COVID-19 Updates

Dear Chamber Leaders,

Please see the PowerPoint below that DCEO and the IL Chamber of Commerce went over on April 8 on their small business webinar. Please share the webinar information with your local businesses.

Download the powerpoint of the DCEO Webinar Presentation

The schedule is as follows:
Fri, 4/10 1-2:30pm
SOUTH COOK https://zoom.us/s/485609670
Please encourage small business owners in your district to attend one of these seminars even if you are unable to join.

April 8th Webinar Overview and Summary

DCEO, in partnership with the Illinois Chamber of Commerce, hosted a webinar today for members of the General Assembly and small businesses in the Collar Counties. The webinar’s aim was to utilize an opportunity to learn more about the state and federal programs being offered to small businesses.

The webinar was centered on the following topics:

• The Illinois Business Emergency Loan Fund
• Downstate Small Business Stabilization Fund
• Small Business Admin. Injury Disaster Loans for Illinois Small Businesses
• Small business information from the Federal Stimulus Bill
• Unemployment Insurance provisions in the Federal CARES Act
• Information on the Bringg NOW Service
• The Illinois COVID-19 Response Fund

In addition to the many topics covered, there was a brief Q&A session with DCEO Director Erin Guthrie. From this Q&A, the Downstate Small Business Stabilization Fund was explained in more detail. For this fund, the business must work with their nearby city or village government. The local government will enter into a participation agreement with the business to act as a pass-through. If the grant is approved from the fund, the money would go to the local government and then the local government would deposit that money into the respective business’s bank account. If the business or local government were having any trouble with this process, DCEO will assist in navigating those issues.

Besides the additional detail on the Downstate Small Business Stabilization Fund, questions were asked about the timeline of when grants or loans would be approved. DCEO officials on the webinar assured that they would get through every application. However, because of the high volume, it could take 3-21 days from application acceptance to a decision. DCEO urges applicants to continue to stay on top of their application and check on its status, but to be patient as applications are being processed as quickly as possible.

Very Respectfully,
Michael E. Hastings
Senator

District Office: 815-464-5431
Springfield Office: 217-782-9595

Website: http://www.senatorhastings.com

• Small businesses can apply for federal COVID-19 Economic Injury Disaster Loans through the U.S. Small Business Administration.
• Applicants will apply directly to the SBA, which is estimating it will take about 21 days to process the applications. Once approved, they are expecting about another five to seven days to disperse the funds directly from the U.S. Treasury to the applicant.
• You can find out more information in the SBA’s Three-Step Disaster Loan Process Sheet, one pager. presentation and the governor’s press release.

US Chamber Guide to EIDL:  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.

There have been multiple bills introduced to help address the COVID-19 financial crisis.

• Phase I: Coronavirus Preparedness and Response Supplemental Appropriations Act (H.R. 6074 / Public Law No: 116-123)
  U.S. Chamber Letter on H.R. 6074
• Phase II: The Families First Corona Virus Response Act  (HR 6201) signed by the president on March 19, addresses many issues pertinent to employers and employees including paid sick leave.
  U.S. Chamber analysis.
  Families First Coronavirus Response Act: Questions and Answers
  Families First Coronavirus Response Act: Employer Paid Leave Requirements
• Phase III: CARES Act. (S.3548)
  Senator McConnell’s Summary
  U.S. Chamber information on how businesses can benefit from the CARES Act

Here are some useful links to review and share about Coronavirus COVID-19:

• Coronavirus (COVID-19) Workplace Tips for Employees
• Guidance For Employers To Plan and respond to Coronavirus
• Will County Health Department
• Illinois Department of Public Health
• World Health Organization
• Coronavirus Response Toolkit

Additional resources from the Center for Disease Control and Prevention:

• What You Should Know, Situation Updates
• Travel Health Notices
• Guidance for Businesses