On May 27, 2020, Cook County announced that its economic relief program would begin accepting applications in the same week. The program includes 0% interest loans up to a maximum of $20,000. In order to receive immediate notification when the application opens, one must complete the County’s notification form. Cook County has also indicated that … more
The COVID-19 pandemic has damaged our economy and caused skyrocketing unemployment. Self-employed business owners, independent contractors, members of the gig economy, and employees in many industries have all been hit hard by the pandemic. This has put a tremendous burden on the small business community and those who have become unemployed. The SBAC has worked … more
The SBA recently issued loan forgiveness instructions and the application for Paycheck Protection Program (PPP) borrowers. The instructions cover options borrowers can take for calculating their payroll costs through an alternative payroll period, expense eligibility during the 8-week pay period, exemptions from loan forgiveness, and additional key aspects of the PPP. CLICK HERE to review … more
The SBAC hosted a virtual town hall on May 14, 2020 with Illinois Treasurer Michael Frerichs, Senator Ram Villivalam, and Cook County Commissioner Bridget Gainer. The topics covered include access to capital, Cook County relief initiatives, and legislative updates in Springfield. We understand access to capital is a top priority for small businesses trying to … more
