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.
Paycheck Protection Program
Paycheck Protection Program offers forgivable loans to keep employees on board and pay for necessary business expenses. See the following links for
eligibility information and a list of
mall businesses and nonprofits, applications were anticipated to open today but was delayed as banks and lenders built out their website applications and processes. Some have begun accepting applications, and others will begin accepting in the following days.
independent contractors and self-employed, applications will open on April 10th.
Reach out to your usual bank to apply as existing customers may be offered priority application processing. Many banks also will only be accepting applications online. The website included below will direct you to their application page.
Economic Injury Disaster Loans and Emergency Grant
The SBA's Economic Injury Disaster Loan program provides small businesses, nonprofits, and self-employed with working capital loans of up to $2 million. Successful applicants also are eligible for a $10k Emergency Grant that does not need to be repaid.
Participation in this program is allowed along with the Paycheck Protection Program (PPP), although the $10k grant will reduce the eligible loan forgiveness amount by $10k.
The Employee Retention Credit (ERC) does not require an application at this time, but does interact with the programs previously mentioned. The ERC allows a business or nonprofit to claim a tax credit of 50% of an employees salary during quarters that the business experiences a significant loss of revenue due to COVID-19. The maximum amount an employer can claim is $5k per employee. This is an alternative to the Paycheck Protection Program (PPP) and cannot be used alongside the PPP.
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.