Glen Ellyn Chamber Members, stay informed on breaking news for your business:

NEW On Friday, March 27 th , The Coronavirus Aid, Relief, and Economic Security (CARES) Act was unanimously passed by Congress and is the largest economic stimulus package in American history. This act involves multiple areas of assistance.   Link

  • Paycheck Protection Program (PPP) Loans - The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis.

  • Small Business Debt Relief Program - This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.

  • Economic Injury Disaster Loans & Emergency Economic Injury Grants - These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

  • Counseling & Training - If you, like many small business owners, need a business counselor to help guide you through this uncertain time, you can turn to your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter. These resource partners, and the associations that represent them, will receive additional funds to expand their reach and better support small business owners with counseling and up-to-date information regarding COVID-19. There will soon be a joint platform that consolidates information and resources related to COVID-19 in order to provide consistent, timely information to small businesses.

  • Small Business Tax Provisions - Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship. This provision would provide a refundable payroll tax credit for 50 percent of wages paid by eligible employers to certain employees during the COVID-19 crisis. The credit is available to employers, including non-profits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers who have experienced a greater than 50 percent reduction in quarterly receipts, measured on a year-over-year basis.

NEW Facebook for Business Grant As all grants and loans, y ou may want to check & capture the personal and/or business credit score now to prove you were in a better position prior to the pandemic, COVID-19. Link

NEW Ask Illinois Policymakers to Defer Sales Tax Payments for All Small Businesses Governor Pritzker has issued an executive order allowing eligible restaurants and bars to delay tax payments which greatly help cash flow. However, all Illinois small businesses need similar relief. The Small Business Advocacy Council, SBAC, is asking all businesses with annual sales of $3 million or less, and whose revenues have declined by 25% or more since March 1st, be allowed to defer their sales taxes in a similar manner.  This will help small businesses survive while they take steps to procure additional capital. Please click on this link to support small business. Link

For Additional Information from the BDC including what has been previously sent Link
Glen Ellyn Chamber of Commerce
810 N. Main Street
Glen Ellyn, IL 60137