Tips to Help Your Business Make It Through The End of...
Keep your arms and legs inside the car and hold on tight! This ride is not for those with weak stomachs, but if you love excitement and thrills, your ticket will be well worth it. Here are economic rollercoaster tips to help your business make it ...
January is traditionally a time to refresh, and we're excited for 2021!
As you can see, we've updated our weekly newsletter.
Over the next month or two, we will be unveiling new opportunities for you and your business. Be sure to read the newsletter each week to stay informed about new benefits, events and programs, sponsorship and advertising opportunities and more!
Be sure to scroll all the way to the bottom each week for our member poll!
Also, remember to follow us on Facebook, LinkedIn, YouTube, and Instagram. We are working to include even more content and boost member's exposure on social media this year!
Facebook: tag your posts with @mchenryareachamber
Instagram: tag your posts with @mchenrychamber
LinkedIn: tag your posts with @mchenry chamber (select McHenry Area Chamber of Commerce)
PPP Round 2 - Changes, Additions & Who is Eligible
What: Congress overwhelmingly passed the latest COVID-19 relief bill. The bill contained both changes to the Paycheck Protection Program (PPP) and a second round of the Paycheck Protection Program (PPP2).
Changes to the PPP Include:
Expenses paid with PPP funds are now tax deductible – this change applies to both rounds of the PPP.
Economic Injury Disaster Loan (EIDL) advances no longer reduce the amount of PPP forgiveness.
A new simplified forgiveness process for loans less than $150,000.
Second Round of PPP Funding or PPP2
Who is eligible?
For those that have previously received PPP funding:
Must have 300 or fewer employees.
Have used or will use the full amount of their first PPP loan on allowable expenses.
Can show a 25% gross revenue decline in any quarter of 2020 compared to the same quarter in 2019.
First-time applicants may have 500 or fewer employees
and have no revenue requirement.
What costs are eligible?
In addition to the original allowable expenses (payroll, rent, utilities, and interest), the following are allowable uses of loan proceeds:
Worker protection and facility modification expenditures, including personal protective equipment, to comply with COVID-19 federal health and safety guidelines.
Expenses paid to suppliers that are essential at the time of purchase to the borrower’s current operations.
Operating costs such as software and cloud computing services and accounting needs.
How much funding can be received?
Like the first round of PPP funding, the amount received will be 2.5 times the average monthly payroll costs.
A special provision for hotels and restaurants allows funding to be 3.5 times the average monthly payroll costs.
Other Notable Changes to Federal Loan Programs
EIDL advances are no longer taxable, and expenses paid with those funds are tax deductible.
SBA loan subsidies on 504 and 7a loans will not be included in taxable income, and the related interest expense will be tax deductible.
For more info, contact:Eder Casella, 815-344-1300
IMAGETEC L.P. Employees Help Feed Hundreds of Families During the Holidays
What: IMAGETEC L.P., an office technology company headquartered in McHenry,
IL, has donated $14,284 to FISH of McHenry Food Pantry. IMAGETEC and its partners sponsored to match employee donations for a total donation of $14,284. This donation will allow FISH of McHenry to purchase $114,240 in wholesale food or provide 900 holiday dinners for families of eight.
Richard Cucco, Managing Partner, IMAGETEC L.P. shared “I am really proud of our organization and generosity it has shown in this time of need. I would also like to take this opportunity to wish everyone a very happy holiday and peace and health in the New Year.”
For more info, contact: Betsy Nardi, Marketing Manager, firstname.lastname@example.org, (815) 759-3635
What: The NEW Orthoillinois Clinic in McHenry has added Dr. Nicholas Brissey and his Podiatric / Foot and Ankle Expertise to the strong roster of Clinical services now available to the McHenry Community!
"I offer the full spectrum of Podiatric / Foot and Ankle care and practice evidence based outcome oriented patient centered, compassionate care that I would render any member of my own family! I have a special interest in "minimally invasive" approaches, reconstruction of the foot and ankle, revision foot and ankle surgery and surgical fixation techniques that allow for immediate post operative weight bearing, thus accelerating the healing process."
When: Dr. Brissey is currently accepting New patients at the Orthoillinois McHenry Clinic;
Call 815-398-9491 for an appointment
Where: Orthoillinois, 4119 W. Shamrock Lane, McHenry, Il 60050
What: We all know 2020 was not a typical year for small businesses, and the factors that impacted us this year will continue to affect us in 2021. But, while we’re still facing a lot of unknowns, there are some things we do know. And we’ll discuss them in this webinar.
Join this timely session, presented by small business expert and best-selling author Rieva Lesonsky, where you’ll learn about the breakthrough small business ideas and industries that are breaking through and reaching consumers. You’ll find out about America’s changing demographics, attitudes, and consumer behaviors, and how your small business can best adapt and address them, such as:
The industry that’s soaring right now and how small retailers can take advantage
How restaurants can transform their operations
Which consumer behaviors have shifted, and how you can reach those customers
How COVID-19 has created entrepreneurial opportunities
How to pivot your small business to address changing consumer demands
Whether you’re a startup entrepreneur or have owned your business for years, you’ll want to learn how you can adjust to and take advantage of today’s changing marketplace.
When: Thu, Jan 7, 2021 1:00 PM
Where: This is a virtual event. Register to receive zoom link.
What: Join us for our EESP Kickoff Event on Tuesday, January 12. We're excited to share 2021's ComEd Energy Efficiency Program offerings and incentives with you. Our 2021 kickoff event will be fully virtual, allowing you to obtain updated program information from the comfort of your home or office.
Visit the link below to register and view the full listing of kickoff webinars- sign up for as many sessions as you'd like!
When: Tuesday, January 12 (times vary by category)
For more info, contact: K.C. Doyle at Kathryn.Doyle@comed.com
Visioning Workshop for Future of Fox River Corridor
What: The workshops will give the public an opportunity to share their vision and goals for the future of the Fox River and its communities. During each workshop, participants will be placed into small groups to discuss their ideas and shared goals for the Corridor. Residents, business owners, river users, and other stakeholders from the area are welcome to participate.