The Senate passed the Paycheck Protection Flexibility Act (PPFA) on June 3rd, 2020. This legislation amends the Paycheck Protection Program (PPP) by the following: The PPFA would change loan forgiveness criteria by requiring borrowers to use at least 60% of their PPP loan for payroll costs (salary, wages, benefits) and 40% for non-payroll related costs … more
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
SBAC Action Call: Contact Legislators to Pass Legislation That Encourages job Growth and Retraining to Support Small Businesses
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
SBAC Virtual Town Hall Recording: Access to Capital, Cook County Relief, and Retraining for the new Economy
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
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. … more
New Guidelines On How to Get Government Assistance: Get Started Right Now Illinois’s self-employed workers are still waiting on government benefits to reimburse them for lost income during the Covid-19 Pandemic. These benefits have been provided for by the Pandemic Unemployment Assistance (PUA) program under the CARES Act, but have been delayed by the need for the … more
Small Acts have Big Impacts and YOU can make a difference. Our communities are special because of the unique small businesses that make home feel like home. SBAC’s mission is to support small businesses and keep them informed during these trying times. Let’s help those businesses continue to thrive during and after COVID-19. What is … more
The SBAC is joined by a robust coalition of local Chambers of Commerce and business organizations calling on Governor Pritzker to defer payments on sales taxes in order to help provide relief for small businesses. This coalition continues to grow in strength. Click here to read the letter.
The SBAC is committed to helping the small business community stay in business during this difficult time. Explore our COVID-19 Resource Center to learn about funding opportunities and resources available to small businesses.