Help for Small Business & Non-Profits
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Frequently Asked Questions/Preguntas Frecuentes:
Small Business Resources Through the College of Lake County & the Illinois Small Business Development Center
The Small Business Development Center is offering training programs through TAD (Training Assessment & Development) and BizHub through funding from the CARES Act.
BizHub: BizHub offers Q&A with local entrepreneurs and experts, access to a network for small businesses, a startup knowledge center, and opportunities to share your startup story or get tips from other small businesses. Register your business now at www.lakecountybizhub.com.
TAD: CLC offers TAD, an affordable cloud-based integrated system, to employers of any size in Lake County. TAD is a high-quality, results-oriented training designed for any-size organization. They offer training and workshops on a variety of topics including business writing, communication, ESL, leadership, and more. Visit clcillinois.edu/solutions to learn more.
SBA Disaster Loans
On March 4th, Congress passed and the President signed legislation that allows small businesses to apply for U.S. Small Business Administration (SBA) disaster loans due to the coronavirus for working capital in order to help weather through the coming months. General information is available on the SBA website.
Illinois businesses are now eligible to apply for loans and you can apply for loans on the SBA website.
SBA can provide up to $2 million loans on terms as long as 30-years
Currently, rates are 3.75% for small businesses and 2.75% for non-profits, though my office is strongly advocating the SBA for these to be zero-interest
Recipients are able to defer first payment for up to one-year
Approval time average 2-3 weeks, once approved funds can be disbursed within 5 days. As well, we are advocating to accelerating the approval process.
Applicants must fit SBA’s definition of a small business. This includes most private non-profits, as well as people who are self-employed
Businesses applying should be expected to provide the SBA Form 5 (loan application form), the most recent year’s tax returns, completed IRS Form 4506-T, a personal financial statement, and a schedule of liability
The Small Business administration has extended the deadline to apply for an Economic Injury Disaster Loan (EIDL) to December 31, 2021. After working with the SBA and urging them to extend this much-needed funding, I hope that this assistance will help small businesses on the front lines of this crisis stay afloat.
Webinar on SBA Disaster Loans (recorded January 21, 2021)
View a recording of Congressman Schneider’s webinar answering commonly asked questions about resources available for small businesses here.
How to Apply for SBA Disaster Loan in Lake County, IL
If your business is in Lake County IL and you want to apply for a Coronavirus (COVID-19) disaster assistance loan from the Small Business Administration (SBA), follow this protocol:
Review the Coronavirus (COVID-19) Small Business Survival Guide, which contains links to information you can use to weather this challenging time and complete a loan application.
Review the documentation requirements for completing a loan application. You should have this information on hand before you begin the application process. The information is provided in the Small Business Survival Guide and is listed below.
IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management).
Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available.
Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member.
Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
Additional information that may be necessary to process applications:
Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year is acceptable.
A current year-to-date profit and loss statement.
Additional Filing Requirements (SBA Form 1368) providing monthly sales figures.
Home Loan Application (SBA Form 5c) completed and signed by Applicant and Co-Applicant.
If you experience problems completing your loan application contact SBA Disaster Loan Assistance by phone at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or email at email@example.com.
If you have other questions or problems related to Coronavirus (COVID-19) contact the Small Business Development & International Trade Center at College of Lake County by phone at 847-543-2033 or by email at IllinoisSBDC@CLCIllinois.edu.
Paycheck Protection Program
Included in the CARES Act stimulus is the Paycheck Protection Program, designed to help small business owners cover their employees payroll and benefits during the crisis. This program also applies to non-profits, veteran organizations, sole proprietorships, the self-employed, and independent contractors. These loans will be forgiven so long as proceeds are used to cover payroll costs and benefits, and employee compensation levels are maintained (capped at $100,000). The deadline to apply is May 31, 2021. You can find more guidance on how to apply at the Department of the Treasury’s website.
Emergency Paid Leave
On March 18, the President signed into law the House legislation that will provide emergency paid medical and family leave. This legislation requires employers with up to 500 employees to provide paid sick leave and paid family leave, while providing a refundable payroll tax credit to employers to cover 100% of the cost of wages. There is also a refundable income tax credit for self-employed individuals.
While the Executive Branch is now working through the process of administering this program I encourage you to visit the House Small Business Committee’s fact sheet to learn more about how the program is expected to work and how it might apply to your business.
Other (non-federal) Funding Opportunities
- $28 Million in private philanthropy
- Funding for nonprofit organizations that provide:
- emergency food and supplies, housing, health care services, utility assistance, household expenses, supports for children and other vulnerable populations, and nonprofit safety and operations assistance.
- Multiple funding rounds, apply: www.ilcovidresponsefund.org
Chicago COVID-19 Community Response Fund
- $13.5 Million raised to support social safety net nonprofits in Chicago AND COLLAR COUNTIES
- To Apply: www.chicagocovid19responsefund.org
Lake County COVID-19 Community Response Fund
- $300,000 raised from corporations and individuals, and funds will go to health and human service nonprofits
- To Apply: www.liveunitedlakecounty.org/covid19
Lake County Community Crisis Relief Fund
- Funding for nonprofit health and human service providers
- Grants applications are invitation only. Contact Lake County Community Foundation with questions
Highland Park Community Foundation COVID-19 Emergency Response
- Supports nonprofits in Highland Park and Highwood
- Reach out to directly for funding questions: https://hpcfil.org
Illinois Humanities COVID-19 Emergency Relief Grants
- $2,500 general operating grants to Illinois-based humanities and cultural nonprofits with annual budgets of $300,000 or less located outside the City of Chicago.
- To apply: ilhumanities.org/ReliefGrants
Arts for Illinois Relief Fund
- Public-private partnership that support artists and arts and culture organizations experiencing hardship caused by COVID-19 .
- Grants between $1,500 and $2,000 to individuals and between $6,000 to $30,000 to organizations
- To apply: https://artsforillinois.org
Illinois Small Business COVID-19 Relief Program
- Loan program through the Illinois State Treasurer's Office
- $250 million in deposits are available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits affected by COVID-19
- Apply: https://www.illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program
Illinois Charitable Trust
- Up to $25,000 grants available to Illinois non-profits, administered through the Illinois State Treasurer’s Office
- Apply: https://www.illinoistreasurer.gov/Office_of_the_Treasurer/Charitable_Trust/Apply_for_a_Charitable_Trust_Grant