Payroll Protection Program (PPP) of the CARES Act Opens April 3rd
Yesterday, NACC hosted a webinar where Kevin Courtois, Executive Director of the Great Lakes Region of the U.S. Chamber of Commerce discussed in detail the CARES ACT and specifically, the Payroll Protection Program (PPP) – a key economic stimulus for small business. The loan applicantion process opens tomorrow. Applications must be made through a “designated financial institution.” In speaking with one of our banking Chamber Members today, he recommended the most efficient route for submitting an application is through your current financial institution since they would be most familiar with your business and its finances. However, if your financial institution is not an administrator of these loans, Click here for a list of SBA lenders in IL. Another piece of advice is these funds are being administered based on the CARES Act that just passed last Friday so expect some hiccups in the loan application process.
Below are two useful links that summarize the PPP:
- Paycheck Protection Program (PPP) Information Sheet
- Payroll Protection Program Application (this may vary a bit among lenders)
- UPDATED – Coronavirus Emergency Loans Small Business Guide and Checklist (Paycheck Protection Program)
- SBA Economic Injury Disaster Loans (EIDL)
NACC will be hosting a virtual program Wednesday, April 8 at 10:30 am where Donald Pellico, Business Opportunity Specialist with the U.S. Small Business Administration (SBA) in Illinois, will provide us with an extensive explanation of the loan application process and the recently expanded benefits of these loans, followed by Q&A. This webinar is free to Chamber Members. Register here.
IL Small Business COVID-19 Relief Program
The Illinois Department of Commerce and Economic Opportunity and the Illinois Department of Financial and Professional Regulation (IDFPR) has established the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000. We were told by officials at the IL-DCEO office that certified lenders would be listed on their website. However, as of this afternoon (4/2/20), no financial institution in our general geographical area was listed. Keep checking this link to find lenders as their certification is on-going.
- Click here to review the Business Invest Illinois Small Business COVID-19 Relief Program application
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