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A lot of small business owners are struggling. Below you will find information from the Department of Commerce and Economic Opportunity regarding programming provided by the Federal Government under the stimulus package.

My best to you and your family & Stay Healthy!

Mike 

 

During this challenging time, we want to make sure you have the most up-to-date information regarding all of our resources available to you. Due to the recently passed federal stimulus package, your business may be eligible for aid from the federal government. Learn more about the current available options below.

Paycheck Protection Program – The U.S. Small Business Administration (SBA) will provide $349 billion in loans through the Paycheck Protection Program to small businesses and non-profits. Portions of these loans will be forgiven to the extent that recipients maintain their existing workforce or rehire. Loans can be up to $10 million and interest rates are maxed at 4% for portions of the loan that do not qualify for loan forgiveness. Learn more here.

Economic Injury Disaster Loan – The program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Borrowers can request an emergency advance of $10,000 within 3 days of submitting the application and do not have to repay the advance if they are denied a loan. Learn more here.

Subsidy for Current Loan Payments – The SBA will cover up to 6 months of principal and interest payments that are owed on most existing SBA loans. Learn more here.

Training and Advising for Existing Businesses – Additional funds are provided to SBDCs, Women’s Business Centers, and Minority Business Centers for education, training and advising to small businesses. Small Businesses can take advantage of this now.

Aid to Midsize Businesses and Nonprofits – $454 billion will be available from the U.S. Treasury to provide financial assistance through loan programs established by the Federal Reserve. As part of that, a special fund is dedicated to midsize businesses and nonprofits with 500-10,000 employees to provide financing to banks and other lenders to make direct loans to these entities. The interest rate on those loans would be capped at 2%, with no payments due for the first six months. These loans cannot be forgiven.

Significant restrictions will be placed on the midsize business and nonprofit assistance, such as prohibiting paying out dividends while the loan is outstanding. More guidance will be forthcoming from the U.S. Treasury on additional criteria and funding access.

As previously announced, there are additional small business grants and loans available including the Hospitality Emergency Grant (applications due April 1), Illinois Small Business Emergency Loan Fund and Downstate Small Business Stabilization Program. Learn more here.

 

How can you help?

We are still looking for organizations to donate, make or sell personal protective equipment (PPE). If you are interested, please contact the following:
Donate: Contact This email address is being protected from spambots. You need JavaScript enabled to view it.
Make: Go to https://bit.ly/3dICp1O
Sell: Contact This email address is being protected from spambots. You need JavaScript enabled to view it.

More information available here.

Additionally, the University of Chicago Booth School of Business is conducting a survey among small business owners to understand how the coronavirus pandemic has impacted small businesses. This survey is completely optional. Your responses will be anonymous and will not impact your eligibility to receive any financial assistance.

However, your responses will help us communicate your needs to policymakers and provide better recommendations for what they can do to help business owners in this time of crisis. Please fill out the survey here.

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Below you will find information from the Illinois Department of Employment Security as it regards to the CARE Act and state unemployment. If you have any questions, please do not hesitate to contact me via email or on my cell phone.

Additionally, if any of your constituents have specific questions or issues navigating unemployment, please have them email This email address is being protected from spambots. You need JavaScript enabled to view it. and we will try to assist them as best as possible.

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Where do I file for benefits?
We recommend filing for benefits online at www.ides.illinois.gov.
If you have any questions, contact IDES Claimant Services at (800) 244-5631.

What information do I need to file for benefits?

  • Your driver’s license or state ID.
  • Social Security number and name as it appears on your Social Security card.
  • If you are claiming your spouse or child as a dependent, the social security number, date(s) of birth and name(s) of dependent(s).
  • The name of all employers you worked for in the last 18 months; the beginning and ending dates of employment for these employers; the mailing address of each employer; phone number and separation reason for each employer.
  • If you are not a U.S. citizen, your Alien Registration information.

How much in benefits will I receive and how long does it last?
Your benefit amount is based on your recent income. The maximum benefit amount is $484 per week. Those who have a qualifying dependent receive an additional amount. Benefits are paid for up to 26 weeks. You will be notified if the federal government approves you for an extension.

When do I certify for benefits?
After filing your claim for unemployment insurance benefits, you will receive a notice titled “UI Finding”. This notice will indicate your first certification date, which is approximately 2 weeks from the date you submit your claim. You will be required to certify your eligibility to receive payment on the date indicated on the notice and every two weeks thereafter in order to receive payment.

How do I certify for benefits?
The best way to certify for benefits is by going online to www.ides.illinois.gov/certify. You can also certify by calling (312) 338-4337.

When do I receive payment and how do I receive it?

After completing your certification and your responses are approved, benefits are received within 2-3 business days. You will be issued a debit card automatically. You may, however, sign up for direct deposit when you file for benefits, or at any point thereafter.

What are Rapid Response Services?
Rapid Response Services are available to employers who are planning or have gone through a permanent closure or mass layoff, or a natural or other disaster, that results in mass job dislocation. The State Dislocated Worker Unit coordinates with employers to provide information to workers and employers about employment and retraining services designed to help participants retain employment when feasible, or obtain re-employment as soon as possible. For more information, visit Rapid Response Services for Businesses or contact your local Illinois workNet Center.

What actions are being taken to address the high volume of calls at IDES claims services line?
IDES hired additional staff and expanded their business hours to vulture the extremely high volume of calls. The caller is advised to try their call again if they get a busy signal. When the call gets through, there will be an average wait of 20-30 minutes before they speak to a specialist.

If a business decides to shut down voluntarily before mandated, will staff be able to qualify for unemployment? 
If a business decides to shut down, employees would be potentially eligible for benefits and are advised to open a claim as soon as possible

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Category: Latest

Yesterday, the Governor announced that he extended the tax filing deadline to July 15, 2020. Moreover, he launched three new programs:

1. Hospitality Emergency Grant Program
2. Illinois Small Business Emergency Loan Fund
3. Illinois Small Business Emergency Loan Fund

A brief synopsis of each of these programs is below. Additionally, at the bottom of this email is the link to the webpage with more information.

My best to you and your family, and most importantly, stay healthy!

Mike

Hospitality Emergency Grant Program

To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes. Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery. Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.

Illinois Small Business Emergency Loan Fund

DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000.

Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below-market interest rate for the remainder of a five-year loan term.

Downstate Small Business Stabilization Program

To support small businesses in downstate and rural counties across Illinois, DCEO is repurposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program. This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. These grants will be offered on a rolling basis.

You can find out more information here: https://bit.ly/2UzqcDY

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CONTACT SENATOR HASTINGS

Welcome to the official website of Senator Michael E. Hastings. Please fill out our contact form to contact Senator Hastings directly or you may call any of our offices. We look forward to hearing from you.

Springfield Office:
118 Capitol Building
Springfield, IL 62706
(217) 782-9595

East Office:
813 School Ave
Matteson, IL 60443

District Office:
20855 South LaGrange Road
Frankfort, IL 60423
(815) 464-5431

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