Noteworthy News
An electronic newsletter for Tinley Park businesses
June 9, 2020

Community Recovery Fund deadline approaching June 17
Eligible suburban small businesses and independent contractors who need assistance due to the COVID-19 pandemic have through Wednesday, June 17 to apply for the Cook County Bureau of Economic Development’s Community Recovery Fund.

The loan fund offers one-time, zero-interest loans of as much as $20,000 for small businesses and as much as $10,000 for independent contractors in suburban Cook County. Loans will be administered by the Chicago Community Loan Fund and provided by a network of community lenders. Currently, nonprofit organizations are not eligible for this program.

To apply, businesses and independent contractors in suburban Cook County must meet these requirements:

Small Businesses
  • Fewer than 25 employees
  • Less than $3 million in annual revenue
  • Located in suburban Cook County
  • Revenues have decreased more than 25% as a result of COVID-19

Independent Contractors
  • At least half of your yearly income in 1099 contract work
  • Less than $100,000 annually
  • Reside in suburban Cook County 

To apply, you need:
  • Bank statements from October 2019 to the date of application
  • A copy of your most recently filed Federal tax return
  • A copy of your most recent annual financial statements (only for small businesses)
  • A photo ID, including a driver’s license issued by the State of Illinois or any other U.S. state, an identification card issued by any U.S. state, a passport or consular identification

Apply here! For more information, contact Lycrecia Parks of the Chicago Community Loan Fund at ccrf@cclfchicago.org or (312) 788-2496.
Government makes changes to PPP program
Tinley Park businesses have until Tuesday, June 30 to apply for the Paycheck Protection Program (PPP), a loan offered by the Small Business Administration (SBA) to provide a direct incentive for small businesses to keep their workers on the payroll.

The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. Businesses can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

The U.S. Senate recently passed a new version of the PPP legislation. Under the new version, current PPP borrowers can choose to extend the eight-week period to 24 weeks, or they can keep the original eight-week period. New PPP borrowers will have a 24-week covered period, but the covered period can’t extend beyond Dec. 31, 2020.

The new version also drops the payroll expenditure requirement to 60% from 75% but is now a cliff, meaning that borrowers must spend at least 60% on payroll or none of the loan will be forgiven.

For details on other legislative updates, see this story in the Journal of Accountancy.

Visit the SBA website for more information.
Village of Tinley Park
16250 S. Oak Park Avenue Tinley Park, IL 60477
(708) 444-5000
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