Glen Ellyn Chamber Members Stay Informed on Breaking News for your Business
Paycheck Protection Program (PPP)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
which provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain payroll during this emergency
It is suggested to apply
by today - Friday, April 3, 2020
Once you complete the application you must submit it to your SBA lender. You may apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union. We strongly recommend working with your lenders or those that serve Glen Ellyn.
Comparing the Emergency Loan Funds: this memo summarizes the major features of each of the emergency loan programs launching between March 31 and April 3 for entrepreneurs in Illinois. Further details will be added as they become available.
e recently passed CARES Act enhances existing unemployment benefits and creates entirely new benefits for individuals previously not eligible for unemployment. It is important to note that some of the new benefits will not be immediately available and will take time to roll out.
Specifically, the Pandemic Unemployment Assistance (PUA),
which provides 39 weeks of unemployment benefits to individuals not eligible for regular unemployment, like independent contractors and sole-proprietors.
Individuals interested in PUA should be advised to
NOT call the Department of Employment Security
asking to sign up. Calling or going online for PUA benefits will contribute to delays on the IDES call lines and the website. Further, if individuals attempt to apply for PUA benefits before IDES has fully implemented the new program, they will receive a denial letter. Once IDES is able to roll out the new PUA program, an announcement will be made - and applications will be available online and via telephone.
to SBA’s Economic Injury Disaster Loans (EIDL)
ARES Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.
to the Employee Retention Tax Credit
The Treasury Department and the Internal Revenue ServiceWednesday launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Economic Impact Payments
- On March 30th, The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.