COVID Resources for Business Owners

GENERAL

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

Federal Action

Employees

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

LOANS

Paycheck Protection Program (Federal CARES Act)

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

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.

GRANTS

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.

DEFERRALS

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

Tax Deferrals

OTHER PROGRAMS

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