Hi LSRCC members and local businesses,

The COVID-19 pandemic has prompted significant policy changes at all levels. We're here to catch you up and support business in Lincoln Square and Ravenswood.  Please see our COVID-19 Business Resources  website for a comprehensive list of resources to aid your business during this time.
Time Sensitive Grant and Loan Applications
All levels of government have been busy rolling out aid programs - here are a couple that you should look at first as they are time-sensitive: 
Eligibility: Illinois restaurants and bars with 2019 revenues under $1 million, and hotels with under $8 million in 2019 revenue  
Amount: $25k to $50k grant depending on size, with spending allowed on working capital (like payroll and rent), job training, and technology to support change in operations (such as delivery service). Businesses who will spend towards training and technology investment seem to have more spots available.    
Required Documents: digital or scanned state tax return and state business license 
Application: Linked Here 
Closing Date: April 1st 
Selection: Lottery, with more spots available for businesses that use grant on new technology or equipment  
Eligibility: Chicago businesses that have suffered 25% revenue decrease due to COVID-19, with fewer than 50 employees and less than $3 million in 2019 revenue  
Amount: Low interest loan up to $50k, able to be spent on working capital (like payroll and rent). At least 50% of loan must be spent on payroll, and businesses must retain employee levels at at least 50% of pre-COVID-19 levels.
Required Documents: Bank statements since October 2019, most recent federal tax return, Photo ID  
Pre-Application: Linked Here 
Opening Date: March 31st  
Non-Applicable Programs - Alongside the above-mentioned Hospitality Emergency Grant Program, Governor Pritzker announced two aid funds that businesses in Chicago are not eligible for. We're listing them here in hopes of saving you time in your research for business resources. The two funds Chicago businesses do not qualify for are:  
Illinois Small Business Emergency Loan Fund
Downstate Small Business Stabilization Program
 Looking Ahead 
 We've been closely following the status of the third federal stimulus package through the Senate and Congress. This newest and largest stimulus is called the CARES Act, and looks to provide significant forgivable loans to small business, on the condition that small businesses maintain their employee level through June. Self-employed individuals could also access these forgivable loans. We'll be in touch with more details on the final version that Congress approves.   
Business Resources
Loan, Rent, and Credit Payment Deferrals

We've heard from local businesses that have had success in reaching out to lenders and creditors to request extensions. If you are concerned about your business's cash flow at this time, please reach out to your landlords, banks, or credit card companies to see what allowances can be made.
The Small Business Administration is providing Economic Injury Disaster loans for small businesses impacted by COVID-19.

This matches the extension federal income taxes.

State and City Sales Tax Relief for Restaurants and Bars
Governor Pritzker announced a 2 month delay in sales tax payment (both state and local) for small restaurants and bars in Illinois. The state is also waiving late and interest fees beginning tomorrow, 3/20/20. If this is an executive order, it will be uploaded to the state's coronavirus response website.

The Illinois Department of Revenue (IDOR) also recently published a guide on these tax measures.
Collections of the following City taxes are delayed until April 30th, 2020:
  • Bottles Water Tax
  • Checkout Bag Tax
  • Amusement Tax
  • Hotel Accommodation Tax
  • Restaurant Tax
  • Parking tax
The following Cook County taxes are delayed through April 30th, 2020:
  • New Motor Vehicle Tax
  • Use Tax (Dealers)
  • Alcoholic Beverage Tax
  • Tobacco Tax (Other Tobacco Products requiring monthly filing)
  • Gasoline and Diesel Fuel Tax
  • Parking Lot and Garage Operations Tax
  • Firearm and Firearm Ammunition Tax
  • Hotel Accommodations Tax
Various county fees and fines are also waived, please see the link above for further details.
Employee and Artist Resources
Unemployment Insurance: The Illinois Department of Employment Security (IDES) is allowing workers who are unemployed due to COVID-19 to apply for unemployment. The application must be completed online as the offices are currently closed to the public . IDES is also available by phone at (800) 244-5631.

Bartender Emergency Assistance Program: The USBG National Charity Foundation offers a Bartender Emergency Assistance Program.  If you believe you meet the  Selection Criteria and Eligibility Requirements, fill out the online application and make sure to include the required supporting documents.
Chicago Emergency Rental Assistance:   The City of Chicago Department of Family & Support Services offers an Emergency Rental Assistance program that is available for people suffering financial hardship due to a crisis such as loss of job, home fire or illness.  The program is intended to allow families to maintain housing during the time it takes to regain stability.
Federal Housing Finance Agency:  Fannie Mae, Freddie Mac (the Enterprises) and the Federal Home Loan Banks are taking steps to help people who have been impacted by the coronavirus.  If your ability to pay your mortgage is impacted, and your loan is owned by Fannie Mae, or Freddie Mac, you may be eligible to delay making monthly mortgage payments for a temporary period.  
One Fair Wage:  One Fair Wage has set up an emergency coronavirus tipped and service worker support fund.  Cash assistance is being provided to restaurant workers, car service drivers, delivery workers, personal service workers, and more. 
City of Chicago Arts Community Resources: The arts community has been particularly hard hit due to the communal nature of artistic and cultural events and the fact that artists are often self-employed. The Department of Cultural Affairs and Special Events (DCASE) has curated a thorough list of financial resources for artists.
The following agencies have published questionnaires to solicit feedback from small business owners. Taking the time to respond will let them know where to focus their efforts when creating new policies for economic relief.  
We're also available and invested in your success. For further questions or individualized assistance, please email Jerry Mandujano, Neighborhood Services Director, at jerry@lincolnsquare.org
Thank you! 
Two Neighborhoods.  One Community.  Working Together.
2611 W Lawrence Ave, Chicago, IL 60625 - 773.728.3890