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, SBA Disaster Loans are available. We learned today that once a business or non-for-profit has been approved for this loan, they have up to 90 days to decide to accept the funds. Therefore, these funds can serve as a security blanket should you need them if other avenues are exhausted.
THANK YOU, Ute Westphal, Program Manager at the Illinois Small Business Development Center, College of DuPage, firstname.lastname@example.org for these two updates.
Emergency Over-time Exceptions
The Illinois Department of Labor (IDOL) has formally streamlined the process by which employers can allow employees to work more than six consecutive days. Under current law, employers must file a permit for every location – file by Friday before – and, include specific information. That information is then reviewed by the IDOL and a determination is given. Under this emergency rule, if a permit is requested due to COVID-19, the employer may seek ONE permit covering one or more locations, anticipated number of employees, the anticipated duration of the permit, and a statement as to how the request is related to COVID-19 (e.g. supplying essential items to essential businesses). IDOL will then consider the permit approved unless they contact the employer within two-business days. It must be emphasized that only employees who volunteer are eligible to work more than six consecutive days. –
Thank yo to Rob Carr from the Illinois Retail Merchants Association for this update.
We are still awaiting word from Washington, D.C. as the details and final passage of a stimulus package. Click here to see the U.S. Chamber of Commerce Summary of the U.S. Senate CARES bill written as of March 22nd.
Stay tuned for daily updates and do not hesitate to reach out for additional details or resources about the information provided in today’s brief.
Reba Osborne, Director of Government Affairs