COVID-19 Small Business Weekly Update

Please ensure to focus on yourself, your family and your employees first! You (they) cannot be replaced and safety/health is of most importance right now! Protect yourself, family and employees.

Where can I see more details on Illinois Restore?

NEW Restore Illinois Phase 3 Reopen Guidance View more information.

Restore Illinois is about saving lives and livelihoods. The five-phased plan will reopen our state, guided by health metrics and with distinct business, education, and recreation activities characterizing each phase. View more information.

How can I stay current about changes of economic relief programs?

• U.S. SBA federal funding options
• State of Illinois funding options
• Illinois Treasurer funding

Who do I contact regarding loan status?

• U.S. SBA: SBA Disaster Customer Service Center, phone (800) 659-2955 or email disastercustomerservice@sba.gov
• Illinois DCEO Small Business Emergency Fund: email CEO.Support@Illinois.gov
• Illinois Treasurer Small Business COVID-19 Relief Fund: phone (217) 558-6217 or email investinillinois@illinoistreasurer.gov

What is an Essential Business?

The Illinois Department of Commerce & Economic Opportunity has posted Essential Businesses & Operations.

What is the IRS doing regarding the current tax season?

(IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) submission and payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. Check for most current update.

Is my small business eligible for Illinois Tax Relief?

The state is allowing a two-month delay for tens of thousands of businesses to pass along sales tax proceeds. View more information.

Are there funds or loans that I may be eligible to apply? (Some programs have closed due to lack of funding)

• NEW PPP Loan Forgiveness Application and Guidance View more information.
• US SBA Paycheck Protection Program (PPP): Direct application to an approved lender. This loan program provides loan forgiveness for retaining employees during COVID-19. View more information.
  Need help in more understanding, review this guide. View more information.
• Most asked questions about PPP. View more information.
• Calculator for PPP View more information.
• SBA Economic Injury Disaster Loan (EIDL) Small businesses are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA's Economic Injury Disaster Loan 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. NEW Note: if you applied via document upload you will receive an email from SBA about additional documents required. For first time applications the portal to apply online has been open again on March 30.
• US SBA Express Bridge Loan Pilot Program Business that have a CURRENT relationship with the US SBA & a financial lender (hold a loan previous to COVID-19) View more information.
• Cook County Community Recovery Fund: Rapid relief loans for small businesses, gig workers and independent contractors in South Suburban Cook County. View more information.
• DCEO Fast Track Grants
  $25 million initiative to accelerate funding to help complete critical public infrastructure projects. This program will help ensure planned capital projects move forward in spite of revenue loss facing the entire state, will prioritize projects in underserved communities, and will ensure skilled labor can return to the job site just in time for the summer construction season. View more information.

Are there Grants available?

Reinvest DuPage
The program will provide grants of up to $15,000 for DuPage County-based businesses with fewer than 15 full-time employees and less than $1.5 million in annual revenues. Monies received under the program may be used for payroll, rent, mortgage payments, utilities, and other expenses necessary to maintain operations. A 1099 contractor whose annual income is less than $100,000 can also receive relief through the program. View more information.

WorkNet DuPage Grant Program Application: The Department of Commerce & Economic Opportunity has made some funds available for WorkNet DuPage and our counterpart offices throughout Illinois to prevent essential, small businesses from laying off or furloughing employees. View information here.

If I am an employer with less than 500 employees, am I required to give sick pay to my employee when the instance is specific to COVID-19?

Families First Coronavirus Response Act (FFCRA): The answer is yes per the new FFCRA. Please review the Fact Sheet for more information.

Client Liaison: Maryellen Schlosser, schlosserm473@cod.edu

Illinois Procurement Technical Assistance Center (PTAC)

Expansion through governmental contracting with guidance in selling to the local, state or federal markets.

Rita Haake, haaker@cod.edu

Ileen Kelly, kellyi421@cod.edu

Illinois Small Business Development Center (SBDC)

Advisors in business planning, pre-commercialization market assessment, proof of concept, assistance in the areas of management, strategic marketing, finance and operations.

Ute Westphal, westphalu@cod.edu Doug Voegtle, voegtled@cod.edu

Illinois International Trade Center (ITC)

Expert assistance with distributor discovery and vetting, international lead generation global shipping challenges market and competitor analysis, financing options and sales and marketing strategy.

Jean Lin, lini@cod.edu