Title Subheadline

COVID-19Small-BusinessAssistance

32ndDistrictStateSenatorCraigWilcox

State Resources

Small Business Emergency Loan Fund

Whoiseligible?•  SmallbusinesseslocatedoutsideoftheCityofChicagowithfewerthan50workersandlessthan$3millioninrevenuein2019canapply.

•  Hasexperiencedatleasta25%decreaseinrevenuesasaresultofCOVID-19.•  HasbeeninoperaLonsforatleastoneyear.

Howmuchmoneyisavailable?Businessescanreceivealow-interestloanofupto$50,000withafive-yearrepaymentperiodwithnopaymentsdueforthefirstsixmonths.

Small Business Emergency Loan Fund Whatcanfundsbeusedfor?•  Loanscanbeusedtosupportworkingcapital.•  Atleast50%ofloanproceedsshouldbeappliedtowardpayrollorothereligiblecompensaLon,withacommitmenttohireorretainatleast50%ofabusinessworkforceforsixmonths.

•  EligiblecompensaLonincludessalaries,wages,Lps,paidleave,andgrouphealthcarebenefits.EligibleuseswillexcludecompensaLoninexcessof$100,000.

HowdoIapply?Businesseswillapplydirectlywithlocallenders.

MoreinformaBon:hQps://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx

Downstate Business Stabilization Fund

$20millionhasbeenmadeavailabletoprovideworkingcapitalavailabletodownstatesmallbusinessesthatemploy50peopleorfewer.

Whoiseligible?Businessesthatemploy50peopleorfewer.Thenumberofemployeesincludethebusinessowners.

Howmuchmoneyisavailable?Fundsarenowavailableforupto60daysofverifiableworkingcapitaluptoagrantceilingof$25,000

Whatcanfundsbeusedfor?Thesefundsmaybeusedtoassistprivatefor-profitsmallretailandservicebusinesses,orbusinessesconsiderednon-essenLalbytheGovernor'sExecuLveOrderwithouttheabilityforemployeestoworkremotely.

Downstate Business Stabilization Fund

HowdoIapply?•  ApplicaLonsmustbesubmiQedbyaunitoflocalgovernmentrecognizedbytheIllinoisConsLtuLonandabletosupporteconomicdevelopmentacLviLesonasufficientscale.ThisincludesciLes,villages,andcounLes.

•  MunicipaliLesmustnotbeaHUDdirectenLtlementcommunityorbelocatedinanurbancountythatreceives"enLtlement"funds(seelistinprogramGuidebook).

•  ApplicaLonswillbemade“insupportof”thebenefiLngbusiness,andfundswillbepassedthroughtothebusinessviaaParLcipaLonAgreement.

MoreinformaBon:hQps://www2.illinois.gov/dceo/CommunityServices/CommunityInfrastructure/Pages/DownstateSmBizStabilizaiLon.aspx

State Treasurer Bridge Loans TheStateTreasurerhasmadeupto$250millionindepositsavailabletofinancialinsLtuLonsthroughoutthestate,atnear-zerorates,toassistIllinoissmallbusinessandnon-profitsnegaLvelyaffectedbytheCOVID-19pandemic.Thepurposeofthisfundingistoprovidevitaleconomicsupporttosmallbusinessesandnon-profitsthroughoutIllinoistohelpovercomethelossofrevenuetheyareexperiencing.

HowdoIapply?Businesseswillapplydirectlywithlocallenders.

MoreinformaBon:hQps://illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program

State Treasurer Bridge Loans

Howdoesitwork?•  StatefundswillbedepositedwithqualifiedfinancialinsLtuLonsfora1-yeartermatanear-zerodepositrateof0.01%(0.0001).

•  Depositedfundsfacilitateaffordableloans(nottoexceed4.75%)tosmallbusinessesandnon-profitsthatcouldbeusedtoprovidebridgefunding,payfixeddebts,payroll,accountspayableandotherbills.

•  DepositscanbedrawnbyfinancialinsLtuLonsin$1millionor$5millionincrements,uptoamaximumof$25millionperfinancialinsLtuLon.

•  EligibleIllinoisbusinessesornon-profitsmust(1)havebeenshutdownorlimitedduetoCOVID-19;(2)havelessthan$1millioninliquidassetsor$8millionaverageannualreceipts(perSBAstandards);and(3)beheadquarteredintheStateofIllinoisoragreetousethefundsinIllinois.

•  DepositscanberenewedasdeterminedbytheTreasurer’sOffice.•  FinancialinsLtuLonswillberequiredtoprovidereportstotheTreasurer’sOfficeregardingtheusageofprogramfunds,includingthenumberandtypesofloansprovidedtosmallbusinessesandnon-profits,andtheeconomicimpactofsuchloans.

•  ThisprogramworkswithparLcipaLngfinancialinsLtuLons–loanswillnotbemadedirectlybetweentheTreasurer’sOfficeandbusinesses.

Unemployment Information UnemploymentbenefitsmaybeavailabletosomeindividualswhoseunemploymentisaQributedtoCOVID-19.IDESrecentlyadoptedemergencyrulestotrytomaketheunemploymentinsurancesystemasresponsivetothecurrentsituaLonaspossible.

WheredoIfileonline?TofileanUnemploymentInsuranceclaim,goto:hQps://www2.illinois.gov/ides/abouLdes/Pages/10%20Things%20You%20Should%20Know.aspx

WhodoIcallIfyouhavequesLonsaboutUnemploymentInsurance,pleasecalltheIDESCustomerServiceCenterat800-244-5631or866-488-4016TTY.

WhencanIfile?InordertoprocesstheextremelyhighvolumeofunemploymentbenefitclaimsduetoCOVID-19,IDEShasimplementedaspecificscheduleforthosefilingclaimsonlineandoverthephone.

Unemployment Information OnlineFilingSchedule:•  LastnamesbeginningwithleQersA-MwillfileonS,Tu,orTh.

•  LastnamesbeginningwithleQersN-ZwillfileonM,W,orF

•  SaturdayswillbeavailableforanyonetoaccommodatethosewhocouldnotfileduringtheiralloQedwindow.

CallCenterFilingSchedule:•  LastnamesbeginningwithleQersA-MwillcallonTu,orTh.between7:30am–6pm.

•  LastnamesbeginningwithleQersN-ZwillbecallonMorWbetween7:30am–6pm.

•  Fridays(7:30am–6pm)willbeavailableforanyonetoaccommodatethosewhocouldnotfileduringtheiralloQedwindow.

ThedayorLmeofdayinwhichaclaimisfiledwillnotimpactwhetheryoureceivebenefitsoryourbenefitamount.AddiLonally,claimswillbeback-datedtoreflectthedateinwhichaclaimantwaslaid-offorletgofromtheirjobduetoCOVID-19.

Tax Relief BarsandRestaurants:TheIllinoisDepartmentofRevenuehasdeferredsalestaxpaymentsformorethan24,000barsandrestaurants.Barsandrestaurantsthatincurredlessthan$75,000insalestaxliabiliLeslastyearwillnotbechargedpenalLesorinterestonlatepaymentsduebetweenMarchandMay.However,qualifiedtaxpayersmustsLllfiletheirsalestaxreturneveniftheyareunabletomakeapayment,andwillberequiredtopaytheirsalestaxliabiliLesinfourinstallmentsbeginningMay20.

ForIndividuals:FollowingcallsfromSenateRepublicanlawmakers,GovernorJ.B.PritzkerdirectedtheIllinoisDepartmentofRevenue(IDOR)toextendtheincometaxfilingdeadlinefromApril15,toJuly15.ThefederaldeadlinetofilewiththeInternalRevenueService(IRS)hasalsobeenextendedtoJuly15.

MoreinformaBon:hQps://www2.illinois.gov/rev/Pages/Taxpayer-Resources-during-COVID-19-%28Coronavirus%29-Outbreak.aspx

Federal Resources

Federal Stimulus

FederalSBmulusPackages•  ThethirdfederalsLmulusbill(CARESAct)setupthePaycheckProtecLonProgram(PPP),fundingitwith$349billion.

•  ThefourthfederalsLmulusbillappropriatedandaddiLonal$310billiontothePPP.Outofthis$310billion,$60billionwassetasideforsmallerandcommunity-basedlenders.

•  ThefourthfederalsLmulusbillalsoappropriated$60billionforEconomicInjuryDisasterLoans(EIDL)andLoanAdvances.OutofthisappropriaLon,$50billionwassetasideforloansand$10billionforloanadvances.

WiththenewfundsfromthefourthsLmulusbillthatwassignedintolawonApril24,boththePaycheckProtecLonProgramandtheEconomicInjuryDisasterLoanProgramswillbeabletoresumeprocessingapplicaLons.

Federal Stimulus

Unemployment•  Provides$250billiontoexpandunemploymentbenefits.Theexpandedunemploymentprogramwillcoverself-employed,independentcontractors,andgigworkers.

•  Increasestheweeklyunemploymentbenefitby$600aweekthroughJuly31st.ProvidesforanaddiLonal13weeksofunemploymentinaddiLontowhatstatesnormallyallow.(InIllinois,thetotalunemploymentbenefitsanindividualwouldbeeligibleforwouldnowequal39weeks.)

•  Thisexpansionistemporaryandwillexpireattheendof2020.

MoreinformaBon:hQps://www.dol.gov/agencies/whd/pandemic/ffcra-quesLons

Federal Stimulus DirectCheckstoMiddle-andLower-IncomeAmericans•  ProvidesfordirectpaymentstoUSresidents.Forindividualsearning$75,000orlessandcouplesearning$150,000orless,thepaymentwillbe:

•  Individuals:$1,200•  Couples:$2,400•  Children:$500perchild(undertheageof17)•  Forincomesabove$75,000forindividuals($150,000forcouples),thepaymentswillgraduallybephasedoutasincomelevelsgoup.Individualsearning$99,000ormoreandcouplesearning$198,000ormorewillnotreceiveadirectpaymentasthebenefitwillhavephasedout.

•  Qualifyingincomelevelswillbebasedon2019federaltaxreturns,ifalreadyfiled,and,ifnot,upon2018returns.

•  EightymillionAmericansreceivedthesefundviadirectdepositinmidApril.

•  QualifyingAmericanswhodidnotreceiveadirectdepositmayapplyat:hQps://www.irs.gov/coronavirus/economic-impact-payments.

Federal Paycheck Protection Program •  SmallbusinesseslookingtokeepworkersonthepayrollmayapplyforPaycheckProtecLonProgram(PPP)loansthroughtheirbanks.TheseloansarebeingprocessedthroughtheU.S.SmallBusinessAdministraLon(SBA).Businessesthatmaintaintheiremployeesforeightweekswillbeeligibleforloanforgiveness.Moneymustbeusedforpayroll,rent,mortgageinterest,oruLliLes.

Whocanapply?•  Smallbusinesseswithfewerthan500employees(includingsoleproprietorships,independentcontractors,andself-employedpersons)

•  501(c)(3)PrivateNon-ProfitOrganizaLons•  501(c)(19)VeteransOrganizaLons•  Businessesincertainindustriesmayhavemorethan500employeesiftheymeettheSBA’ssizestandardsforthoseindustries.

•  SmallbusinessesinthehospitalityandfoodindustrywithmorethanonelocaLoncouldalsobeeligibleiftheirindividuallocaLonsemployfewerthan500workers.

Federal Paycheck Protection Program

Wheretoapply?•  BusinessescanapplythroughanyexisLngSBA7(a)lenderorthroughanyfederally-insureddepositoryinsLtuLon,federally-insuredcreditunion,orFarmCreditSysteminsLtuLonthatisparLcipaLng.

•  OtherregulatedlenderswillbeavailabletomaketheseloansoncetheyareapprovedandenrolledintheSBAprogram.YoushouldconsultwithyourlocallenderastowhetheritisparLcipaLngintheprogram.

•  LendersmaybeginprocessingloanapplicaLonsassoonasApril3,2020.•  ThePaycheckProtecLonProgramwillbeavailablethroughJune30,2020.

Federal Paycheck Protection Program LoanDetailsandForgiveness:

•  Loanswillbefullyforgivenifthefundsareusedforpayrollcosts,interestonmortgages,rentanduLliLes.

•  Atleast75%oftheforgivenamountmusthavebeenusedforpayroll.•  Payrollcostsforbusinessescaninclude:commissions;Lps;localandstatetaxespaidforemployees;reLrementbenefits;grouphealthinsurancepremiums;andvacaLon,parental,family,medical,andsickleave.

•  Loanpaymentswillbedeferredforsixmonths.•  Nocollateralorpersonalguaranteesarerequired,andneitherthegovernmentnorlenderswillchargesmallbusinessesanyfees.

•  Forgivenessisbasedontheemployermaintainingorquicklyrehiringemployeesandmaintainingsalarylevels.Forgivenesswillbereducediffull-Lmeheadcountdeclines,orifsalariesandwagesdecrease.

•  Thisloanhasamaturityoftwoyearsandaninterestrateof1%.

MoreinformaBon:hQps://www.sba.gov/funding-programs/loans/coronavirus-relief-opLons/paycheck-protecLon-program-ppp

SBA Disaster Assistance Loans SomesmallbusinessesinIllinoisareeligibleforfederaldisasterassistanceloansthroughtheU.S.SmallBusinessAdministraLon(SBA).

•  EconomicInjuryDisasterLoan(EIDL)andLoanAdvanceo  Eligibility:businessthathasnomorethan500employeestotalorinonelocaLon,

self-employed,independentcontractors,soleproprietors,non-profitorganizaLons,andveterans’organizaLons.Businessesincertainindustriesmayhavemorethan500employeesiftheymeetSBAsizestandardsfortheirindustry.

o  Somebusinessescouldbeeligibleforuptoa$10,000loanadvancethatwillnothavetoberepaid.

o  ToapplyforaCOVID-19EconomicInjuryDisasterLoanandloanadvance,hQps://covid19relief.sba.gov/.

•  TheSBAisalsoofferingdebtrelieftobusinessesthathavepreviouslyreceivedSBAloans.MoreinformaLonaboutthisreliefcanbefoundat:hQps://www.sba.gov/funding-programs/loans/coronavirus-relief-opLons/sba-debt-relief.

Resources SmallBusinessEmergencyLoanProgramhQps://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspxDownstateSmallBusinessStabilizaBonFundhQps://www2.illinois.gov/dceo/CommunityServices/CommunityInfrastructure/Pages/DownstateSmBizStabilizaiLon.aspxStateTreasurerBridgeLoanshQps://illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_ProgramPaycheckProtecBonProgramhQps://www.sba.gov/funding-programs/loans/coronavirus-relief-opLons/paycheck-protecLon-program-pppSBADisasterAssistanceLoanshQps://www.sba.gov/disaster-assistance/coronavirus-covid-19

UnemploymentInformaBonState:hQps://www2.illinois.gov/ides/Pages/default.aspxFederal:hQps://www.dol.gov/agencies/whd/pandemic/ffcra-quesLonsIncomeTaxExtensionhQps://www2.illinois.gov/rev/research/publicaLons/bulleLns/Documents/2020/FY2020-24.pdf

Contact My Office StateSenatorCraigWilcox

•  815-455-6330•  SenatorWilcox.com•  SenatorWilcox@gmail.com

DistrictOffice5400ElmSt.Suite103McHenry,IL60050