Q&A Webinar with CARES Act Expert from U.S. Chamber of Commerce April 1st NACC will be hosting a complimentary webinar with Kevin Courtois, U.S. Chamber of Commerce Congressional and Public Affairs Executive Director, Great Lakes Region. Kevin will be providing NACC members with up-to-date information about the recently passed $2 trillion federal CARES ACT and otherContinue reading
Federal CARES Act As we mentioned last Friday (3/27/2020), Congress has approved $350 billion in emergency loans for small businesses (PPP- Payroll Protection Program) as part of the CARES ACT to help keep workers employed. If small businesses maintain or later restore their payrolls, they may not have to repay some — or possibly anyContinue reading
Federal Legislation CARES ACT has Passed The Coronavirus Aid, Relief, and Economic Security (CARES) Act, is officially passed and was minimally changed in the U.S. House before its passage this morning. You can review the revised summary of the CARES ACT by the U.S. Chamber of Commerce here The most significant support for small businessesContinue reading
Long- Awaited Federal Legislation Passes Senate The U.S. Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, yesterday. CARES is awaiting U.S. House approval which is expected tomorrow (3/27/20) A key intent of this legislation is to help businesses stay open and keep their employees working. There is extensive support for a wideContinue reading
Breaking News: Illinois Department of Commerce and Economic Opportunity Offering Support Hospitality Emergency Grant Program To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, the Illinois Department of Commerce and Economic Opportunity (DCEO) is launching the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for jobContinue reading
New Support Opportunity Illinois Bridge Loans/ Small Business COVID-19 Relief Program offers an investment of $250 million to community banks to give them greater ability to provide loans at ‘near-zero rates’. These funds were recently made available and can serve as a bridge loan to the Small Business Association loans. As we mentioned in prior briefs, SBAContinue reading
Is your business considered “essential” under Governor Pritzker’s Executive Order? NACC has received many calls from members regarding whether their business is considered essential under Governor Pritzker’s Executive Order issued last Friday (3.20.20). We recognize that the definition is quite broad. Read further using our resource below and/ or inquire with the Department of CommerceContinue reading
This just in… Governor Pritzker has issued a stay-at-home order for the State of Illinois starting at 5:00 p.m. (CST) tomorrow, Saturday, March 21st thru Tuesday, April 7th. You may review the Governor’s Executive Order here for a comprehensive list of essential businesses that are allowed to remain open. It’s 5 O’clock Somewhere The Illinois Liquor ControlContinue reading
Federal Assistance Approved H.R. 6201, the Families First Coronavirus Response Act passed the Senate and President Trump signed it into law yesterday (March 18th). This bill provides, among other things, provisions to address Paid Sick Leave, Paid Family and Medical Leave, and Unemployment Insurance for displaced workers. In addition, it contains provisions for diagnostic testing for Coronavirus andContinue reading
Federal Assistance for Small Business & Not-For-Profits The Small Business Administration has authorized low-interest disaster loans for small businesses and non-profits (excludes religious organizations). You are eligible for up to two million dollars for working capital (which includes fixed debt, payroll, etc.) at an interest rate of 3.75% for businesses and 2.75% for non-profit agencies. Continue reading
