Village Board Launches COVID-19 Emergency Small Business Assistance Program
Partnering to Keep the Lights On
At the March 25 meeting, Mayor Yukich and the Village Board of Trustees proactively approved COVID-19 financial assistance for small businesses to Keep the Lights On. The program provides financial assistance to eligible independently-owned businesses in Homer Glen. Up to a $10,000 line of credit is available with loans offered at zero percent (0%) interest. Click on the link below for the program details and application form. Eligible businesses can apply now.
COVID-19 BUSINESS RESOURCES UPDATE TO KEEP YOU INFORMED
Get credible information to help your business by visiting the following resources:
Paycheck Protection Program – Helping Businesses Keep Their Workforce
The Paycheck Protection Program, created through the CARES Act, is an SBA loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
Paycheck Protection Program loans do not require a personal guarantee nor collateral.
Applications will be handled through banks. Consult with your banker as to whether it is participating in the program. Business owners may find that contacting banks through their websites is best due to the high volume of calls. Banks are also awaiting guidance from the SBA and U.S. Department of Treasury and are regularly updating their websites, so check back.
The following banks in Homer Glen are approved SBA lenders. Click on the bank name to visit their SBA/COVID webpages. Some banks offer a fill-in form, and they will contact you.
Additional information regarding the Paycheck Protection Program is available from the U.S. Chamber of Commerce
Hospitality Emergency Grant Program
Your restaurant business may be eligible to receive grants or loan assistance from the Illinois Department of Commerce & Economic Opportunity.
The DCEO is launching a grant program with $14 million available to support working capital like payroll and rent as well as job training, retraining and technology to support shifts in operations, like increased pick-up and delivery.
Bars and restaurants that generated between $500,000 and $1,000,000 in revenue in 2019 are eligible for up to $25,000. Bars and restaurants that generated less than $500,000 in 2019 are eligible for up to $10,000. Hotels that generated less than $8,000,000 in revenue in 2019 are eligible for up to $50,000.
The deadline to apply is April 1, 2020. For more information, please click the Small Business Assistance page.
Illinois Small Business Emergency Loan Fund
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000 to support working capital.
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. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.
Starting Friday, March 27, interested businesses will be able to express interest at a form that will be posted on the Small Business Assistance page. Eligible businesses will be invited to submit a full application beginning on April 1.
Economic Injury Disaster Loans
The State of Illinois has received its statewide Economic Injury Declaration which means small businesses in all Illinois counties may be eligible for low-interest, economic injury disaster loans up to $2M per business. Learn more and apply on the SBA Disaster Assistance page.
SBA Slide Show - Presentation for Economic Injury Disaster Loans for Coronavirus Related Economic Disruptions.
Illinois Taxpayer Relief
The Illinois Department of Revenue has established this COVID-19 page to provide information and resources to help Illinois taxpayers, businesses, and others affected by the coronavirus. See also:
- Illinois Income Tax Filing and Payment Extension
- Short-Term Relief from Penalties for Late Sales Tax Payments
Please review this information to assist your employees. The Illinois Department of Employment Security (IDES) recently adopted emergency rules to try to make the unemployment insurance system as responsive to the current situation as possible. IDES has a helpful Unemployment Information page. All unemployment claims should be filed online through the IDES filing page.
- Emergency Child Care for child care providers; essential workers; and volunteers who want to offer support.
- Essential Businesses - The Governor’s Executive Order 2020-10 defines whether a business is considered Essential or if it must comply with the “Stay at Home” Order. The Illinois Department of Commerce and Economic Opportunity (DCEO) has issued guidance on Essential Businesses & Operations and this flowchart to help to determine if a business is essential or non-essential. Contact DCEO’s helpline by phone at (800) 252-2923 to leave a message or by email at CEO.email@example.com.
- IRS Updated Statement - Payment and Filing Deadline extended to July 15, 2020.
- OSHA Guidance for Preparing Workplaces for COVID-19
- Small Business Owner’s Guide to the CARES Act Passed March 27 -To help small business owners better understand the new programs that will soon be available to them, refer to the comprehensive guide to many of the small business provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress. Several stimulus programs are created including loans for both large and small businesses, stimulus checks for individuals, expanded unemployment insurance for workers, paid family leave, paid sick leave and mortgage/renter relief.
- Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor - Small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
- Door Dash - Eliminating commissions for new restaurant partners that enroll with them during the next 30 days and charging no commission to current partners.
- Uber Eats - Sign up to offer delivery service to customers.