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. The loans can extend to 30 years with a first-year payment deferment. SBA has developed a streamlined approval process to make funds available quickly to support our businesses and non-profits.
Apply for a low-income loan: https://www.sba.gov/funding-programs/disaster-assistance
Paper application to determine the information required for the application process: https://disasterloan.sba.gov/ela/Information/PaperForms
NACC is exploring the offering of teleconferences with more information on how to access these resources. However, for immediate support for applying for these loans, reach out to the local SBA Centers:
Harriet Parker, Manager, Illinois Small Business Development Center, Waubonsee Community College
18 S. River Street, Room 268, Aurora, IL 60506, (630) 906-4143, firstname.lastname@example.org
Ute Westphal, Program Manager, Illinois Small Business Development Center, College of DuPage
55 Duane Street, Office 233, Glen Ellyn IL 60137, Phone: (630) 942-2630
Help for our Logistics & Transportation Members Transporting Medical Supplies
Governor JB Pritzker ordered the waiver of all overweight fees for transportation of emergency/relief supplies in response to the COVID-19 pandemic. PLEASE read the permit order here for additional details. Additionally, IDOT Acting Secretary Omer Osmen announced that haulers may carry up to 88,000 lbs on 5 axles or an additional 10% above legal loads on fewer axles. PLEASE read the IDOT announcement here for additional details. These authorizations expire on April 12, 2020. Thank you to the Illinois Retail Merchants Association for this update!
More Local News…
Last night, in an Emergency Meeting at City Council, Mayor Steve Chirico declared a local state of emergency in the City of Naperville as the community responds to the COVID-19 pandemic. The declaration gives City leaders an increased ability to deal with emerging issues, such as allowing grocery deliveries outside of standard times, waiving electric and water cut-offs, and extending liquor license renewals. The declaration also allows the City the ability to apply for federal reimbursement for certain expenditures related to the disaster if money becomes available in the future. The Naperville City Council also unanimously passed an ordinance extending the declaration until April 21, 2020.
There is a new devoted coronavirus page for the state of Illinois to follow: http://coronavirus.illinois.gov
Federal Assistance Package
We mentioned in yesterday’s post the federal assistance package passed the U.S. House. As an update, revisions were made prior to it officially being reviewed by the Senate. See changes to the legislation here: http://d31hzlhk6di2h5.cloudfront.net/20200317/d0/77/8c/65/fbda3b3d21f98f84e5de5151/Coronavirus_Supplemental_V2_Summary_FINAL.pdf
Stay tuned for more updates…