Thanks for plugging into the April 14th issue
of the NORTHWEST SIDE BUSINESS NEWS
TERMS...
  • Amount: Up to $50,000, based on revenues prior to COVID-19 outbreak.
  • Repayment Term: Low-interest loans for a term of up to five years.
  • Loan Proceeds: Proceeds required to be used for working capital. At least 50% of proceeds should be applied toward payroll and commitment to retain the workforce at 50% of pre-COVID-19 levels.
ELIGIBILITY...
  • Suffered more than 25% revenue decrease due to COVID-19
  • Employ fewer than 50 employees with gross revenues of less than $3 million in 2019
  • Provide a City business address or City business license
  • No pre-existing tax liens or legal judgments
REQUISITES...
  • Bank statements dating back to October 2019
  • Your most recent tax return
  • Photo ID
Correct Link to Access: Info' & Application Form
SBA $2M Disaster Loan Program
Covers Payroll, A/P, Fixed Debt

The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters, like COVID-19.

  • The SBA's Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the coronavirus pandemic.
  • These working capital loans can be used to meet needs, including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years. 
  • Interest rates are 3.75% for small businesses, 2.75% for private non-profits, with a deferred payment of one year from the date of the note.

Click to learn more about the SBA's Disaster Loan Program
Mayor Extends Temporary Relief Measures to April 30th, 2020

The City of Chicago is extending relief of certain taxes to give immediate, temporary relief to ensure cash flow and supplement federal support that may take a bit longer to activate: Bottled Water tax - Checkout Bag tax - Amusement tax - Hotel Accommodation tax - Restaurant tax - Parking tax.

Mayor Lightfoot also announced  the temporary suspension or debt collection, ticketing and towing practices, business fine collections, and license renewal and late fees until April 30th 2020.
Click to read Mayor's Press Release.
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IRS COVID-19 Resources & Assistance

The IRS has established a special section on IRS.gov focused on steps to help businesses and other taxpayers affected by the Coronavirus. Their page will be updated as new information becomes available. The Department of Treasury also has a resource page at Coronavirus: Resources, Updates, and What You Should Know.
Need Some Help?... SCORE is America’s premier source of free business mentoring and education. As a resource partner of the U.S. Small Business Administration (SBA), it has helped more than 11 million entrepreneurs through mentoring, workshops, and educational resources since 1964.

Visit SCORE's   Coronavirus Small Business Resource Hub  for COVID-19 business assistance and information on SBA loans and the CARES Act.
Ensure Emergency Contact
from Police, Fire Departments
Should an emergency strike your business, it's crucial the Police or Fire Departments be able to contact you or a designated agent. Registering online with CP3 Chicago ensures that in any emergency, the Chicago
Police, Fire and Public Health Departments have instant access to
the key people to contact.

Additionally, as a CP3 partner, you'll have access to additional resources regarding security measures and emergency planning. All users are included in the CP3 Mass Alert System, which provides timely situational awareness and briefs on matters specific to your area of interest and responsibility.
Click to register or update your business information.

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Illinois Small Business Emergency Loan Fund

The Department of Commerce and Economic Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) established the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000.

The fund is for businesses located outside of the City of Chicago with
fewer than 50 workers and less than $3 million in revenue in 2019. Successful applicants will owe nothing for six months and will begin making fixed payments at a below-market interest rate for the remainder of
a five-year loan term. Click to learn more.
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