End of Year Member Survey
We are keenly concerned with how our business community continues to navigate the challenges brought about by the pandemic. We have sent questionnaires periodically throughout to last 10 months to take a pulse as we moved through different “Restore Illinois Mitigations”. We have created a 2020 End of Year Questionnaire to capture your experience looking at the entire 10-month period.
Please take the time to complete this questionnaire by January 22, 2021 using the link: https://www.surveymonkey.com/r/SJZQ3KX
Federal Stimulus
As most have heard by now, Congress was able to pass another round of federal stimulus in December. We sent a more comprehensive overview in our email a few weeks ago, but here are some key resources available and links for more information:
PPP: The Payment Protection Program
If you received a PPP loan from the earlier CARES Package, you could apply for a “second draw” but unlike the original application, you need to be able to provide documentation of at least a 25% reduction in revenue due to COVID-19. Additional monies are earmarked for live venues, movie theatres and museums hardest hit which would allow applying for 3.5 months payroll instead of the 2.5 months payroll in other industries.
We understand there were challenges with the re-opening of the portal. Systems should be in place to apply for funding through your financial institution.
Small Business Administration: EIDL Grant Fund
This grant offered in the CARES Act still has a cap of $10,000. If you received an EIDL grant earlier in the pandemic for less than $10,000, you can re-apply to receive the balance. Also, in the new package you will not have your PPP loan amount reduced by the amount of the EIDL should you apply and receive both.
It is our intent to orchestrate a webinar with SBA and PPP experts to better clarify how to best utilize resources provided in the new federal stimulus. Keep an eye out for an announcement.
Important Dates to Hold
We have several Business Works-related events planned in the coming weeks.
International Trade for Beginners Event
February 23rd at 1:00 pm
In collaboration with the International Trade Association of Greater Chicago and the American World Trade Chamber of Commerce this program is designed to provide practice resources to members who are looking to expand to international markets and provide practical guidance on our certificates of origins e-certs benefit we offer our Members.
Election Forum: Virtual Meet the Candidates
Week of March 13th from 4:00-6:00 pm
- Monday, March 13: Park District Board Candidates
- Tuesday, March 14: City Council Candidates
- Wednesday, March 15: School District #203
- Thursday, March 16: School District #204
We are gearing up for both a new IL General Assembly and U.S. Congress within the coming days. We have several bills on our radar impacting our local businesses. Stay tuned as we provide updates on these pieces of legislation, our position and how you can support our advocacy efforts.
As always, we are working on behalf of our Member businesses. Please reach out to me if you have questions, need more information or you have a policy issue impacting your industry for our Business Work Committee to explore for possible advocacy efforts.
(630) 544-3387 or rosborne@naperville.net