All posts by Steve Banke

SBAC, Business Interruption Insurance and Risk & Insurance Editorial


By: 1243

The Small Business Advocacy Council has been keeping a keen eye on business interruption insurance. Recently an article was published by Risk & Insurance talking about some of the carrier support that has been given to the idea of a federal backstop for insurance claims regarding the COVID-19 Pandemic.

SBAC’s own Scott Baskin was featured in the article stating “That is what all these business owners thought they were buying with all the years of premiums,”. “This legislation will make it possible for small business owners to have the protection they need to run their businesses.”

Read the full article here.

SBAC Graduated Income Tax Town Hall 9-24-2020


By: 1243

You have likely been inundated by commercials about the graduated income tax constitutional amendment.  Those supporting and opposing the graduated income tax are pulling out all the stops before people vote on this important issue.

The resounding success of our last Graduated Income Tax Town Hall has prompted the IACCE and SBAC to partner on a follow-up forum.  Ralph Martire and Leslie Munger will return to answer your questions about the proposed graduated income tax.

This Town Hall forum will take place on September 24th, from 9:30AM – 11:00AM.

You can register here for the Graduated Income Tax Forum

  • Ralph Martire is the Executive Director for the Center for Tax and Budget Accountability and Rubloff Professor of Public Policy at Roosevelt University. Ralph will present arguments in support of the ballot initiative.
  • Leslie Munger is the Former Illinois Comptroller and Deputy Governor.  Leslie will present arguments against the ballot initiative.

 

Ginny Glasner, IACCE Chair of the Board will give introduction remarks.  SBAC President Elliot Richardson will moderate the town hall.

Join the SBAC at No Cost


By: 1243

The small business community has been devastated by the COVID-19 pandemic.  Local communities are struggling and we have heard too many stories about small businesses on the verge of closing.

In response to this situation, the SBAC is offering every small business owner, professional, entrepreneur and advocate a free SBAC Advocate Membership. Our advocate members will be consistently informed about SBAC initiatives, receive important information about policies impacting the small business community, and be invited to attend Town Halls with legislators as we navigate the waters ahead.

Our advocate members will also have access to the SBAC’s cost saving affinity programs, which provide businesses the ability to reduce their bottom line in this critical time.

Please click here to become an SBAC Advocate Member.

You will receive a virtual SBAC membership logo for your website and to use on social media.

We hope you join our non-partisan mission to help small business community through this pandemic and into the future.

If you’d like to learn more about other membership tiers and the enhanced benefits at the SBAC, please click here and see the membership breakdown.

SBAC Virtual Town Hall: Access to Capital, Property and Retraining For The New Economy


By: 1243

As small business advocates, the SBAC understands the devastating impact the COVID-19 pandemic is having on the small business community.  We understand how critical access to capital is for small businesses trying to pay employees and stay in business.  We understand the difficulties being faced by both commercial property owners and their small business tenants.  We understand that this pandemic will displace workers and job retraining will be crucial during our recovery.

The SBAC will be hosting a Town Hall with Illinois State Treasurer Michael Frerichs, Senator Villivalam and Commissioner Gainer on May 14th, 2020 from 2:00-3:15 to address these issues. 

The Treasurer will discuss The Small Business COVID-19 Relief Program, which has been established to provide lower rate loans to businesses struggling because of the pandemic.

Senator Villivalam will discuss legislation focused on retraining business owners and workers whose jobs will be displaced because of the pandemic. Senator Villivalam will take questions on state issues that relate to small businesses.

Commissioner Gainer will discuss Cook County’s efforts to help the small business community and discuss the County’s loan program. Commissioner Gainer will also provide insight on efforts to address the issues impacting residential and community developers.

You can register for this important Town Hall below.  Please feel free to forward any questions to Jamie in advance at Jamie@sbacil.org.

Please Click Here to Register for the Town Hall.

SBAC Action Alert: Ask Illinois Policymakers To Defer Sales Tax Payments


By: 1243

Illinois Policymakers Should Defer Sales Tax Payments For All Small Businesses

The COVID-19 pandemic continues to have a devastating impact on individuals, families and communities.  We are thankful to everyone on the front lines who is fighting against this terrible virus.  The coronavirus is also causing tremendous financial stress for the small business community.  Unless immediate action is taken, small businesses may be forced to close their doors and even more jobs will be lost.

Governor Pritzker has issued an executive order permitting certain restaurants and bars to defer their sales tax payments.  Allowing eligible restaurants and bars to delay these payments should greatly help with the cash flow problems they are experiencing. We applaud the Governor for this action. However, all Illinois small businesses need similar relief.

The SBAC is asking that all businesses with annual sales of $3 million or less, and whose revenue has declined by 25% or more since March 1st,  be allowed to defer their sales taxes in a similar manner.  Small businesses are struggling to cover their expenses.  Expanding the sales tax deferral to all small businesses will provide a needed tool to help save our local businesses.  This will help small businesses survive while they take steps to procure additional capital.

Please click on this link to contact Governor Pritzker, Lt Governor Stratton and your state legislators.  Please ask them to defer sales tax payments for all small businesses.

SBAC Access to Capital Virtual Town Hall


By: 1243

The SBAC hosted our first Virtual Town Hall on Access to Capital. Given the continued effects of the COVID-19 virus, and the impact that it is having on the small business community, we feel that this information is critical to any business owners who are trying to figure out what to do.

We had the pleasure to be joined by our panelists:

  • Brad McConnell, CEO of Accion Chicago
    • ​Emergency Capital available now:
      • Federal
      • Accion Loan programs
    • ​Emergency Capital available very soon:
      • ​Federal
      • State
      • City
      • Accion
  • Manny Flores, CEO of SomerCor
    • ​SBA Loan programs with an emphasis on COVID-19 Disaster Loans.
  • Stephen Ball, SVP of Business Banking at Fifth Third Bank / Chicago Market Executive
    • Fifth Third Bank Fast Capital

With over 200 attendees, we are excited to see that the SBAC can provide value to many businesses trying to navigate the seas in the coming days.

A recorded copy of the Virtual Town Hall can be found here.