Serving our Community since 1991
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All events are cancelled until May 1st. We will keep you informed of events in May.
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Economic Development
By Brian Nadig
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County Assessor Fritz Kaegi hopes to change the county’s longstanding practice of allowing commercial property owners to receive “vacancy reductions” of up to 90 percent on their property assessments.
“We think the net effect of that is to encourage vacancy,” Kaegi said of the policy. He added that some commercial property owners annually file for the reductions as part of an investment strategy and that it can result in a building staying empty or land remaining undeveloped for years.
For decades the Milwaukee commercial area has been plagued with vacant storefronts and in several instances those owners have received assessment reductions, which lower their tax bills.
Kaegi said that his office plans to release an app in which users will be able to see those properties who have received vacancy reductions. “The North Side lights up like a Christmas tree on this,” he said.
The practice of allowing the vacancy reductions was based in policy and not law, and a new policy is being formulated to help address the problem, said Kaegi, who was elected in 2018. He added that vacant storefronts hurt neighboring businesses and result in less sales tax revenue, forcing municipalities to rely more heavily on property tax revenue.
Kaegi’s office is working on a plan in which properties in a neighborhood would be treated equally in terms of assessing the impact of the area’s vacancy rate. In essence, two similar commercial buildings in the same area should have similar assessments, even if one is vacant and the other occupied.
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The Gladstone Park Chamber of Commerce will be hosting their annual Mother's Day Raffle. We are looking for gift certificates for the raffle. If you are able to donate a raffle please call 773-756-6206 or email Cathy@gladstoneparkchamber.com. Thank you for your support of this fun and well-received event.
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Gladstone Park Chamber of Commerce Scholarships honoring Albert Kenar and Lou Drebohl .
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We are proud to offer two $1,000 Albert Kenar and two $500 Lou Drebohl scholarships to the Gladstone Park Community. Applications are due Friday, April 24, 2020 at 3 pm via email to
Cathy@gladstoneparkchamber.com
or drop-off at The UPS Store 6348 N. Milwaukee Ave. PMB 318 Chicago, IL 60646.
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Shop Local
#Gladstone Park Strong
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Attention Local Businesses!!!!
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Institute for Justice Clinic on Entrepreneurship introduces free website to help connect small businesses with consumers and provides important legal information for small businesses operating during the crisis.
A brand new website,
www.ShopInPlaceChi.com
, is offering Windy City consumers a place to find neighborhood small businesses that are still selling products essential for residents sheltering at home. The website is currently live and welcomes new submissions from Chicago small businesses selling products in categories such as bath and cleaning products, books, educational supplies, games and toys, and food.
Businesses interested in being listed on the website should visit
shopinplacechi.com/submit-your-business/
and fill out a short form with information about the products they offer, their neighborhood locations, and how consumers can safely purchase their products through delivery or curbside pickup. Listings will be added after a review by IJ Clinic staff and volunteers. The website is free to the public.
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Federal Guidance on Small Business Relief Programs
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Small Business Debt Relief Program
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This program will provide immediate relief to small businesses with non-disaster SBA loans. The SBA will cover all loan payments on SBA 7(a), 504, and microloans, including principal, interest, and fees, for six months.
Specifically, the CARES Act requires the SBA to pay the principal, interest, and associated fees for:
- Covered loans made before March 27, 2020 and on deferment, for 6 months, beginning with the next payment due after the deferment period.
- Covered loans made on/within 6 months beyond March 27, 2020 for 6 months beginning with the first payment due.
- The 504 Loan Program Central Servicing Agent will not apply an ACH debit to current borrower's accounts to cover the loan payments due on April 1, 2020, for all 504 loans in regular servicing status. The SBA will continue to make these loan payments to the CSA for the 6 month period beginning April 1, 2020.
Additionally, while not mentioned in the CARES Act, SomerCor encourages borrowers with current conventional loans to consider the SBA 504 refinance program to help their business. The refinance program provides a path for small businesses to lower their monthly mortgage payments and receive a cash-out portion to help cover a variety of expenses.
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Paycheck Protection Program (PPP)
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The CARES Act makes temporary changes to the SBA 7(a) loan program by providing a 100% loan guarantee for SBA PPP loans of up to $10 million per small business.
- Small businesses and sole-proprietorships can apply on April 3, 2020. On April 10, independent contractors and self-employed individuals can apply.
- Loans can be used for payroll support, such as employee salaries, paid sick or medical leave, insurance premiums, and mortgage, rent, and utility payments.
- Waives collateral and personal guarantee requirements as well as the credit elsewhere test for funds.
- Eligible businesses must have been operating on February 15, 2020, and the borrower must provide a lender with a good faith certification of need.
- PPP provides loan forgiveness of up to 8 weeks of payroll based on employee retention and salary levels.
- No SBA fees, and at least six months of deferral with maximum deferrals of up to a year.
- For any amount not forgiven, the maximum term is 10 years at a maximum interest rate of 4%.
- Entities will be eligible to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls.
- Loans are available through June 30, 2020.
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These loans will be administered by lenders certified by the SBA who have selected to participate in the program. The U.S. Department of Treasury provided the following guidance and sample application to help prepare:
For borrowers interested in utilizing the PPP loan, now is a great time to collect the following documents:
- Financial statements – Interim 2020 income statement and balance sheet and full year 2019 income statement and balance sheet.
- Tax Returns – last three (3) years of federal returns for business.
- 2019 payroll information.
- Current organizational documents – Bylaws, articles and operating agreements.
- General liability insurance information.
- Current building lease & any amendments.
Please be sure to forward this information along to interested parties. Due to the swiftly changing nature of this situation, SomerCor will be sending an increased number of communications to ensure our community has the most updated resources. If you have any questions, please do not hesitate to reach out directly to your SomerCor contact for additional information. Our main e-mail at
hi@somercor.com
is also available for general inquiries.
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Arts for Illinois Relief Fund
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Today, Mayor Lori E. Lightfoot joined Governor JB Pritzker to announce the Arts for Illinois Relief Fund, providing financial assistance to artists, artisans and cultural organizations impacted by the Coronavirus (COVID-19). The fund is a partnership between the City of Chicago, the State of Illinois and the broader philanthropic community. Arts for Illinois Relief Fund is administered by Arts Alliance Illinois in partnership with 3Arts and Arts Work Fund.
Grant applications for artists, artisans and cultural organizations open today. Individual artists and artisans – including stage and production members and part-time cultural workers – experiencing an urgent need will be able to apply for one-time grants of $1,500 distributed by 3Arts. Grants will be awarded through a lottery system and will be disseminated quickly. Additionally, nonprofit arts and cultural organizations of any size will be able to apply for relief through the Arts Work Fund. Based on their demonstrated financial need, organizations will be awarded grants from $6,000 – $30,000. Artists, artisans and cultural organizations impacted by COVID-19 are urged to apply for grants through
www.artsforillinois.org.
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North Star Learning Center
5610 N. Milwaukee Ave.
Chicago, IL 60646
773-853-2629
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