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 and bolsters Medicaid and nutrition programs for at-risk populations. There are many issues addressed in this bill and revisions are expected as the law becomes operational. Read the US Chamber of Commerce summary of this complicated new law here: https://www.uschamber.com/issue-brief/summary-of-latest-congressional-action-coronavirus-response
The U.S. Congress will now focus on the Phase Three stimulus package. We were delighted to get a call from Congresswoman Lauren Underwood herself on Tuesday requesting feedback from our business community.
There were two main points discussed with Congresswoman Underwood:
- Financial support to keep valued (especially long-time employees) on the payroll
- Financial relief for rent/ lease payments which tend to be a larger budget item for most businesses and also impacts our commercial real estate businesses.
If your business or organization has other immediate needs, please contact me so that we can communicate these needs to our elected officials. Read the U.S. Chamber’s letter to Congress and the President with their recommendations for this third phase of support.
Remember, your business and not-for-profit organization can apply for the Small Business Administration low-interest disaster loan. 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 with first-year payments deferred. Illinois just got certified for these loans, so if you had difficulty with the application process the last couple days, please try again at this link: https://www.sba.gov/funding-programs/disaster-assistance
NACC will be scheduling a webinar is the next few days to provide additional assistance.
Relief on the Local Front
The Naperville Mayor Steve Chirico has just signed an executive order extending all currently issued liquor licenses that were due to expire on April 30, 2020. This was the first executive order signed under the City’s local state of emergency declaration issued on March 17 in response to the ongoing COVID-19 pandemic. This order extends all currently issued liquor licenses that were due to expire on April 30, 2020, and suspends the City’s liquor license renewal process and any associated late fees. See executive order at this link www.naperville.il.us/coronavirus-resources
For more information or to pose questions specific to your business – contact Reba Osborne, Director of Government Affairs