We will continue to add resources as they are available.

April 3:

Information included below

1- Webinar and Information from Brad Schneider, Congressman

2- Economic Development Commission Zoom call “surviving Covid-19” Monday, April 6 at 6pm

3- Lake County Partners information

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From Brad Schneider, Congressman:

REGISTER FOR SMALL BUSINESS AND NONPROFIT WEBINARS

I will be joined by a representative of the US Small Business Administration for two webinars next week on resources created by the recently passed CARES Act, including the Paycheck Protection Program loans, Small Business Debt Relief Program, Employee Retention Tax Credit, Employer Payroll Tax Deferral and Business Counseling.

The first session is for small businesses and the second session is for nonprofits.

Registration is now open:

These webinars build on our previous webinar on the Economic Injury Disaster Loan Program which was recorded on March 23, 2020.

PAYCHECK PROTECTION PROGRAM FOR SMALL BUSINESS OPENS TODAY!

Included in the CARES Act stimulus is the Paycheck Protection Program, designed to help small business owners cover their employees’ payroll and benefits during the crisis. This program also applies to non-profits, veteran organizations, sole proprietorships, the self-employed, and independent contractors. These loans will be forgiven so long as proceeds are used to cover payroll costs and benefits, and employee compensation levels are maintained (capped at $100,000).

Applications open tomorrow, April 3 for small businesses and sole proprietorships, while applications are open for independent contractors and the self-employed starting April 10.

You can find more guidance on how to apply at the Department of the Treasury’s website.”

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LONG GROVE BUSINESS INFORMATIONAL WEBINAR SERIES 

Monday, April 6th at 6:00pm CST
WHAT:  Long Grove Businesses “Surviving COVID-19” INSTALLMENT #2  WHERE: Video Conference/Remote Participation
Join from PC, Mac, Linux, iOS or Android: https://zoom.us/j/4575598732 
One tap mobile: US +1 9294362866,,4575598732# or +16699006833,,4575598732# US or +13126266799,,4575598732# US (Chicago) Telephone: +1 312 626 6799 US (Chicago) US +1 929 436 2866 US or +1 669 900 6833 US (San Jose) Meeting ID: 457 559 8732
Find your local number: https://zoom.us/u/aeCxCY849S

Sponsored By: The Village of Long Grove Economic Development Commission
AGENDA
1. Updates on Governmental Programs
2. Updates on Any Additional Resources
3. Other Business
4. Q&A
ADJOURNMENT:
Next Proposed Webinar: April 13, 2020 6:00PM
The Village of Long Grove is subject to the requirements of the Americans with Disabilities Act of 1990. Individuals with disabilities who plan to attend this meeting and who require certain accommodations in order to allow them to observe and/or participate in this meeting, or who have questions regarding the accessibility of the meeting or the facilities, are requested to phone David Lothspeich, Long Grove Village Manager at 847-634-9440 or TDD 847-634-9650 promptly to allow the Village of Long Grove to make reasonable accommodations.

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Lake County Partners:

Important COVID-19 Updates for Lake County Employers

As we continue to work with local officials and business leaders to monitor the impact of the Coronavirus Disease 2019 (COVID-19) epidemic, there are several important updates to bring to your attention.

Share Your Thoughts & Drive Lake County Partners’ COVID-19 Efforts 

Lake County Partners needs input from the business community to determine the impact of COVID-19, inform local leaders’ response to the epidemic, and ensure that we are assisting you as much as possible during this difficult time. Please weigh in through this survey by TOMORROW.

The Latest Lake County Health Department Information

The Health Department has issued importance guidance for staff at non-clinical worksites, including temporary employees, contract employees, and volunteers. Please review answers to frequently asked questions here.

The Health Department has also developed a dashboard to show the total number of people in Lake County who have tested positive for COVID-19, including a map that shows the distribution of reported cases by municipality.

The Lake County Health Department has enacted bi-weekly phone briefings for the business community, to be held each Tuesday and Thursday from 11:00 a.m. – 11:30 a.m. to provide the latest updates and answer questions. Recordings of previous briefings are now saved online here.

The next Health Department phone conference will be held Tuesday, April 7th from 11:00 a.m. – 11:30 a.m. To participate on the Zoom platform, please click the button below, or call 312-626-6799 and enter the following when prompted. You will have the opportunity to ask questions during the call, but we strongly encourage you to submit your questions in advance here

Meeting ID: 341 317 913

Password: 427820

April 1st:

These are the current links that are offered by College of Lake County’s Small Business Development Center. New loan & grant guidelines were issued this morning, so they urge daily monitoring program options by businesses. They will continue to change. Refer questions to SBDC’s Mitch Bienvenue (IllinoisSBDC@clcillinois.edu)
(847) 543-2033
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March 27:

Grants and Small Business Loan Applications are DUE WEDNESDAY, APRIL 1

Please CLICK HERE for clear and concise information on what is being offered

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Small Business Survival Guide- Corona Virus  CLICK HERE

Protocol for Applying for SBA Disaster Assistance Loans – Lake County, IL

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There are emergency loan applications available on the Illinois.gov website. Click here

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Existing Assistance Opportunities

SBA Economic Injury Disaster Loans

Economic Injury Disaster Loans (EIDL) are available for small businesses, small agricultural cooperatives and most nonprofits in declared-disaster areas. The SBA defines a “small business” as one that typically makes a maximum of US$750,000 – US$38.5 million in annual revenue and has fewer than 100 – 1,500 employees, depending on industry.

Current coronavirus-related declared-disaster areas, where EIDLs will be available, include Georgia, New Mexico, Arizona, Colorado, Texas, Utah, California, Washington, Idaho, Oregon, Maine, New Hampshire, Connecticut, Massachusetts, New York, Rhode Island, Nevada, the District of Columbia, Maryland, Virginia and Wyoming. This list will expand as the disease spreads.

Loans are determined by actual economic injury and can be worth up to US$2 million. The interest rate is 3.75% for small businesses and 2.75% for nonprofits. The loans are long­term, up to 30 years. The SBA is working with state governors through its network of 68 District Offices to manage their disaster loan programs.

The SBA must determine the business to be creditworthy; loans that exceed US$25,000 must be secured by collateral to the extent possible and, if the business has no collateral to pledge, assets of the business owners may need to be pledged as collateral.

Funds may be used to:

  • Pay fixed debts
  • Payroll
  • Accounts payable
  • Employee sick leave
  • Other bills that cannot be paid due to the disaster’s impact Funds may not be used to:
  • Refinance debts incurred prior to the disaster event
  • Make payments on other loans owned by another federal agency or the SBA
  • Pay tax penalties or non-tax criminal/civil fines
  • Repair physical damage, or
  • Pay dividends or other disbursements to owners or partners except as related to their performance of services for the business

On March 17, SBA issued the following guidance to increase EIDL efficiency:

  • Historically, the SBA has required that any state or territory impacted by the pandemic provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish. Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.
  • SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a governor. Under the revised criteria, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to coronavirus.

Under the revised criteria, once a state becomes a declared-disaster area, small businesses, private nonprofits, homeowners and renters can apply online for an SBA disaster assistance loan. As EIDL eligibility depends on small businesses’ access to other forms of capital, businesses can use the online portal to determine eligibility on a case-by-case basis.

Coronavirus-related Legislation

Public Law 116-123 (H.R. 6074), Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (Phase One – enacted)

This first phase of coronavirus-related relief legislation removed regulatory hurdles and authorized the SBA to provide an estimated US$7 billion in low-interest disaster loans to small businesses. To enhance the process, the legislation provides US$20 million to cover SBA expenses in this effort.

Public Law 116-127 (H.R. 6201), Families First Coronavirus Response Act (Phase Two – enacted)

On March 18, President Trump signed H.R. 6201, the Families First Coronavirus Response Act. Individuals affected by the novel coronavirus can receive paid leave, food assistance and unemployment insurance will be expanded, and Medicaid funding to states will be increased. The measure will also provide tax credits to employers to offset the costs of providing emergency paid leave, and require insurers, Medicare, Medicaid and other federal health programs to fully cover testing and related services for the virus.

This law includes a provision that allows the Secretary of Labor to exempt small businesses with fewer than 50 employees from the paid leave requirements.

Phase Three – Additional Stimulus Package

The Trump Administration has asked Congress for an additional US$1.3 trillion economic stimulus package (though, Democrats will likely seek a higher amount). Current proposals include US$500 billion in cash transfers to American individuals; US$300 billion for small businesses; US$50 billion for the airline industry; and US$150 billion for additional industries.

Senate Majority Leader Mitch McConnell’s proposed legislation, which incorporates provisions included in a recent measure proposed by Small Business Committee Chairman Marco Rubio and others, provides US$300 billion for small businesses:

  • Small Business Interruption Loans
    • To provide continuity of employment through business interruptions, this provision would authorize the creation of a small business interruption loan program.
    • The US government would provide a 100% guarantee on any qualifying small business interruption loan.
    • Qualifying loan terms:
      • Eligible borrowers: Employees with 500 employees or less
      • Loan amounts: Maximum of US$10 million (a factor of the average monthly payments by applicant for payroll, mortgage payments, rent payments and other debt obligations during the one-year period before the date on which the loan is made)
      • Uses of loan:
        • Paid sick, medical or family leave
        • Costs related to continuation of group healthcare benefits during periods of leave
        •  Employee salaries
        • Mortgage payments
        • Any other debt obligations
      • Loans would be forgiven if employers maintain their payroll during the covered period (March 1, 2020 – June 30, 2020).
        • Individual employees in excess of US$33,000 during the covered period are not eligible for loan forgiveness
        • Qualified sick leave wages under Sections 7001 and 7003 of Public Law 116-127, Families First Coronavirus Response Act are not eligible for loan forgiveness
      • SBA application fees would be waived.
  • Entrepreneurial Development
    • SBA may provide assistance in the form of grants to small business development centers and women’s business centers to provide education, training and advising to covered small business concerns.
    • Authorizes US$10 million in grants for Minority Business Development Agency’s Minority Business Centers to offer small business owners counseling, training, and technical assistance.
  • Delay of Payment of Estimated Tax Payments for Corporations
    • Allows corporations to postpone estimated tax payments due after the date of enactment until October 15, 2020.
    • Allows employers and self-employed individuals to defer payment of the employer share of the Social Security Tax. The provision requires that the deferred payroll tax be paid over the following two years.
    • Waives the non-federal match requirement for Women’s Business Centers for a period of three months.

For additional assistance, please visit SBA Disaster Loan Assistance, at www.disasterloan.sba.gov, call the SBA Disaster Assistance Customer Service Center at 1 (800) 659-2955 or 1 (800) 877-8339, or email at the following: emaildisastercustomerservice@sba.gov. If you need any assistance navigating the program or have any questions about SBA’s Economic Injury Disaster Loan (EIDL) Program, please contact any of the contacts listed below.

© Copyright 2020 Squire Patton Boggs (US) LLP

March 22, 2020
Dear Village President Jacob,

I wanted to make you aware of new economic assistance available to small businesses affected by the novel coronavirus, also known as COVID-19. This assistance was made possible by a bill that Congress passed earlier this month called the Coronavirus Preparedness and Response Supplemental Appropriations Act. It is important that we act quickly to get resources to our vital small businesses. As of March 19, 2020, Illinois small businesses may be eligible to receive emergency low-interest Economic Injury Disaster Loans (EIDLs) of up to $2 million dollars.

What businesses are eligible to apply?

  • Businesses directly affected by the disaster including private, non-profit organizations to help alleviate economic injury caused by COVID-19.
  • Other businesses indirectly related to industries that are likely to be harmed by losses in their community.

What is the criteria for a loan approval?

  • Credit History – Applicants must have a credit history acceptable to SBA.
  • Repayment – SBA must determine that the applicant business has the ability to repay the SBA loan.
  • Eligibility – The applicant business must be physically located in the state of Illinois and have suffered working capital losses due to COVID-19.

How much can businesses borrow? 

  • Eligible entities may qualify for loans up to $2 million.
  • The interest rates for these loans are 3.75 percent for small businesses and 2.75 percent for non-profit organizations with terms up to 30 years.
  • Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources.

How to Apply?

  • Applying is free.
  • Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
  • Applicants may also apply by mail. Paper loan applications can be downloaded from www.sba.gov/disaster and mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road Fort Worth, TX 76155

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

You can find a Disaster Business Loan Application as well as a step-by-step guide to the Electronic Loan Application Portal here and here. If those in your area have any questions about submitting their applications, they can call or visit their nearest Small Business Development Center, which can be found here. The Illinois SBA is also hosting twice-daily online sessions to provide more information on the loans. Your constituents can sign up for these sessions by going to https://www.sba.gov/offices/district/il/chicago. They can also call my District Office at (630) 520-9450.

On March 4, I voted for the Coronavirus Preparedness and Response Supplemental Appropriations Act, that provided $8.3 billion to address this growing public health emergency. Ten days later I voted for the bipartisan H.R. 6201, the Families First Coronavirus Response Act. H.R. 6201 that makes available free coronavirus testing for everyone who needs a test,  paid emergency leave with two weeks of paid sick leave and up to three months of paid family and medical leave, additional access to food assistance for those in need, and dedicated funding to bolster states’ public health capacity. This bill passed the House and Senate and was signed into law on March 18, 2020. I am continuing work to stem the public health emergency as well as the growing economic impacts of this disaster.

I hope this information is helpful, and I’ll continue to be in touch as additional information becomes available.

Sincerely,

U.S. Representative Sean Casten

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Brad Schneider call on 3/23/2020:  https://iqconnect.lmhostediq.com/iqextranet/view_newsletter.aspx?id=103984&c=IL10BS

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Tell the state Impact on your business : https://form.jotform.com/200717156003039

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resources  from the Lake Zurich Area Chamber:

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Lake County’s COVID 19 resource page

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Facebook Tools:  Click Here


SBA Loans

The Small Business Administration (SBA) has received authorization to provide assistance to small businesses that have been or will be potentially impacted by COVID-19 through the Economic Injury Disaster Loan (EIDL) program.

This program can provide low interest loans of up to $2M to businesses and private non-profits. The state has not yet received a disaster declaration, so the EIDL program is not yet available to Illinois businesses and non-profits. First, it is imperative that our partners at the State are able to quantify economic impact on small businesses in order to release SBA assistance through the EIDL program.

If you are or expect to be an affected small business, please submit your information to the Illinois Department of Commerce & Economic Opportunity through the button below.

The Small Business Administration is working with the State of Illinois to submit Governor Pritzker’s request for a declared disaster area. To accomplish this, the state is identifying businesses who have experienced substantial economic injury. This step is important as a county can only qualify if they either a) have an identified business that has suffered economic injury, or b) the county is contiguous to a declared county. Once the state has pulled together its request, it goes to the SBA for review. Once a disaster is declared, the EIDL becomes available for businesses located in declared counties.

 

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