Illinois Back to Business B2B Grant Opens
You should have received an announcement from us earlier that the Governor’s Office Department of Commerce and Economic Opportunity (DCEO) has announced a $250 million Back to Business (B2B) grant program. It opened Wednesday, August 18th and closes October 11th. We encourage all Members to get their applications in as soon as possible.
A full description of this grant can be found at this link: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/B2B.aspx
Find the link to the grant application here
Grants will range from $5,000 to $150,000 per business and can be used to cover a wide range of operations/staff/overhead costs. This grant is designed to build on the Business Interruption Grant (BIG) that was offered to our businesses last year.
Thank you to all Members who have responded to our recent survey requests. We rely on this feedback to better understand how we can support you with our programming and how we can direct our advocacy efforts.
Click the summary of survey findings link to better understand how businesses are recovering from the pandemic.
We will receive the results soon from the survey regarding your legislative priorities. This will be compiled with results of over 40 other Chambers around the state to help with collaborative advocacy efforts in the upcoming Illinois General Assembly Session.
1031 Like Kind Exchange
A concerning issue on our radar is the White House initiative to remove (or cap) the 1031 Like Kind Exchange. The NACC board recently voted to take a position to maintain the 1031 as currently written in the US tax code.
The 1031 allows real estate owners to exchange their property for other income-producing properties and defer capital gains tax if the transaction takes place within a short time frame. This is not a tax loophole for the ultra-rich. Both big and small investors rely on the 1031 to invest and reinvest inside our local communities.
Our advocacy efforts include an entourage from our Business Works Committee having 1:1 meetings with Congressmen Foster and Casten and we are currently awaiting a meeting with Congresswoman Underwood’s office.
Keep an eye out for our video sound bites on the topic we will be pushing out on social media that discuss briefly why this is an important tax matter to protect for business. Please like and share these videos of our Chamber Members discussing the value of the Like Kind Exchange in our local community.
Please reach out to me if you are interested in being an active part of this valuable advocacy effort. It can be as simple as making a call to members of Congress in your district.
We Signed Letter Calling on Governor to Remove the $300 Bonus
Our Chamber was invited to join several trade organizations and other Chambers around the state to sign-on to a letter to Governor Pritzker calling for the removal of the $300 bonus and called for unemployed workers to be required to seek employment to address the workforce shortage across most industries.
International Trade – Silk Road Conference (Virtual) on Friday, September 17th
The NACC has been invited to be a supporting organization for the 15th Annual Silk Road Conference traditionally held in Chicago. The conference organizer, Central Asian Productivity Research Center, just announced that this event will move to a virtual-only platform and our Chamber Members can participate free of charge (although they accept donations). Representatives from the “Silk Road” (Turkey, Pakistan, Azerbaijan, etc.) will provide insights on how U.S. businesses can develop trade relationships with Central Asian countries. This resource will advance our support of Members developing their markets abroad.
Click here for more information and to register. Again, it is a complimentary event, but registration is required.
As always, please reach out if you have questions or want to discuss a policy on your industry’s radar.