Supporting Chicago’s Small Business Community During This Challenging Time

FEDERAL

The CARES Act offers assistance to American businesses and households affected by the coronavirus, components include stimulus payments to individuals, expanded unemployment coverage that includes the self-employed, 6-month delay for student federal loan payments, and more. Among the elements intended to support our small business community includes: 

May 18:  More Than $100 Billion in PPP Funds Still Available (announced by the IL SBA).PPP funds are still available for small businesses, sole proprietors, independent contractors, self-employed persons, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, and tribal businesses.

Recorded webinars:

• General session aimed at all borrowers: https://bit.ly/loanwebinar1
• Tailored session for sole-proprietors, the self-employed, and independent contractors: https://bit.ly/loanwebinar2

Two new interim final rules were issued on May 22, including

• Additional details on loan forgiveness
• Information on SBA loan review procedures and related borrower and lender responsibilities.

The May 23 Paycheck Protection Program Report provided updated total PPP loan details.

Faith-based Organizations: The SBA has clarified that faith-based organizations are eligible to receive loans regardless of whether they provide secular social services. See the FAQ here.

Internal Revenue Service (IRS) — The U.S. Treasury Department has moved Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. (Illinois Governor Pritzker also extended the state deadline to July 15.)

CDC-recommended tips that small business owners can take to mitigate risk, protect employees and support customers during the COVID-19 pandemic. 

Small Business Administration (SBA) — The Coronavirus Small Business Guidance & Loan Resources page is being continually updated with all SBA tools and resources, including preparedness checklists and different avenues to access capital.

ILLINOIS

CITY OF CHICAGO

Information on Chicago PPE Exchange and Phase 3 of Reopening Guidelines

Mayor Lightfoot recently released industry-specific guidelines for businesses, employees, and customers to follow as the city prepares to begin safely reopening in early June (Phase 3: Cautiously Reopen).

Industry-specific guidelines include details such as how businesses can engage in healthy interactions between workers and customers, how to maintain safe working spaces and conditions, and how to design and monitor workplace operations to create flexibility and maintain safety for employees and customers. The guidelines are aligned with the State of Illinois-issued guidelines, with specificity included for the city of Chicago’s context. Guidelines for the following industries, which will open the earliest in phase three in Chicago, can be found at www.chicago.gov/reopening.

Mayor Lightfoot addressed the Economic Club of Chicago on May 13, 2020 to share the City’s current thinking on reopening. To view the speech, click here:  https://www.youtube.com/watch?v=_e6o1HK6AE0

The Chicago Small Business Resiliency Loan Fund will provide more than $100 million in low-interest loans to severely impacted small businesses over the coming months. Visit chicagoresiliencyfund.com to apply.

Business Affairs & Consumer Protection Small Business Center | The City of Chicago is committed to playing an active role in helping small business. Please visit www.chicago.gov/BACPCOVID19 for updates.

Business Tax Deferral: 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:

• Bottled Water tax
• Checkout Bag tax
• Amusement tax
• Hotel Accommodation tax
• Restaurant tax
• Parking tax

FINANCIAL SERVICES

Kiva is a nonprofit, that envisions a financially inclusive world where all people hold the power to improve their lives: Established in 2005 as the world's first personal micro-lending website, Kiva enables everyday people to pool small lending contributions to provide financial access to entrepreneurs across the globe. Kiva US Loans are between $1,000 - $15,000, with repayment terms between 12 - 36 months, and 0% interest, $0 in fees. Click here to see our spotlight on Kiva.

American Express Financial Hardship — Amex is evaluating accounts on a case-by-case basis under its Financial Hardship Relief program to provide support for cardholders impacted by COVID-19. If approved, your interest rate may be lowered to rates as low as 0%, and you may receive a waiver on late and other account fees. Just note that if you accept the relief, your accounts may be frozen, and you won’t be able to use them until paid off. Your Membership Rewards balance will also be frozen, and the issuer may notify the credit bureaus that your account limits were lowered.

American Express Working Capital — Amex business cardholders can enroll with no credit check and get ongoing access to funds used for vendor payments between $500 and $150,000 with repayment terms of 30, 60 or 90 days. These charge a fixed fee between 0.6% and 5.25%.

Chase — You can call the number on the back of your card and ask to speak with an account representative about the possibility of relief from fees and interest. Multiple readers have reported success in having interest and late fees waived due to hardship related to COVID-19.

Capital One, Citi and Wells Fargo have all issued statements indicating that they are willing to work with customers that experience financial difficulties. Citi issued a statement that for 30 days, small business customers are eligible to have their monthly service fees waived.

Wells Fargo donated $6.25 million in aid to help the public relief effort. The bank encourages customers experiencing financial hardship to contact customer service for assistance. Link.

EMPLOYEE, FAMILY -- SUPPORT & RESOURCES

The Chicago Department of Public Health offers ‘Chi COVID Coach’, a mobile-friendly, web-based application designed to support residents during the COVID-19 pandemic and beyond. You can find the app at Chicago.gov/COVIDCOACH.

Morraine Valley Community College is offering free classes through June 30, 2020:

MARKETING:

Creating Web Pages

Creating WordPress Websites

Marketing Your Business on the Internet

Small Business Marketing on a Shoestring

MANAGEMENT & PROFESSIONAL SKILLS:

Fundamentals of Supervision and Management

Managing Customer Service

Keys to Effective Communication

FINANCE:

Personal Finance

PERSONAL & CAREER EXPLORATION

Twelve Steps to a Successful Job Search

Individual Excellence

OTHER AVAILABLE FAMILY SUPPORT: 

• Economic Assistance for Illinois Families
• Temporary Assistance for Needy Families
• Supplemental Nutrition Assistance Program (SNAP)
• Emergency Rental Assistance
  
• SitterCity Childcare for Chicago First Responders

Resources in Other Languages - Residents can now find more information about stopping the spread of COVID-19 and protecting themselves and their families in multiple languages:

• What to do if you have COVID-19 symptoms (English, Spanish, Polish) 
• What to do if you have been exposed to someone with COVID-19 (English, Spanish, Polish, Simplified Chinese, Tagalog, Arabic)
• What to do if you have been diagnosed with COVID-19 (English, Spanish, Polish, Simplified Chinese, Tagalog, Arabic)
• What to do if you don't have health insurance (English, Spanish, Polish, Simplified Chinese, Tagalog, Arabic)

Federally funded student loans:  The CARES Act provides student debt relief in the form of suspended payments of federal loans for six months for most students. Loan forgiveness will only apply for students that have withdrawn from enrollment due to the pandemic. Click here for more information. 

Senior and Older Adult Community: Helpful resources for older adults in Illinois are available at aarp.org/Chicago and aarp.org/coronavirus.

The Greater Chicago Food Depository benefits outreach team can help you apply for SNAP and Medicaid and make referrals for other public benefits. Call their hotline at 773-843-5416 for a free confidential interview Monday through Friday, 8:30 a.m. – 5 p.m.

Chicago Public Schools (CPS) are open Monday through Friday, 9 a.m. - 1 p.m., to provide meals (breakfast and lunch). Families can receive three days of meals for each young person in the household. If families have trouble getting to a site, they can call 773-553-KIDS or email at familyservices@cps.edu to make a request for food delivery.

The Archdiocese of Chicago offers 120 sites to support residents, which includes schools open for drive-by meal pick up Monday-Friday. Catholic Charities will continue to serve residents at their Food Pantries and Evening Meal Programs. To access other services please call 312-655-7700.

The 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 funds raised by Chicago’s philanthropies, corporations and individuals to be disbursed to nonprofit organizations across the region. As we are individually taking steps to protect our own families, workplaces and neighborhoods from the effects of the virus, let’s not forget the impact this will have on our neighbors. Missing paychecks, the inability to pay rent, and a lack of access to food and essential supplies are realities that many in our region will have to face in the coming weeks. Please join us in supporting our neighbors across the City of Chicago and the surrounding suburbs.  To donate, or more information, click here.

MEDIA

Crain's Chicago, April 21, 2020  - Every Thursday, Crain's Small Business Lifeline provides the small business community with timely expert advice and updates about navigating the COVID-19 crisis and rebuilding for the future. Click here.

Wall Street Journal, April 8, 2020:  Lawmakers, White House Vow to Quickly Provide More Small-Business Loans

Patch, April 7, 2020:  Resources for Local Businesses Needing Help During COVID-19 Pandemic.

Bisnow, April 3, 2020: COVID-19 Impact On Chicago Economy is Unknown, But Regional Players Are Already Planning On Long-Term Changes And Eventual Recovery. Webinar recording.

AP News, March 31, 2020: A guide to surviving financially as the bills come due

Chicago Patch, March 27, 2020:  Federal Stimulus Package: How Much Illinois Residents Can Expect.

CNBC, March 25, 2020:  Stimulus Package grants student borrowers a six-month break.

New York Times, March 25, 2020:  Congress and White House Strike Deal for $2 Trillion Stimulus Package

Crain's Chicago Business, March 24, 2020: COVID-19 Fund Makes First Grants, Prioritizes Safety-Net Providers. 

ABC News, March 23, 2020: A look at some financial assistance available during the coronavirus crisis

Apple TV+ Oprah talks COVID-19, March 22, 2020.

Harvard Business School, March 20, 2020:  How Small Businesses Can Survive the Coronavirus Outbreak.

Chicago Sun Times, March 18, 2020:  Five ways you can help small businesses survive the coronavirus pandemic. 

Washington Post, March 17, 2020:  Details on Proposed Federal COVID-19 Economic Stimulus Package