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COVID-19 - Business Resources

Business Resources during the COVID-19 Pandemic

The Village of Lake Barrington is committed to the continued success of our business community, especially as we all navigate through this public health crisis.  Below are a list of business and industry resources related to COVID-19.  Please contact Lisa C. Pena-Tlapa at (847) 381-6010, Ext. 100 or lpenatlapa@lakebarrington.org with inquiries or to add/update resources.


Financial Assistance

Illinois Small Business COVID-19 Relief Program - The Illinois Treasurer's Office is partnering with local financial institutions to provide bridge loans up to $250 million at net-zero rates for Illinois small businesses and non-profits affected by the COVID-19 pandemic.  Banks looking to become an approved financial institution can find more information HERE.  Illinois businesses and non-profits can apply for loans through the participating financial institutions listed HERE.  More information on this program will be posted as it becomes available.

Low Interest Loans - The Small Business Administration (SBA) has made funds available to provide assistance to small businesses impacted by the COVID-19 pandemic.  These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses.  The interest rate for non-profits is 2.75%.  SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay but payments will be deferred for a year regardless of the repayment terms.  The maximum loan amount without collateral is $25,000 and the maximum loan with collateral is $2 million.  More information about the Disaster Assistance Loans available through the SBA can be found HERE as well as through this PRESENTATION.  Start your application for a Disaster Assistance Loan HERE but be sure to review the information required before you apply.  Be sure to apply ASAP to ensure that funds will be available.  Assistance with this program can be directed to the Illinois District Office at (312) 353-4528 or [email protected]

BMO Financial Relief Program (Only available to current BMO customers) - To help alleviate some of the financial pressures our clients may be facing, BMO has introduced a financial relief program for those impacted by COVID-19. The financial relief program is tailored to individual circumstances and needs and could include: deferral of payments on mortgages, deferral of payments on loans and credit cards and fee waivers on loans, credits cards and deposit accounts. The program also includes accommodations for BMO Small Business and Business Banking clients. Please contact us at 1-800-888-8586 to speak with a BMO representative.

Tax Relief

  • Income Tax - The IRS issued guidance that allows corporate taxpayers deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.  This guidance does not change the April 15 filing deadline.  Clilck HERE for additional tax relief information.
  • Sales Tax - The State of Illinois will defer sales tax payments for more than 24,000 small- and medium-sized bars and restaurants.  Under the directive, eating and drinking establishments that incurred less than $75,000 in sales tax liabilities last year will not be charged penalties or interest on payments due in March, April or May made late.  Penalties and interest will be automatically waived; however, qualified taxpayers must still file their sales tax return even if they are unable to make a payment.  Any taxpayers taking advantage of this relief will be required to pay their sales tax liabilities due in March, April and May in four installments starting on May 20 and extending through August 20.  For more information, see IDOR’s informational bulletin or visit tax.illinois.gov for other taxpayer resources.

Utilities - Many utility companies are modifying their operations or services as a response to the COVID-19 pandemic.  (This is not intended to be a comprehensive list or serve as an endorsement, rather to provide information about utility services.  As these offers are provided by each company, they are subject to change at any time.) 

  • AT&T - suspending termination service due to inability to pay, waiving late fees, providing free access to WiFi hotspots and providing unlimited data for existing customers; businesses will receive 90 days of conference calls and video conferencing services free when they sign up for Cisco Webex Meetings with AT&T
  • Comcast - suspending termination service due to inability to pay, waiving late fees, providing free access to WiFi hotspots for 60 days, providing unlimited data for existing customers and offering free basic internet service for 60 days to new customers
  • Verizon - waiving late fees for residential and small business customers impacted by COVID-19, offering free international calling to CDC level 3 countries
  • T-Mobile - offering bill payment flexibility and providing unlimited data to current customers for 60 days with additional data for mobile hotspot users 
  • Sprint - suspending termination service due to inability to pay, waiving late fees, providing unlimited data and free access to WiFi hotspots, offering free international calling to CDC level 3 countries
  • Nicor Gas - suspending service disconnections for non-payment, effective immediately for both residential and commercial customers through May 1
  • ComEd - suspending disconnects for customers unable to pay their bills and waiving new late payments charges through at least May 1

Webinar/Video Conferencing Platforms (FREE) - Many businesses have been forced into changing how they operate if they want to continue operating during these challenging times.  This article outlines some FREE options for consideration if your business model is expanding to include virtual training/sessions and/or video conferencing/collaboration.


Guidance for Businesses and Employers

Guidance for Businesses Remaining Open - The Centers for Disease Control and Prevention (CDC) has published interim guidance for businesses and employers regarding the planning, preparing and responding to the Coronavirus.  Visit  DCEO guidance and the CDC webpage for more details.

Unemployment - Governor Pritzker announced via press release plans to provide unemployment benefits to workers without sick leave impacted by COVID-19.  Here are some FAQs about having to temporarily lay-off or furlough employees as a result of the COVID-19 pandemic.  If you have employees that are temporarily laid off or otherwise unable to work, direct them to the Illinois Department of Employment Security (IDES) website for FAQs on unemployment eligibility HERE.

SCORE, a network of volunteer, expert business mentors, has provided some resources for keeping your business afloat during this public health crisis.  This article provides some insight into Business Interruption insurance coverage but there are other resources available for FREE or a minimal fee.

Effective Aptil 1, 2020 employers must post a notice of the Families First Coronavirus Response Act (FFCRA) requirements in a conspicuous place on its premises.  All employers covered by the paid sick leave and expanded family medical leave provisions of the Families First Coronavirus Response Act (FFCRA) (i.e., certain public sector employers and private sector employers with fewer than 500 employees) are required to post this notice.

Given many are working remotely, an employer may satisfy this requirement by emailing or direct mailing this notice to employees, or posting this notice on an employee information internal or external website.  


Click here to download PDF of PAID LEAVE REQUIREMENTS
Click here to download PDF of PAID LEAVE RIGHTS

Families First Coronavirus Response Act
- The US Department of Labor has  FAQs for employers along with information on the employer expanded family and medical leave requirements, as well as employee-paid leave rights

Fraud & Scam Protection: The Department of Justice is remaining vigilant in detecting, investigating, and prosecuting wrongdoing related to the crisis. Find out how you can protect yourself and helpful resources on DOJ’s Coronavirus Fraud Prevention website. The Federal Trade Commission has also established a website with helpful information to help consumers avoid coronavirus-related scams.  


Industry Resources


The Small Business Survival Guide has been updated to reflect recent changes and provide other valuable information to help businesses stay open.

Lake County Partners - Key information and resources for all businesses

U.S. Chamber Creates Coronavirus Loan Guide to Help Small Businesses

Washington, D.C. — The U.S. Chamber of Commerce has created a guide to help small businesses, independent contractors, and gig economy workers prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The U.S. Chamber’s Coronavirus Small Business Guide (available at uschamber.com/sbloans) outlines the steps small businesses should take now and prepare to access much-needed funds to help keep their workers on the payroll during this disruptive period. Further guides will be developed as the CARES Act becomes implemented.

Additional information and resources for businesses affected by COVID-19 will be posted here as it becomes available.

 

       
       
       
       
      Village of Lake Barrington
      23860 N. Old Barrington Rd.
      Lake Barrington, IL 60010
        |  Phone: 847-381-6010  |  Fax: 847-381-8557
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