Keep Your Customers Updated on Your Status
- Whether your business is currently open or not, please log your business at SpringfieldZoom.com so the public knows your status and you can update it as things change. This is free and will take less than three minutes to get set up. You will never be spammed. Thanks to DSI Member AlertsMadeEasy.com for donating this service during the COVID-19 crisis.
- We recommend posting regularly on your social media accounts whether you are open or not. Your customers want to hear from you and know how you’re doing. A picture is worth 1000 words.
- Recording of webinar Top three ideas for tourism economies to save some business during the coronavirus from Destination Development Association
Stay at Home Executive Order
- Governor Extends Stay at Home Thru April 30
- Read the Original Stay at Home Executive Order Thru April 8
- What is an Essential Business?
- Essential Business Flowchart
- Delivery and Curbside Pickup are Still Allowed – Free Training Videos on Safe COVID procedures for restaurants
- Restaurants with “Combined” On & Off-Premises Liquor License Holders May Sell Packaged Alcoholic Liquor
- FAQs for Business Owners from State of Illinois
- Families First Coronavirus Response Act – summary provided by DSI members Brown Hay & Stephens
- IRS News Release IR-2020-57 regarding Coronavirus-Related Paid Leave for Workers and Tax Credits for Businesses provided by Eck Schafer & Punke
- Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) Historic $2 Trillion Coronavirus Stimulus Package Executive Summary by IRA
- How do You Decide which Program is Right for You? Guide to CARES Act for Small Business Owners including Paycheck Protection Program
- Covid-19 And Your Workplace Checklist provided by TROXELL HR
- New Employee Rights Poster to post by 3/25 under the Families First Coronavirus Response Act and FAQ regarding the notice (thanks to Brown, Hay & Stephens, LLP for providing)
- Recording of IMA Call with IL Dept of Employment Security on Unemployment Insurance
- Comprehensive And Updated FAQs For Employers On The COVID-19 Coronavirus
- Employee Leave Laws and FMLA: Your Questions Answered – recorded webinar from IL Manufacturers Association
- Restaurant employees currently experiencing hardship because of COVID can apply through the Restaurant Employee Relief Fund operated by the National Restaurant Association Educational Foundation
Free Parking at Meters
- The City Council passed an Emergency Powers ordinance which includes suspension of parking meter fees until 14 days after Gov. Pritzker’s emergency declaration is lifted and fees or penalties that would have accrued in during that period are waived
Paycheck Protection Program (Federal CARES Act)
- Applications will start being accepted on April 3, 2020 (and April 10th for sole proprietors and independent contractors)
- The Paycheck Protection Program (PPP) provides loans through the SBA and participating banks — including a mechanism for the loan to be completely forgiven. Congress waived an array of rules and tests for SBA loan applications that traditionally slow up the process for small businesses.
- The PPP can cover payroll costs, paid sick leave, supply chain disruptions, employee salaries, health insurance premiums, mortgage payments, and other debt obligations
- PPP Executive Summary for Restaurants from Restaurant Association
- Overview of PPP from Eck Schafer & Punke. Note three potential approaches for owners to consider outlined in the last portion of the document.
- How do I calculate my payroll costs and what will limit the forgiveness clause, if anything?
- Pandemic Unemployment Assistance can cover retail owners
Small Business Administration Disaster Loans (EIDL)
- Apply Now. It may take up to 12 hours online to finish your application because the system is getting slammed. SBA says loan applications are usually processed in 18-21 days but they are processing faster than that. Money reaches businesses 2-5 days after approval.
- Borrowers can receive $10,000 in an Emergency Economic Injury Grant (cash advance) that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue loss. Applicants can get the emergency cash even if they don’t qualify for additional funds through the EIDL process. Because lending decisions are based on self-certification and the applicant’s credit score, the review process should go quickly.
- In addition to the application form, be prepared to submit a completed and signed
Tax Information Authorization (IRS Form 4506T); complete copies of the most recent Federal income tax returns for the applicant business; completed and signed Personal Financial Statement (SBA Form 413) and a Schedule of Liabilities listing all fixed debts (SBA Form 2202).
- Register for Disaster Loan Trainings
- Check out this handy one-pager about the process
- Independent Contractors – “When in Doubt, Apply.” Sole proprietors are eligible. You will need to have tax returns and/or a profit and loss statement for 2019 if your taxes haven’t yet been filed. Apply even if you don’t have an EIN. You will need to demonstrate that you have been generating business revenue in order to demonstrate economic injury. – Advice from Illinois SBDC at Lincoln Land Community College
Accessing Low Interest Loans via Local Banks
- State Treasurer’s Small Business Relief Fund
- Contact your local banker for new programs they may have due to COVID-19.
- Search a list of local SBA-approved banks
Accessing Low Interest Loans via Justine Petersen (City Partnership)
DCEO (State) Small Business Emergency Loan Fund
- Small businesses (outside of Chicago) with fewer than 50 employees and less than $3M in 2019 revenue are eligible for this program, allowing up to $50k loans with 5 year low interest repayment terms. Six month deferral on repayments.
- First-step applications are now available on DCEO’s website.
Chamber’s Business Relief Fund (for all Sangamon County businesses regardless of Chamber member status)
State Hospitality Emergency Grant Program
- $14m fund to help hotels, bars and restaurants support payroll and rent. Including job training and technology for operations to adjust to new options like delivery and curbside
- Applications are available now on DCEO’s website and are due by April 1 at 5 p.m. All valid, eligible applications received within the five-day window will be entered into a lottery, and grant winners will be notified on April 4.
Food and Beverage Industry Relief Fund
- The James Beard Foundation is launching a Food and Beverage Industry Relief Fund to provide micro-grants to independent food and beverage businesses in need. Click here to sign up for the email list so that when they launch their application, you know.
Electric and Water Bills
- City Water, Light & Power is suspending ALL disconnections for nonpayment for electric and water services for its customers effective immediately. This order remains in effect until May 1, 2020, at such time it will be re-evaluated. Find out more
- Governor Announces Sales Tax Deferral for Bars & Restaurants
- Federal Tax Day now July 15
- State Tax Day now July 15
- Register your restaurant at RallyforRestaurants.com
- Your brand through a crisis – think through your response thanks to Mullen Lowe
- Recorded video discussion on Landlord/Tenant Radical Transparency:
a landlord response to working through tenant financial hardships from the Incremental Development Alliance