This webinar should be of special interest to our readers, as it’s an interview with two small business owners who will walk through the experience that they had working with SCORE to access capital through different methods of financing, in different rounds throughout the stages of their business growth. For me, hearing “how we did it” from other small business owners is not only educational, but inspiring, and I hope this upcoming webinar will offer you both angles.
Wednesday, 8/10 Webinar at 3:00 PM How We Did It: Raising Capital for Your Business Presented by Score Chicago (Part of a Score Chicago Funding Webinar Series)
In this webinar, you will learn how two Chicago entrepreneurs, former SCORE Chicago clients, and founders of Tiesta Tea Dan Klein and Patrick Tannous raised 4 rounds of financing totaling over $8 million. Tiesta Tea has also used many different methods of funding including friends/family, factoring, purchase order (PO) financing, SBA loans, Angel Investors, and VC funding. Dan and Patrick will share their experiences raising capital during the different growth stages of their business.
Tiesta Tea is a company that used SCORE Chicago to get started in 2010. Dan and Patrick know first-hand how important mentorship is for aspiring entrepreneurs and established businesses seeking mentoring from SCORE to accelerate the growth and success of their businesses. The founders, Dan Klein and Patrick Tannous, started with nothing but an idea to sell tea, and fast-forward 10 years, they have sold over $54MM of their product. They sell their teas in thousands of retail stores, including Walmart, Jewel, Mariano’s, Amazon, Costco and many more.
The Chicago Department of Business Affairs & Consumer Protection (BACP) Entrepreneur Certificate Program is a free and optional program available to attendees of the free BACP business education workshop and webinar series.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
The annual scheduled increase in Chicago’s minimum wage goes into effect on Friday, July 1, 2022. The Chicago minimum wage is tiered for large businesses with 21 or more employees, and small businesses with 4-20 employees. Since reaching $15 per hour in 2021, the minimum wage for larger employees increases annually according to the Consumer Price Index or 2.5%, whichever is lower. The minimum wage for small businesses continues to increase towards $15 per hour by 2023.
As of July 1, 2022, the Chicago minimum wage will be:
$15.40 for employers with 21 or more employees (including all domestic workers, regardless of the number employed)
$14.50 for employers with 4-20 employees
The minimum wage for tipped employees will be $9.24 for employers with 21 or more employees, and $8.70 for employers with 4-20 employees (employers must make up the difference between any tips received and the applicable minimum wage for non-tipped workers.)
Anyone age 24 or younger employed by, or engaged in employment coordinated by, a nonprofit organization or government agency will see a minimum wage increase to $12.00.
Employers that maintain a business facility within the City of Chicago or are required to obtain a business license to operate in the City are required to pay their employees at least the Chicago minimum wage. Additionally, any employee that works two hours or more in the City within a two-week period must also receive at least the Chicago minimum wage.
Chicago BACP recently presented a free hour-long webinar called “Employer Responsibilities Under Chicago’s Minimum Wage Ordinance”, available here.
Employers in “covered industries ” (see below) to post work schedules with at least 14 days’ notice, an increase from the previous 10 days’ notice.
Employees will need to earn less than $29.35 per hour or $56,381.85 per year to gain protection under the Fair Workweek Ordinance.
Covered industries include building services, healthcare, hotel, manufacturing, restaurant, retail, or warehouse services.
Chicago businesses are required to post the Minimum Wage Notice and Fair Workweek Notice at their business. The notices will be available to workers and business owners in English, Spanish, Polish, Simplified Chinese, Tagalog, and Korean by July 1, 2022. Employers that violate the minimum wage ordinance can be fined $500 to $1,000 per day for each offense.
Chicago BACP recently presented a free hour-long webinar called “Employer Responsibilities Under Chicago’s Fair Workweek Ordinance”, available here.
Sexual Harassment Law Updates
As of July 1, 2022, all employers in the city of Chicago must have a written policy on sexual harassment. Additionally, employers are required to display a public notice advising of the prohibition on sexual harassment where employees can see it, and there are increased training requirements. A model policy, written notice, and training templates are available by visiting Chicago.gov/SexualHarassment.
Recent updates to the law include:
Adding sexual misconduct to the definition. Sexual misconduct is defined as any behavior of a sexual nature which also involves coercion, abuse of authority, or misuse of an individual’s employment position.
Requiring all employers to have a written policy on sexual harassment. The written policy must be available in the employee’s primary language within the first calendar week of starting employment.
Increasing the statute of limitations from 300 to 365 days.
Create flexibility to notify a respondent up to 30 days from the time of complaint (compared to 10 days currently), to mitigate any retaliation such as denial of a reasonable accommodation request.
Requiring additional annual training for all employees including the one hour of prevention training aligned with State requirements and one hour of bystander intervention. Supervisors and managers are required to have an additional one hour of training.
Increasing the penalty for individuals or businesses that participate in discriminatory practices in the workplace including sexual harassment. The penalty is increasing from $500 – $1,000 per violation to $5,000 – $10,000.
It seems not all small business owners are aware of the responsibility to provide Chicago workers paid sick leave. It applies to any business or individual that employs at least one “employee” and has a facility within Chicago’s city limits (though Cook County now has a similar requirement). The term “employee” covers anyone who works at least 80 hours within a 120-day period (20 hours a month). – For hourly employees, paid sick leave accrues at one-hour for every 40 hours worked. Salaried-exempt employees are presumed to have worked 40 hours/week. – Employees are capped at accruing a total of 40 hours of sick leave each year, unless the employer opts to set a higher limit. – Employers must permit employees to carry over half of their accrued leave, to a maximum of 20 hours of unused sick leave each year (40 for employers with 50 or more employees). – Employers are not required to pay out any accrued but unused sick leave upon employment termination.
Even the least expensive version of Gusto Payroll allows for a sick pay plan, and it’s not hard to set up and track (see instructions here).
Reminder that if you sign up and run Gusto using my link, you’ll get a free trial period… and after running your first payroll you’ll receive a $100 Visa gift card! My clients instead will receive a 15% discount for the life of the plan.
And a final point: all Chicago worker protections are enforced by the BACP Office of Labor Standards (OLS). The OLS is dedicated to promoting and enforcing Chicago’s labor laws, including Minimum Wage, Paid Sick Leave, Fair Workweek, and Wage Theft Ordinance. The BACP OLS webpage offers informational materials on Chicago’s Labor Standards Laws.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Presentedby the Department of Business Affairs & Consumer Protection (BACP)
Sidewalk cafes provide restaurants an opportunity to expand their footprint to serve customers outside. This webinar will cover sidewalk cafe basics including sidewalk cafe operational conditions and requirements, as well as how to apply for a Sidewalk Cafe Permit, which is required to operate a sidewalk cafe in Chicago.
Also, check out this recording of BACP’s webinar, “How to Apply for a Sidewalk Sign Permit” on YouTube.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
JOINT READINESS SUMMIT: This Friday, February 4 from 9:00AM to 4:00PM
Join the City of Chicago, Cook County, and State of Illinois leaders as well as other experts to learn about what it takes to be “ready” to apply for grants and contracts funded by American Rescue Plan Act (ARPA) and other economic recovery funding streams.
This event will take place via Zoom and will be simultaneously streamed on YouTube. Meeting information will be sent via email prior to the event. ASL interpretation and closed captioning will be provided.
Learn about the Chicago Recovery Plan — the City’s plan to amplify once-in-a-generation federal funding to create an equity-based investment strategy to catalyze a sustainable economic recovery from the COVID-19 pandemic. The funding under the Chicago Recovery Plan, which includes funding from the American Rescue Plan Act and over $600 million in local bond funds, is allocated alongside all other available resources in the City budget to maximize this opportunity over the next 3-5 year funding period. The initiatives and strategic priorities that make up the Chicago Recovery Plan were a result of several stages of community engagement and input during the 2022 budget development process. The list of current funding opportunities can be found here: Funding Opportunities (chicago.gov)
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
The City of Chicago just opened two new grant programs: Chi Biz Strong and Outdoor Dining. These programs are extremely straightforward, easy to understand and apply for, and are funded with over $20M. To streamline the process for applicants, the Chi Biz Strong Grants and Outdoor Dining Grant Program will be available through a single application.
Applications are available now and will be open until Friday, November 12, 2021 at 11:59 pm. Grants will be disbursed via a lottery and based on eligibility and prioritization criteria. To apply and learn more, please visit Chicago.gov/ChiBizStrongGrant.
Chi Biz Strong Grant Program: $5,000 or $10,000 grants (based on 2020 revenue reported on tax return) to small businesses and nonprofit organizations that have experienced lost revenue or increased costs due to COVID-19 to support business/nonprofit expenses
Outdoor Dining Grant Program: $5,000 grants for small restaurants and bars to support the purchase (or reimbursement) of outdoor furniture, pandemic-related signage, and personal protective equipment
Eligible organizations must have under $3M in revenue, and organizations that have not received prior government pandemic relief will be prioritized
Applicants will be selected by criteria and lottery; how soon you submit your application will have no impact on your likelihood to receive an award, as long as it is submitted prior to the deadline
Applications are open through Friday, November 12, 2021, at 11:59 PM.
Here are the details for for-profit companies (the rules for non-profits are different, so I encourage you to watch the webinar specifically for NFPs if this applies to you):
For-profit business criteria:
Small businesses (under $3M in revenue)
If you have over $60k of 2020 revenue reported on your tax return, Chi Biz will be a $10k flat grant — versus under $60k in revenue, it will be a $5k flat grant; unlike prior programs, it is not an amount based on a decline in revenue
Outdoor Dining is a $5k flat grant — you can apply for both Chi Biz and Outdoor Dining on the same application
Businesses who started in 2020 may be eligible, presuming they meet the qualifications otherwise
Excludes certain business types, such as junk yards and pawn shops
Businesses that have not received prior State, Federal or local government aid or financial relief will be prioritized
Small chains and franchises are eligible below a certain size; see FAQ for details
Required Documents (For-Profit Businesses)
Business Owner Valid ID (driver’s license, State ID, Passport, Consular Registration Card)
City/State business license with Chicago business address OR other proof of Chicago address (e.g. business bank statement or tax statement with business name and Chicago address). For Outdoor Dining Grant Program, City business license is required.
2020 Federal Business Tax Return all pages (Form 1120, 1065, 990 OR Form 1040 w/ Schedule C)
Most recent business bank statement
W9 Form
Timeline
10/22: Grant application is available
11/12: Grant application closes at 12:59 p.m. CDT
By third week of December: Grant recipients are chosen via lottery and notified of their acceptance
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
From the Chicago Department of Business Affairs and Consumer Protection, an update on the myriad changes that Chicago’s City Council made when they recently passed the Chi Biz Strong Initiative — many of which affect small business owners in our city. The list is arranged by the date the legislation is effective.
Note: We have no formal relationship with BACP — just sharing this info as a public service.
July 9, 2021
Dear Chicagoan,
BACP is pleased to announce that Chicago’s City Council passed the Chi Biz Strong Initiative on June 25, 2021. This bold legislative package contains a number of initiatives to help jumpstart our recovery from the COVID-19 pandemic and set our businesses, workers and consumers on the path towards a stronger future. Below you will find an overview of the effective dates and important details for businesses on the various pieces of this broad legislation. BACP will share more information as the effective dates approach, and please do not hesitate to email bacpoutreach@cityofchicago.org with any questions.
Effective June 26, 2021: Extension of Third-Party Delivery Fee Caps: During the COVID-19 pandemic, the City instituted a 15% cap on fees that Third-Party Delivery Companies can charge restaurants. This fee cap has been extended until 180 days after all indoor dining restrictions are lifted – December 8, 2021 if current regulations remain in place. See here for an industry notice. Extension of Legalized Cocktails To-Go: Last year, the sale of cocktails-to-go was temporarily legalized to support bars and restaurants during the pandemic. The State of Illinois recently extended this legalization until 2024, and the Chi Biz Strong Initiative ensures that the sale of cocktails to-go from a business with a Tavern or Consumption on Premises-Incidental Activity license remains legal in Chicago during that time. Additionally, this measure allows these businesses to also sell single-serve wine to-go. See here for more information on cocktails to-go. New Package Goods Operating Hours: No establishment that holds a Package Goods License shall sell, permit to be sold or give away any alcoholic liquor between the hours of 12:00 a.m. and 7:00 a.m. on Mondays through Saturdays and between the hours of 12:00 a.m. and 11:00 a.m. on Sundays, except that a supermarket may commence the sale of package goods at 8:00 a.m. on Sundays. Please see here an industry notice on the new hours of operation for Package Goods Licensees. Hospitality Reforms: In order to reduce red tape for the hospitality industry and align with state regulations, the term for a special event liquor permits has been extended from 11 to 15 days. Additionally, the requirements for entrepreneurs to receive a liquor or Public Place of Amusement License have been modernized to reduce barriers to entry for returning residents. Extension of Sidewalk Café Operating Hours: Retail Food Licensees with a Sidewalk Café Permit can now begin operating at 7:00 am, one hour earlier than previous requirements. Flavored Tobacco Regulations: The sale of flavored tobacco is prohibited in Chicago. This regulation has been clarified to make it clear that the cigarette wrapping paper or wrapping leaf cannot be flavored, even if it does not contain nicotine.
Effective July 31, 2021: Wage Theft Protections: Almost $400 million in wages are stolen from Chicagoland workers by bad-faith employers every year. Chicago’s first Wage Theft Ordinance will give Chicago’s Office of Labor Standards the authority to hold business accountable for the non-payment of wages required for work performed, with potential violations ranging up to $1,000 per offense per day. Expedited Restaurant Licensing: The City is making it easier for new restaurants to open in previously licensed restaurant spaces, provided that the previous restaurant had recently passed an inspection. Beginning July 31, new Retail Food Licenses can be issued by BACP to new restaurants prior to the completion of a health inspection, provided that the previous restaurant had passed their most recent health inspection on or after July 1, 2018 and that other conditions are met to ensure that food is prepared safely. Fair Marketplace Reforms: Any “Third-Party Facilitator” that connects customers with clients via a digital application will be required to make sure that their clients are properly licensed.
Effective August 1, 2021: $15 Minimum Wage for Domestic Workers: Effective August 1, 2021, all Chicago domestic workers will be guaranteed a $15.00 per hour minimum wage, no matter the size of their employer. This ensures that domestic workers have access to the full minimum wage earlier than had been previously guaranteed. Paid Sick Leave Enhancements: Chicago workers are guaranteed one hour of paid sick leave for every 40 hours worked. Starting August 1, the possible uses for that paid sick leave will be expanded to include caring for a family member with a closed school or place of care, compliance with public health orders, and mental and behavioral health. Chain Business Workers: This initiative will ensure that chain business workers are paid the minimum wage that they are guaranteed under the Minimum Wage Ordinance by clarifying that all workers at a chain business count towards the size of the business. Public Vehicle Reforms: The public vehicle industry, especially taxicabs, have been hit hard by the COVID-19 pandemic. In order to support the industry, the City will increase vehicle utilization by allowing taxicabs to stay on the road longer – up to fifteen years for fuel efficient or wheelchair accessible vehicles, and up to ten years for all other taxicabs. Additionally, the requirements for individuals to become public chauffeurs will be modernized to reduce barriers to entry. Charter Bus Reforms: The City will maintain public safety and continue to require charter buses with 15 or more passengers which allow drinking onboard (including BYOB) to secure a separate security guard. Also, trips without any scheduled stops (mobile social clubs) will also need separate security guards. All other charter bus trips with 15 or more passengers will require the driver or someone else on board to be trained in safety protocols to ensure the safety of the passengers. All trips transporting 15 or more passengers must maintain a plan of operation ensuring passenger, driver, and public safety. New Low-Speed Electric Public Vehicle License: The City will create a new license to promote operation of environmental friendly and sustainable electric public passenger vehicles, three or four wheeled. These vehicles must be powered by an electric motor with a maximum speed of 30 miles per hour may legally transport passengers for hire, with solicitation of rides prohibited. Full licensing details will be available on the BACP website.
Effective January 1, 2022: Contract Requirement for Domestic Workers: Care workers have been hard-hit by the pandemic and face high rates of exploitation. Beginning in 2022, all domestic workers must be provided with a written contract that sets forth their wage and work schedule to ensure accountability, transparency and predictability. More details will be shared as the effective date approaches.
Effective March 1, 2022: Legalized Sidewalk Signs: Currently, A-Frame, T-Frame or other temporary self-supporting sidewalk signs are prohibited. Beginning next March, businesses will for the first time be able to receive a low-fee permit allowing them to advertise their business legally with a sidewalk sign. More information will be shared as the effective date approaches.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
BACP offers free business education workshops or webinars every Wednesday afternoon and Friday morning. Due to COVID-19, all programs are currently being offered as webinars. Topics include business licensing, operations, financial resources, marketing, and more. Programs are free and open to the public and taught by industry professionals, not-for-profit agencies, and government agencies.
Wednesday, 5/5 Webinar at 3:00 PM City Inspections – Ask Questions, Get Answers Presented by the City of Chicago The Chicago Department of Business Affairs & Consumer Protection, Department of Public Health, and the Department of Buildings will provide insight on how operate a compliant business in the City of Chicago. Topics covered will include how to prepare for inspections, building permits and sign display requirements, food inspection overview and necessary certificates, and zoning review procedures. Learn how to operate safely and avoid common setbacks. Register for the 5/5 Webinar
Friday, 5/7 Webinar at 9:30 AM Business Licensing 101 Presented by the City of Chicago Department of Business Affairs & Consumer Protection (BACP) Attendees will learn the process to obtain a business license and how to access free resources and support for your business. Register for the 5/7 Webinar
Wednesday, 5/12 at 3:00 PM Understanding & Clarifying Your Brand Identity Presented By: Stacey Pitts Caldwell, Center Director, SBDC at the Chicagoland Chamber of Commerce & Owner, SMP Creative™ Business & Design Now, more than ever it is critical that small businesses grasp the core concepts of branding to begin developing a strong brand position. In this webinar, you will gain a better understanding of your existing brand, learn what it takes to create a new brand, or simply refresh your basic knowledge of branding to help you connect and engage with your customers. All businesses, from pre-venture and start-ups to established enterprises are welcome to explore the following topics: Brand Identity, Brand Communications, Personality & Inspiration, and Storytelling. Register for the 5/12 Webinar
Jueves, 5/13 Webinar at 10:00 AM (workshop will be presented in Spanish) Licencamiento Comercial 101 Presentado por la Ciudad de Chicago Departamento de Asuntos Comerciales y Protección del Consumidor(BACP) Centro de Negocios Pequeños(SBC) Los asistentes aprenderán el proceso para obtener una licencia comercial y como acceder a recursos y soporte gratuitos para su negocio. Registrarse para the 5/13 Webinar
Friday, 5/21 Webinar at 9:30 AM Grants, incentives, and FREE assistance for your business Presented by Andrew Fogaty, Executive Director 36Squared Business Incubator Every year the City, State and Federal government spends MILLIONS of dollars to provide grants, incentives and free assistance to Chicago area companies. Was your company one of them? Come to this FREE informative event and learn how your business can access assistance for everything from building improvement and property acquisition to export assistance and government contracting. Register for the 5/21 Webinar
Wednesday, 5/26 Webinar at 3:00 PM Transform Your Dream into a Real Startup Presented by Score Chicago Do you have what it takes to start and run a successful business? If so, do you know what the start-up journey is like? Or what initial steps you need to take? This webinar will help you assess your prospects, give you the initial direction you need, and inspire you to move forward to realize your dream. The webinar will also cover pricing, promotion, competition and marketing to give you a competitive edge. Register for the 5/26 Webinar
BACP offers free business education workshops or webinars every Wednesday afternoon and Friday morning. Due to COVID-19, all programs are currently being offered as webinars. Topics include business licensing, operations, financial resources, marketing, and more. Programs are free and open to the public and taught by industry professionals, not-for-profit agencies, and government agencies.
Friday, 4/9 Webinar at 9:30 AM Better Business Opportunities Presented by Chase for Business Powerful networks mean more business opportunities. In today’s business world, leaders prefer to become intermingled in important transactions with people they trust. Relationships establish and fortify that trust. That’s why serious serial entrepreneurs, influencers, deal makers and multiple project players choose to seek out exclusive business networking opportunities. Please join us to learn more about how to align yourself with powerful networks! Register for the 4/9 Webinar
Wednesday, 4/14 Webinar at 3:00 PM Obtaining a Liquor License in the City of Chicago Presented by the City of Chicago Department of Business Affairs & Consumer Protection (BACP) This webinar will provide a general overview of the liquor licensing process in the City of Chicago. We will discuss the different types of liquor licenses, an overview of the application process, and items to consider before submitting an application. Register for the 4/14 Webinar
Friday, 4/16 Webinar at 9:30 AM How to Write a Business Plan. What you need to know! Presented by Donna R. Rockin, Managing Partner at Rockin Enterprises, Inc. Learn how to create a comprehensive business plan. It’s easier than you think when you understand all the components that get included. You’ll receive a complete list of what to include to demystify the process. Writing a solid business plan is your roadmap to business success. Register for the 4/16 Webinar
Wednesday, 4/21 Webinar at 3:00 PM SBA update: Recovery Programs for Entrepreneurs Presented by the Small Business Administration (SBA) Illinois District Office Join presenters from the U.S. Small Business Administration for an overview of small business relief programs and learn how you can access immediate relief for your entrepreneurial needs. The presenters will discuss the Paycheck Protection Program, the Economic Injury Disaster Loan program, the Shuttered Venue Operators Grant, and other relief options for small businesses. Bring your questions! There will be time for Q&A. Register for the 4/21 Webinar
Friday, 4/23 Webinar at 9:30 AM To Thine Own Self Be True; Discovering the Value in Your Personal Brand Presented by Nina Abnee, Professional Lecture and Advertising Professional in Residence at DePaul University; a certified Leadership Coach; and former advertising executive Nina Abnee is a Professional Lecture and Advertising Professional in Residence at DePaul University; a certified Leadership Coach; and former advertising executive. She has combined her expertise in crafting brand strategies with her training as a professional coach to help people discover their own authentic brand and create momentum for their lives and businesses. Register for the 4/23 Webinar
Wednesday, 4/28 Webinar at 3:00 PM Know Your Rights The Office of Labor Standards presents overview of worker rights and employer responsibilities during COVID-19 under Minimum Wage, Paid Sick Leave, Anti-Retaliation Ordinances. Register for the 4/28 Webinar
Friday, 4/30 Webinar at 9:30 AM Legal Framework for Small Businesses Presented by: Lema Khorshid, Fuksa Khorshid, LLC The legal component of a business sets the foundation and structure for a sustainable business. A business climate is everchanging, but valuable legal tips are a resource. Learn the top 10 legal tips for small business success through an interactive webinar. The Q&A set up will provide useful and practical tips on legal essentials such as incorporation, contracts, and more. Register for the 4/30 Webinar
The Chicago Department of Business Affairs & Consumer Protection (BACP) Entrepreneur Certificate Program is a free and optional program available to attendees of the free BACP business education workshop and webinar series.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
From the Chicago Department of Business Affairs & Consumer Protection:
The U.S. Small Business Administration (SBA) Paycheck Protection Program will support small businesses throughout the country with up to $284 billion toward job retention and certain other expenses. Businesses apply for PPP loans through a bank, credit union, community lender, online lender or other participating lenders. Please note that some lenders may not be participating in the program – please contact your preferred lender to determine if they are participating. Learn more at sba.gov/ppp and find a lender using the SBA Lender Match Tool. While BACP does not manage the Paycheck Protection Program, we will be holding webinars and continuing to share information in the coming days and weeks. The first webinar, “The Paycheck Protection Program and Other Emergency Funding Opportunities,” will be presented by the U.S. Small Business Administration and Accion Chicago on Tuesday, January 19, at 3:00 pm.Register and learn more at chicago.gov/businesseducation. More webinars will be planned in the coming weeks – stay tuned! To learn more about the PPP, please visit these links:
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
The Chicago BACP has put together a free webinar on September 22, 2020 that brings together the following partners to provide an overview of the program and how to apply. – Ciere Boatright, Chicago Neighborhood Initiatives – Brad McConnell, Accion Serving Illinois and Indiana – Marcus Yancey, Local Initiatives Support Corporation Chicago Register by visiting www.chicago.gov/businesseducation today.
The second wave of funds includes the following provisions to ensure a wide distribution of funds geographically and across business type:
Heavily Impacted Industries – $60 million for heavily distressed industries, such as movie theatres, performing arts venues, concert venues, indoor recreation, amusement parks, and more.
Disproportionately Impacted Areas – $70 million set aside for DIAs, defined by zip codes identified by the General Assembly for communities that are most economically distressed and vulnerable to COVID-19.
Downstate Communities– DCEO has committed to ensuring that at least half of all remaining funds, totaling more than $100 million, are reserved for businesses in downstate and rural communities of Illinois.
Priority Businesses– Apart from the $60 million for heavily impacted industries, applications from the following types of businesses will be prioritized for review for remaining funds: businesses directly affected by regional mitigations implemented by the state or local governments, independently owned retail, tourism- and hospitality-related industries including accommodations, and more.
Agriculture – $5 million of the remainder of funds will be set aside for livestock production disruptions.
Grants and Loan Forgiveness for Illinois Small Business Emergency Loan recipients – As authorized by the General Assembly, DCEO will offer grants for businesses that have incurred eligible costs to offset loans received under the Illinois Small Business Emergency Loan program.
I am getting a lot of questions from recipients of Round 1 grants about what types of costs are considered eligible for this program. The Certification & Requirements pdf states the following.
ELIGIBLE COSTS “The subrecipient will use the proceeds of the subaward supported by the Program exclusively for costs and losses incurred due to the business interruption or other adverse conditions caused by the Coronavirus Disease 2019 (COVID-19) pandemic. For purposes of this Program, costs incurred during a business interruption may be classified as a cost related to COVID-19. Grant proceeds may be used to reimburse costs and losses such as inventory, equipment (including Personal Protective Equipment and other supplies to promote health and safety), compensation (including salaries, wages, tips, paid leave, and group healthcare benefits), rent, technology to facilitate e-commerce, professional services procured (including the design and construction of environments necessary to promote physical and social distancing and cleaning and disinfecting services) and other costs of operation in accordance with the applicable administrative rules or the policy directives of the grantor that was incurred during the period that begins on March 1, 2020, and ends on December 30, 2020. All spending related to this program must be reimbursable by the Federal Coronavirus Relief Fund, as prescribed by 601(a) of the Social Security Act and added by section 5001 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act including all subsequent federal guidance. Expenses that have been or will be reimbursed under any other federal program are not eligible for reimbursement through the proceeds of this subaward.“
Please pass the word along about this grant to the neediest of the Illinois businesses you know.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
