate with local qualified vendors, to provide funds covering the cost of repairs
for businesses in their region. The program also includes provisions to ensure BEP-certified contractors, including minority- and women-owned businesses, are the first in line to do the repair work.
*Applications are accepted starting June 23
*Applications due July 7
For more information please go to the State of Illinois website: Illinois Department of Commerce and Economic Opportunity
Families First Coronavirus Response Act
On March 18th, the President approved relief for families impacted by COVID-19. Click here to find details.
- Mandatory employer-provided emergency sick pay and emergency paid family leave for employers with fewer than 500 employees.
- Credit will be provided to employers to reimburse 100% of the qualified sick leave wages as a credit against Employer Social Security Tax
- Available to qualified full- and part-time employees beginning April 2 through the end of 2020.
Paycheck Protection Program
The U.S. Small Business Administration (SBA) will provide $349 billion in loans through the Paycheck Protection Program to small businesses and non-profits. Portions of these loans will be forgiven to the extent that recipients maintain their existing workforce or rehire. Loans can be up to $10 million and interest rates are maxed at 4% for portions of the loan that do not qualify for loan forgiveness.
Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information.
- A top-line overview of the program can be found here.
- If you’re a lender, more information can be found here.
- If you’re a borrower, more information can be found here.
- The application for borrowers can be found here.
Economic Injury Disaster Loan – The program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Borrowers can request an emergency advance of $10,000 within 3 days of submitting the application and do not have to repay the advance if they are denied a loan. Learn more here.
Many more individuals will qualify for unemployment assistance under the CARES Act. Those who are self-employed, are independent contractors or who have a limited work history will be eligible to receive benefits if they are unable to work as a result of the COVID-19 crisis.
Unemployment benefits have been extended to run through Dec. 31, 2020. The CARES Act also provides the unemployed with an additional $600 per week payment until July 31, 2020, paid for by the federal government. Furloughed workers are also eligible for unemployment benefits.
IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.
Qualifying employers must fall into one of two categories:
- The employer’s business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
- The employer’s gross receipts are below 50% of the comparable quarter in 2019. Once the employer’s gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter.
US Chamber Guide for Employee Retention Credit: NEW – Guide to the Employee Retention Tax Credit
Deferred Payment of Employer Payroll Taxes
Employers who do not receive forgiveness on a Paycheck Protection Program loan can delay payment of payroll taxes. This covers the employer share of the Social Security tax. Those who are self-employed can defer the payment of the employer share, too. The deferred tax payments must be paid back over a two-year period: Half by Dec. 31, 2021, and the remainder by Dec. 31, 2022. (https://www.forbes.com/sites/advisor/2020/04/02/how-small-businesses-can-get-coronavirus-relief-through-the-cares-act/#3dd8e24a7934)
The 2020 Tax Filing deadline has been extended to July 15, 2020.
The Illinois Department of Financial and Professional Regulation has extended license expiration dates and continuing education deadlines. Licensees may complete continuing education requirements and other coursework online. For more information from the IDFPR, visit their WEBSITE.
Sales Tax Deferment for Bars & Restaurants
Short-Term Relief from Penalties for Late Sales Tax Payments Due to COVID-19 Virus Outbreak To: All Registered Illinois Retailers Operating Eating and Drinking Establishments. For more information, please view IDOR’s informational bulletin available HERE or at tax.illinois.gov.
US Chamber of Commerce
The US Chamber has put together resources for small businesses as they navigate through these unprecedented times.
- Backgrounder on Health Coverage Options
- Backgrounder on Unemployment Insurance Under the CARES Act
- Independent Contractor’s Guide to CARES Act Relief
- Coronavirus Emergency Loans Small Business Guide and Checklist
- Temporary Paid Leave and Family Medical Leave Guide
- Economic Injury Disaster Loan (EIDL) Program Guide
- Employee Retention Tax Credit Guide
- Coronavirus Small Business Guide
- Coronavirus Response Toolkit
Illinois Chamber of Commerce
We will continue to share information as it becomes available. Please visit the Illinois Chamber of Commerce’s Coronavirus website https://ilchamber.org/communications/cornonavirus for regularly updated information on the Coronavirus crisis.
First, the Illinois COVID-19 Response Fund (ICRF) is a new statewide fundraising effort to support nonprofit organizations serving those whose lives have been upended by this pandemic.
Chaired by former U.S. Commerce Secretary Penny Pritzker, ICRF will focus on filling Illinois residents’ most basic needs, including:
* Emergency food and basic supplies
* Interim housing and shelter
* Primary health care services
* Utility and financial assistance
* Supports for children and other vulnerable populations
* Nonprofit safety and operations assistance
You can make a donation or find out more here.
Chamber Members in need of PPE:
iBIO / IMA
The Illinois Biotechnology Association (iBIO) and the Illinois Manufacturers’ Association (IMA) are partnering with the Pritzker Administration to ramp up in-state production of essential supplies.
These include items such as N95 masks, gloves, gowns, ventilators, sanitizer, and more. All of these products will be used in Illinois to help our local communities.
The organizations are providing supply chain support to help connect manufacturers who are ramping up or altering their operations to provide more essential items.