SBAC News

Introducing our new SBAC Board members!

Please join us in welcoming Tim Monner and Rachel Axelrod to the SBAC Board of Directors! Tim Monner is the VP of Marketing and Business Development at Steadfast Tim brings all of his experience to Steadfast, where he is responsible for marketing, brand, and sales efforts as VP of Marketing and Business Development. Attracted to … more

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SBAC Exclusive Benefits with UPS

The SBAC and long-standing partner UPS have completely redesigned our savings program! Click below to sign-up and receive immediate savings on all your shipping needs through UPS. http://bit.ly/sbacil_ups #BeyondSavings #SBAC #SmallBusinessStrong #SmallActsBigImpact

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Thank you Ntiva!

BIG THANK YOU TO ONE OF OUR SPONSORS – NTIVA! With their generous donation, we were able to purchase a brand new Customer Relationship Management system.  What does that mean for the SBAC?  It means we can give our members the experience they deserve.  This robust CRM will handle event planning, a new website, membership … more

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New “Paycheck Protection Program Flexibility Act” Significantly Changes PPP Loan Forgiveness Rules

On June 5, 2020, H.R. 7010, entitled the “Paycheck Protection Program Flexibility Act” (the “PPPFA”), was signed into law. As discussed in this Client Alert, the PPPFA significantly modifies certain of the existing rules related to the forgiveness of PPP loans in an effort to provide borrowers more flexibility with respect to the use of … more

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Cook County Access to Capital Program Goes Live

As of June 8th, 2020, Cook County will begin receiving application for their Community Recovery Fund which will provide zero-interest loans of up to $20,000 for small businesses and up to $10,000 for independent contractors. Applicants must be based in suburban Cook County. Additional eligibility requirements are listed below: Small Businesses are eligible if they are: … more

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Congress Passes Legislation That Alters PPP

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

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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

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PPP Update: The SBA Distributes Instructions for Applying for PPP Loan Forgiveness

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

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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

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

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

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