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.

Category: COVID-19

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.

IMG 1698

Category: COVID-19

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

Category: COVID-19

Need emergency child care AND you are an essential worker?

The State is mindful that child care is a critical emergency service that is necessary for essential workers.

The Child Care Resource and Referral System is collecting information from programs (centers and homes) that are offering emergency child care for children of essential workers, to connect families needing care, to available care.

We want to stress that these services should be provided only when essential workers have no other options available. The goal is still to practice social distancing and to shelter-in place whenever possible.

The CCR&R System is committed to supporting our child care providers through this health emergency, and appreciate all that you are doing to support children, families and your communities.

For more information: https://docs.google.com/forms/d/e/1FAIpQLSc-rPw5zwqr3SbBuLwpS4JfXUzHtgf9yW-uoX44GiWGDqMRcQ/viewform?fbclid=IwAR3FGZN6RNS1QmZLaw-5vTxJQFXj8pUx3VFH7GNBg9ix_vu0bYPLwTcvQz4

Category: COVID-19

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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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