COVID-19 Business Resources
The novel coronavirus (COVID-19) continues to impact communities across Chicago, the country and the world. As this is a quickly evolving situation, the Lakeview Roscoe Village Chamber of Commerce will continue to monitor guidance from public health officials and we strongly encourage our area businesses to do the same. The health, safety and welfare of our residents and businesses remains our primary concern.
Our goal throughout the outbreak is to provide regular, up-to-date information and resources to local businesses as we navigate these uncertain times. This page will be updated frequently to help businesses respond to the immediate impacts of COVID-19, including the latest news, legislation, financial resources, health guidance, and related meetings and events. For reopening guidance and information about how our community is preparing for recovery, please visit our COVID-19 Recovery page.
Local Resources
Business Affairs and Consumer Protection (BACP):
BACP has put together an FAQ document with answers to the many questions facing restaurants and bars.
ChiBizHub:
ChiBizHub has created a small business portal.
In collaboration with the City of Chicago, The Chicago Community Trust and United Way of Metro Chicago launched the Chicago Community COVID-19 Response Fund to unite the funds raised by Chicago’s philanthropies, corporations and individuals to be disbursed to nonprofit organizations across the region.
The League of Chicago Theatres and The Saints have developed a Chicago Theatre Workers Relief Fund to help replace lost income due to theatre closures. The Fund is available to all those who have had to stop work and are not getting paid, including those who were on contract, part-time employees, and those working on a stipend that was not paid.
Chicago Bilingual Landlord Association/Spanish Coalition for Housing:
They provide assistance to both commercial and residential property owners. Information here.
Chicago Department of Public Health:
Created Guidance for Business and Employers, here.
Chicagoland Chamber of Commerce:
Resource page here.
Chicago Community COVID-19 Response Fund:
In collaboration with the City of Chicago, The Chicago Community Trust and United Way of Metro Chicago launched the Chicago Community COVID-19 Response Fund to unite the funds raised by Chicago’s philanthropies, corporations and individuals to be disbursed to nonprofit organizations across the region. Information here.
This page contains resources and information for businesses, consumers, and employees impacted by the COVID-19 outbreak.
Community Law Project:
Formerly called the Community Law Project, the Chicago Lawyers’ Committee offers pro bono legal services. Information here.
Deferral of City Business Fines and Tax Payment Extensions:
The City of Chicago's new economic relief package will temporarily defer all business fine collections as well as license renewal and late fees for Chicago’s businesses until April 30, 2020. To further provide relief for businesses over the coming weeks, the City is also extending due dates for tax payments until June 1, 2020, for the following City taxes:
Amusement tax (7510, 7510R, 7511)
Bottled Water tax (1904)
Checkout Bag tax (2737)
Ground Transportation tax (7595)
Hotel Accommodations tax (7520, 7520S)
Parking tax (7530, 7530V)
Restaurant tax (7525)
Department of Cultural Affairs and Special Events:
COVID-19 Arts Community Resources.
Do312 is offering $1 million in free advertising for entertainers and small businesses for 400-500 businesses. The grants are meant to help people and small businesses who are doing something creative to make it through the pandemic, like bartenders who have created delivery services, artists hosting shows online, and restaurants selling groceries to make ends meet. Information here.
State Resources
Mayor Lightfoot and Gov. Pritzker announced this grant program that will provide financial assistance to artists, artisans, and cultural organizations impacted by COVID-19. For individuals, the application is temporarily closed until Monday, May 4 at 9 a.m. CST. To receive an email notification when the application reopens, fill out the Application Notification Form. For organizations, the applications will be put on pause on April 15, at 5 p.m. it will reopen on Monday, May 4 at 9 a.m. To receive an email notification when the application reopens, join their mailing list here.
Illinois Department of Employment Securities (IDES):
There are new guidelines for independent contractors and 1099 filers seeking unemployment benefits. IDES now recommends ALL unemployed individuals to apply for benefits immediately, regardless of worker designation. Independent contractors, self-employed individuals, sole proprietors, and 1099 workers are now eligible for up to 39 weeks of benefits under the new Pandemic Unemployment Assistance (PUA) program in the CARES Act. However, IDES has emphasized that an individual must first be denied unemployment benefits in order to qualify for PUA unemployment. Once an individual receives a denial letter, it will become the basis for approval under a subsequent PUA application. You can find more information here.
Illinois Liquor Control Commission (ILCC):
The ILCC created an FAQ in response to Governor Pritzker’s Executive Order that mandates the closure of on-premise dining in Illinois restaurants. The FAQ will help restaurants with “combined” on and off-premises liquor license holders gain clarification on what is allowed. Businesses that are unsure about the classification of their state liquor license should contact the ILCC for additional information.
Liquor licenses expire on the last day of each month. Due to the hardships on liquor license holders as a result of the COVID-19, all licenses expiring on March 31, 2020, April 30, 2020, and May 31, 2020, are extended until July 31, 2020. For more information please go to ILCC Liquor License Extensions.
Illinois Restaurant Association:
Find COVID-19 resources here.
Small Business Advocacy Council:
The SBAC is gathering insight and data to assist with the formation of policy initiatives that can help Chicago businesses weather this storm. While it would be helpful for business owners, entrepreneurs and others supported by the small business community to identify themselves on the survey, please feel free to complete the form anonymously. You also do not need to complete every inquiry on the survey. Please only provide the information you feel comfortable sharing. SBAC will immediately pass completed surveys onto the Mayor’s team. Survey here.
State Sales Tax Deferral for Bars and Restaurants:
Gov. Pritzker has directed the Department of Revenue to defer sales tax payments for more than 24,000 small- and medium-sized bars and restaurants in the State of Illinois.
State of Illinois:
Resource page here.
State of Illinois Unemployment Insurance:
Unemployment benefits may be available to some individuals whose unemployment is attributable to COVID-19.
Federal Resources
Economic Injury Disaster Loans (EIDL) and Loan Advances:
These low-interest loans offer up to $2 million in assistance per eligible small business or non-profit organization that applies, providing funding that can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the impact of the COVID-19 pandemic. The interest rate for businesses without credit available elsewhere is 3.75%, and the non-profit rate is 2.75%. Loans are available with long-term repayments to keep payments affordable, up to a maximum of 30 years. Businesses can also apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA is making these loan advances available within days of a successful application, and loan advances will not have to be repaid.
U.S. Paycheck Protection Program (PPP) (currently accepting new applications):
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The SBA will administer the PPP. More information will be posted here as soon as it is made available.
U.S. Chamber of Commerce Coronavirus Emergency Loan Checklist (PDF) (En Español) (Updated 4/1/2020)
U.S. Senate Committee Paycheck Protection Program FAQs for Small Businesses
U.S. Treasury Department Overview of the Paycheck Protection Program
U.S. Treasury Department Paycheck Protection Program FAQ (Updated April 8)
Illinois District Office: Impacted businesses should direct any questions to the Illinois District Office. SBA has a broad range of programs that can help small businesses through these challenging times, including business advisory and lending services.
Federal Stimulus Packages:
Phase 3 Coronavirus Aid, Relief, and Economic Security (CARES) Act:
A $2 trillion economic stimulus package that addresses the economic impact caused by the COVID-19 outbreak through the Paycheck Protection Program and changes that expand and expedite loans for businesses and unemployment benefits for their employees.
National Restaurant Association Executive Summary for Restaurants (PDF)
U.S. Chamber of Commerce Summary of Bipartisan Agreement on “CARES” Act (PDF)
U.S. Chamber of Commerce Coronavirus Emergency Loan Checklist (PDF) (En Español) (Updated 4/1/2020)
U.S. Chamber of Commerce Guide to SBA's Economic Injury Disaster Loans
U.S. Chamber of Commerce Guide to the Employee Retention Tax Credit
Phase 2 Families First Coronavirus Response Act (FFCRA):
Requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from the effective date through December 31, 2020.
Federal Trade Commission:
Has an alert page to avoid Coronavirus scams, here.
SBA Express Bridge Pilot Program:
Formed in 2017, the EBL program originally provided loans to small businesses in communities suffering from presidentially-declared disasters or SBA-declared disasters, according to the SBA. Under the program, SBA lenders could provide bridge loan financing for up to $25,000 for small businesses to be used for disaster-related purposes.
But as of March 25, 2020, SBA expanded its program eligibility to small businesses across the country that have sustained financial loss because of COVID-19. The expansion comes after President Trump’s COVID-19 emergency declaration. Normally, EBL loans can only be distributed for up to six months after the date of a Presidential Disaster Declaration. But the COVID-19 program expansions allow loans to be made through March 13, 2021. As for term lengths, the maximum loan term is seven years, but a lender may allow a longer-term if the borrower doesn’t receive long-term disaster financing.
You can apply for an express bridge loan by contacting your local SBA District Office. Read more about the SBA Express Bridge Loan Pilot Program here.
SBA Debt Relief:
Businesses that are currently taking advantage of the SBA 504, SBA Microloan, or SBA (7)(a) can have all fees, including the principal, waived for 6 months. In effect, this means that all of your debt payments can be effectively wiped out if you apply under this program.
These loans are often not small. For example, the SBA 504 commercial real estate loan can be up to $5 Million, and the monthly interest on this can be large in dollar amounts. The SBA Debt Relief program is a new offering designed specifically to assist businesses suffering from the COVID-19 fallout.
SBA Microloan Program:
Microloans are loans available from the SBA that are under $50,000. Microloans are available mainly to small businesses in underprivileged areas. They are also typically granted to minority businesses run by women, veterans, Hispanics, African Americans, etc. These businesses must be for-profit and must be located in the USA.
The criteria for qualifying for these microloans are quite low. A credit check is not required unless the amount is over $20,000. The borrower cannot already owe more than $50,000 at the time of application. The maximum term of the SBA microloan is 6 years, which is a very long term. No physical collateral is required, though a note of collateral must be signed.
Microloans are processed much more quickly than typical SBA (7)(a) loans. However, it is still not as quick as the emergency funds that are available. There are better options available. A microloan is not a line of credit but a term loan. Eligible uses include inventory, wages, working capital, equipment, and machinery. More details can be found here.
Tax Credits for Paid Sick Leave:
On March 18, President Trump signed a coronavirus relief package into law to take effect by April 2. The law provides tax credits for businesses with fewer than 500 employees to be used for the following paid leave mandate expenses:
Two weeks of paid sick leave for employees who have been quarantined, have a sick family member or have been affected by school closings.
Up to three months of paid family and medical leave amounting to no less than two-thirds of regular pay for those employees listed above.
The law includes the option for the Labor Department to exempt businesses with fewer than 50 employees from abiding by the paid leave mandate if the Labor Department deems the new law poses an existential threat to the company.
Other Resources
Accion Line of Credit:
Accion, a global non-profit lender, has launched an expedited line of credit application providing up to $25,000 in funding for existing clients and other entrepreneurs who need access to capital right now.
Access to Capital 101:
If you're new to the world of small business lending and don't know where to start, small business expert Florence Hardy, Esq., MBA, is available to answer your questions.
Small Business Development Center (SBDC) Consultations: SBDC advisers have real-world business management experience and are ready to help answer questions about business planning, business management, financial statement analysis, cash flow management, record-keeping, bank financing, exports, and imports, developing personnel policies, marketing, and more. Email to schedule a free one on one consultation.
GoFundMe:
Find information on how to start a campaign here.
Goldman Sachs:
Has created a US Small Business Resource Center here.
Hello Alice Business for All Grants:
Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis. Join leaders such as Gwyneth Paltrow, Kristen Bell, Lisa Price, and Zaw Thet to empower every American with an entrepreneurial spirit.
National Restaurant Association: Resources for the Foodservice Industry:
Illinois Restaurant Association COVID-19 Legal Network and Expert Guidance
Off Their Plate:
Off Their Plate is a grassroots movement that provides a conduit for the community to provide nutritious meals to hospital teams, keeping local restaurants busy and restaurant staff employed. Launching soon in Chicago.
One Fair Wage - Emergency Coronavirus Tipped and Service Worker Support Fund:
Provides cash assistance to restaurant workers, car service drivers, delivery workers, personal service workers, and more who need the money they aren’t getting to survive.
Small Business Borrowers’ Bill of Rights:
Learn your rights before asking for a loan and stay away from predatory lenders here.
This website from the State of Illinois provides the latest news releases related to coronavirus, video archives of press conferences, and tips from leading experts to keep you and your family safe.
U.S. Chamber of Commerce: