ChiBizHub, an initiative of World Business Chicago, is dedicated to supporting Chicago’s small business community. We continue to monitor the COVID-19 (coronavirus) pandemic and its impact on our business community. We offer this page as one place you can regularly turn to for updated resources and information to help your business weather the storm. For updated information about the virus or public health, please visit the City of Chicago’s Covid-19 Resource Page. Be sure to sign up for ChiBizHub’s newsletter and follow us on social media (links above) for updated information, including upcoming informational webinars. #STAYHOMESAVELIVES
ChiBizHub, an initiative of World Business Chicago, is dedicated to supporting Chicago’s small business community. We continue to monitor the COVID-19 (coronavirus) pandemic and its impact on our business community. We offer this page as one place you can regularly turn to for updated resources and information to help your business weather the storm. For updated information about the virus or public health, please visit the City of Chicago’s Covid-19 Resource Page.
Be sure to sign up for ChiBizHub’s newsletter and follow us on social media (links above) for updated information, including upcoming informational webinars. #STAYHOMESAVELIVES
The Senate unanimously passed a $2 trillion economic rescue plan on Wednesday, March 25, that will offer assistance to tens of millions of American households affected by the coronavirus. Its components include stimulus payments to individuals, expanded unemployment coverage that includes the self-employed, 6-month delay for student federal loan payments, and much more. The House of Representatives was expected to quickly take up the bill and pass it, sending it to President Trump for his signature. See below for information of interest to small businesses and nonprofits:
Keeping American Workers Paid & Employed Act (a division of the CARES Act) provides $377B for Small Businesses and Nonprofits to meet their payroll and expenses. Click here for summary.
Small Business Summary. American Business Immigration Coalition is seeking small business owners fill out a survey so they can better help our employers prepare for the coming small business loan opportunities. Click 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.
The State’s order for Illinois residents to stay home is now in place until the Governor’s Disaster Proclamation expires on April 7, 2020. What businesses and operations are considered essential? The Governor's Executive Order (EO-2020-10) requires all non-essential businesses and operations to cease all activities except for minimum basic operations. The intent of the EO is to ensure that the maximum number of people self-isolate in their places of residence, even essential businesses and operations should promote telecommuting whenever possible. [DCEO - Essential Business Checklist] The State of Illinois has created a Hospitality Emergency Grant Program for bars and restaurants affected by the COVID-19 outbreak. Applications are available now through April 1.
Economic Injury Loan Program. All Illinois small businesses are currently eligible to apply for loans of up to $2 million from the U.S. Small Business Administration (SBA) through the Economic Injury Loan Program. These loans can go toward working capital to meet needs including payroll, accounts payable and fixed debt payments until the situation improves. Interest rates are 3.75% for small businesses and 2.75% for non-profits. Business owners can apply for a loan now at https://disasterloan.sba.gov/ela/. The Illinois SBA District Office is hosting free webinars to discuss:
Click below to register:
Bilingual: Friday, March 27, 11 a.m.
Choose the date and time most convenient for you. All events listed in Central Time. Click the link to register now:
Friday, March 27, 3 p.m.
Monday, March 30, 11 a.m.
Monday, March 30, 1 p.m. (Chinese/Mandarin)
Monday, March 30, 3 p.m.
Tuesday, March 31, 11 a.m.
Tuesday, March 31, 3 p.m.
More webinars will be announced soon! Watch your email for future events.
Mayor Lori E. Lightfoot recently announced a new $100 million economic relief package to support Chicago's small businesses that are experiencing a temporary loss of revenue as a result of the COVID-19 outbreak. Building on the administration’s ongoing efforts to help reduce the financial impact of this public health crisis on residents, the City is launching a new Chicago Small Business Resiliency Loan Fund to provide more than $100 million in low-interest loans to severely impacted small businesses over the coming months. Beginning on March 31, this new fund will begin accepting loan applications. If you're interested in applying for a loan, please fill out an interest form here and a City representative of the fund will reach out with next steps. Business Affairs & Consumer Protection Small Business Center | The City of Chicago is committed to playing an active role in helping small business. Visit BACP's Small Business center for information about financial assistance resources available throughout Chicago. Please visit www.chicago.gov/BACPCOVID19 for updates, including:
Business Tax Deferral: To further provide relief for businesses over the coming weeks, the City is also extending due dates for tax payments until April 30, 2020 for the following City taxes:
Chicago Public Schools Updates
COVID-19 Insurance Implications Webcast. World Business Chicago in partnership with Willis Tower Watson, Hennessy & Roach, P.C. and Jackson Lewis, PC, recently held a webinar: Risk and Insurance Implications of COVID-19. This webinar was presented to help business leaders and owners get answers to questions related to how insurance coverage may apply to potential claims related to this pandemic. The agenda included an overview of property and business interruption coverages and how various exclusions and coverage limitations may impact coverage for policy holders. In addition, we reviewed the impact on employers and their employees relating to workers compensation and employment practices issues. We also discussed third party liability issues and how liability coverage may potentially be interpreted in claims scenarios. Please click here to access the recording, and here for the presentation.
Looking for talent or have been forced into layoffs due to the COVID-19 pandemic? Skills for Chicagoland’s Future is here to help. Skills for Chicagoland’s Future (Skills) is open virtually and operational during this heightened time of awareness due to the COVID-19 virus. The Skills team is actively working with 40+ business partners across all industries to understand their current and anticipated hiring/talent needs, and are also able to support your company during this time. If you are experiencing a surge in demand and need to bring on more staff quickly, or have been forced to lay-off staff – they are here to support you. Skills has placed over 7,500 unemployed and underemployed individuals into jobs across all industries over the last eight years. If your business has been impacted, contact Cristian Sirera, Skills’ Associate Director of Business Development, at csirera@skillsforchicagoland.com and 630-750-2120. For more information or visit: www.skillsforchicagolandsfuture.com
Dining at a Distance was first launched and curated in Chicago in response to the COVID-19 crisis to provide an easy way to find local restaurants. Today the site has grown from Chicago to cities across the world. Restaurants are encouraged to register their business and those interested in supporting local businesses are encouraged to patronize restaurants on this list.
Facebook announced a $100 million grant for small businesses impacted by COVID-19 and launched the Business Resource Hub, which features recommendations to help small businesses stay connected to customers and stay on track.
Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date.
MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, zero-interest, 120 day loan for restaurants or other brick and mortars affected by the shutdown, in addition to its normal fundraising offerings.
The Restaurant Workers’ Community Foundation formed a COVID-19 Emergency Relief Fund for small businesses and their restaurant workers, and is accepting donations.
Microsoft Teams freemium — Enjoy unlimited chat, built-in group and one-on-one audio or video calling, 10 GB of team file storage and 2 GB of personal file storage per user. You also get real-time collaboration with the Office apps for web, including Word, Excel, PowerPoint, and OneNote.
PandaDoc — The document automation software for small and medium-sized businesses has launched a free e-signature plan to help businesses keep running while they switch to remote working. Free eSign offers include unlimited document uploads, upload and send for eSignature as many documents as you’d like, unlimited eSignatures – collect an unlimited number of legally binding eSignatures; and payment processing – accept a credit card, PayPal, or ACH payment the moment your doc is signed.
Square — The payment processor is refunding all software subscription fees for the month of March for existing sellers who currently use Square Appointments, Retail, Restaurants, Loyalty, Team Management, Payroll, Marketing, and Square Online Store. Square will manage the process for you—there’s no need to do anything. Additional product updates are also in the works. You can use the just released curbside pickup option through Square Online Store, and they plan to release a local delivery feature this week. Curbside pickup and delivery fees are waived for the next three months.
Zoom Basic Plan — Host up to 100 participants in a meeting and hold unlimited one-on-one meetings with the video-conference provider’s complimentary plan. This does provide a 40-minute limit on group meetings, though you’re not limited to the number of meetings.
Yelp CEO Jeremy Stoppelman announced the company is providing $25 million in coronavirus relief for independent restaurant and nightlife businesses in the form of waived advertising fees, and free advertising, products and services.
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.
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.
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
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