Glen Ellyn Chamber Members Stay Informed on Breaking News for your Business
Webinar: Coronavirus Relief for Small Businesses 
Join us for an online event to hear updates on the SBA's relief programs for small businesses impacted by COVID-19, including the Paycheck Protection Program. This event has space for everyone and will not sell out. Log-on information will be sent in your email confirmation and through Eventbrite's Digital Links page.

Help from the State of Illinois
The state's Department of Commerce and Economic Opportunity has compiled a multipage document outlining emergency resources for businesses of all sizes.

Additional Links:

COVID Tax Tip 2020-40

Here’s how much individuals will get from the Economic Impact Payments

Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels - will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number.
Here’s how much the payments will be:
  • Eligible individuals will receive up to $1,200.
  • Eligible married couples will receive up to $2,400.
  • Eligible individuals will receive up to $500 for each qualifying child.
Taxpayers will receive a reduced payment if their adjusted gross income is between:
  • $75,000 and $99,000 if their filing status was single or married filing separately
  • $112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an Economic Impact Payment .
Payments will also be automatic for people who receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits who don’t normally file a tax return. Those receiving these benefits who aren’t claimed as a dependent on someone else’s return or required to file a tax return are eligible for a $1,200 payment. However, people in this group who have qualifying children under age 17 will need to provide information using the Non-Filers: Enter Payment Info tool to claim the $500 payment per child.
The IRS encourages people to share this information with family and friends. Some people who normally don’t file a tax return may not realize they’re eligible for an Economic Impact Payment.
For additional and updated information, visit the Coronavirus Tax Relief page on IRS.gov.

More information:

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 disastercustomerservice@sba.gov
Illinois DCEO Small Business Emergency Fund: email   CEO.Support@Illinois.gov
Illinois Treasurer Small Business COVID-19 Relief Fund: phone (217) 558-6217 or emai l investinillinois@illinoistreasurer.gov .

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?
Small Business COVID-19 Relief Program approved financial institutions to provide loans -- either lower rate loans, or loans to a business or non-profit that would not otherwise qualify   Link

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?
State of Illinois   Link

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
   
Client Liaison, Maryellen Schlosser,  schlosserm473@cod.edu

Expansion through governmental contracting with guidance in selling to the local, state or federal markets.

Rita Haake,  haaker@cod.edu
Ileen Kelly,  kellyi421@cod.edu
 
Advisors in business planning, pre-commercialization market assessment, proof of concept, assistance in the areas of management, strategic marketing, finance and operations.
 
Ute Westphal,  westphalu@cod.edu
Doug Voegtle,  voegtled@cod.edu
 
Expert assistance with distributor discovery and vetting, international lead generation global shipping challenges market and competitor analysis, financing options and sales and marketing strategy.
Jean Lin,  lini@cod.edu
Glen Ellyn Chamber of Commerce
810 N. Main Street
Glen Ellyn, IL 60137
630.469.0907