Combating the Coronavirus
The Lockport Chamber and the Board of Directors are actively monitoring the continuing developments regarding the spread of COVID-19. At this time we encourage all of our Chamber Members and their employees to educate themselves to the fullest in order to understand all of the facts surrounding this Coronavirus disease.
With the U.S. now reporting a number of COVID-19 cases, it’s important that businesses of all sizes and sectors continue to monitor the situation and are as prepared as possible to protect the health of their workers.
The Lockport Chamber is dedicated to providing information and resources from federal, state and local agencies to help during the Coronavirus crisis.
Your Title Goes Here
COVID-19 Small Business Loans
- 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
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:
Regarding our upcoming event calendar, we plan to take each program and event on a case by case basis as the safety and well being of our Chamber members, as well as the community, is of utmost importance. Please check our website, social media or your email for any updates.
We thank you for your continued support and patience as we navigate through this situation together.
Lockport Chamber of Commerce