WHAT WE KNOW TODAY - April 14, 2020 by the
Business Development Center at College of DuPage COVID-19 Response
http://www.cod.edu/bdc
How can I stay current about changes of economic relief programs?
US SBA federal relief
:
Link
State of Illinois relief:
Link
Illinois Treasurer Relief
:
Link
Who do I contact regarding loan status
?
US SBA: SBA Disaster Customer Service Center, phone (800) 659-2955 or email
[email protected]
Illinois Treasurer Small Business COVID-19 Relief Fund: phone (217) 558-6217 or emai
l
[email protected]
.
NEW
Is there training available for any of these funding options?
The seminars identified are happening in the next week and pre-registration is required:
April 17th SBA webinar
Link
Are there funds or loans that I may be eligible to apply?
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply
.
Link
Direct application to approved lender. This loan program provides loan forgiveness for retaining employees during COVID-19.
Link
Direct application to the US SBA to request funding. Small businesses are eligible to apply for an Economic Injury Disaster Loan which can provide working capital loans of up to $2 million.
Note:
Businesses that applied for EIDL prior to the current online loan application (available as of 3/29) need to go back in to the system to apply for the EIDL advance
Business that have a CURRENT relationship with the US SBA & a financial lender (hold a loan previous to COVID-19)
Link
Funds will be provided to eligible businesses as low-interest
If I am an employer, am I required to give sick pay to my employee when the instance is specific to COVID-19?
Families First Coronavirus Response Act (FFCRA)
If an employer with less than 500 employees please review the Fact Sheet for more information
.
Link
What is an Essential Business?
What websites can I visit to get credible information that could help my small business?
How is the IRS assisting?
(IRS) allows corporate taxpayers a deferment of federal income tax payments until July 15, 2020, without penalties or interest.
Link
I
RS Employee Retention Credit
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
Link
Is my small business eligible for Illinois Tax Relief?
Illinois: The state is allowing a two-month delay for tens of thousands of businesses to pass along sales tax proceeds
.
Link
How do I prepare my workplace for employee safety?
How should I handle my commercial debtors (personal or business)? (landlord, mortgage company, credit card company, insurance, etc.)
If your payments will be impacted due to COVID-19, contact the company and specifically identify that you are suffering a loss of income due to COVID-19. Request deferment of payments, where possible. Check your lender, mortgage company, etc. online as they may have initiated assistance specific to COVID-19.
NOTE: you 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.
What is available for my employees as a business owner?
Unemployment benefits may be available to some individuals whose unemployment is attributable to COVID-19
.
Link
Additionally, Supplemental Nutrition Assistance Program (SNAP) (formerly Food Stamps) which helps low-income people and families buy the food they need for good health.
Link
What about utilities?
While we cannot give definitive answers, many have afforded some type of assistance during this COVID-19 pandemic. Check the website of your provider (electric, gas, cellphone, etc.)
Cybersecurity for my business – what steps can I take to ensure cybersecurity protection while remote working?
Credible article we found offering useful tips
:
Link
Credible article we found offering useful tips
:
Link
Cybersecurity and Infrastructure Security Agency (CISA) – Telework Guidance
Link
America’s SBDC insight/guidance
Link
Expansion through governmental contracting with guidance in selling to the local, state or federal markets.
Advisors in business planning, pre-commercialization market assessment, proof of concept, assistance in the areas of management, strategic marketing, finance and operations.
Expert assistance with distributor discovery and vetting, international lead generation global shipping challenges market and competitor analysis, financing options and sales and marketing strategy.