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 any — of the loan. Use the U.S. Chamber of Commerce’s guide and checklist to help your small business through the process. Thank you, U.S. Chamber of Commerce for this update.
Alcohol Sales Continue Despite Rumors
Alcohol sales are NOT being stopped. Evidently, some malicious individual put into social media circulation a well-done fake news announcement that Illinois had announced the suspension of the sale of alcohol. Illinois Liquor Control Commission made an official release dispelling the rumor. You can view the release here. Thank you, Rob Karr from the Illinois Retail Merchants Association, for this update.
Update on the Information on the Illinois Small Business COVID-19 Relief Program
We had included the availability of this loan in earlier briefs, but today we were able to speak directly to the coordinator of the program. They are in the process of getting local community banks certified to process these loans and will post the financial institutions who have been officially certified as early as 3/31/2020. Check the Illinois Treasurer’s website to find lenders processing these loans at Small Business COVID-19 Relief Program. The NACC plans to schedule a virtual program to offer Members more information and direct dialogue about this resource.
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