News from the Reference Desk Category: Business

Deadline approaching for receiving stimulus money

The Consumer Financial Protection Bureau (CFPB) states there are millions of people who are eligible to receive their Economic Impact Payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, who haven’t claimed it yet. These individuals have until October 15, 2020 to claim their stimulus payment this year.  As the deadline approaches, download their recently released guide and find out if you are eligible, or ask your Business Librarian.

 

Kick Start Your Small Business FREE SBA webinar Sept. 2

Has your small business reached a crossroads? Bring your questions to this interactive webinar as we discuss techniques for revitalizing your business plan. Learn how SBA programs and services can be the tools you need to make sound decisions for your business.

REGISTER HERE to receive log on instructions emailed to you. Please note, this event will be on the Microsoft Teams platform. There is no dial-in number; you must join online. The Safari browser is incompatible. Email the Illinois District Office with questions at ILLINOIS (dot) DO (at) sba (dot) gov.

https://www.eventbrite.com/e/kick-start-your-small-business-tickets-117434643179

 

Startup Storytelling: How to Create a Winning Pitch Deck July 29

SCORE of North Cook and Lake County presents this webinar for budding entrepreneurs! A well designed pitch deck is one of the most powerful tools early stage entrepreneurs can develop to get potential investors, partners and suppliers to understand, care and take action.  This webinar explores the major components necessary to create a winning pitch deck. The presentation includes a review of the key skills that need to be demonstrated and the questions that need to be answered for each component. It also outlines additional information that can help entrepreneurs achieve a variety of goals from raising money to recruiting new partners and suppliers. Following the presentation stick around for a Q&A with presenter Chris Banakis.

REGISTER HERE!

IL Business Interruption Grant (BIG) Program begins June 23

From the Illinois Department of Commerce and Economic Opportunity (DCEO):

DCEO will launch the first round of Business Interruption Grants (BIG) by providing $60 million to businesses experiencing losses or business interruption as a result of COVID-19 related closures. DCEO will begin distributing funds to qualifying businesses in early July.
In the first wave of grants, priority will be given to small businesses that have been heavily restricted or completely shut down during the pandemic and are located in disproportionately impacted areas (DIAs). Businesses eligible for the program must have experienced extreme hardship, demonstrated by eligible costs or losses in excess of the grant amount, since March and may continue to face depressed revenues or closure. Businesses must also have been in operation for at least three months prior to March 2020. An emphasis will also be placed on those businesses that are located in areas that have experienced recent property damage due to civil unrest, exacerbating the economic impacts of COVID-19.
Specifically, the program includes support for:

Businesses in DIAs – $20 million for businesses that are located in a subset of DIAs that have recently experienced significant property damage, providing 1,000 grants of $20,000 each

Bars and Restaurants – $20 million for bars and restaurants unable to offer outside service, providing at least 1,000 grants of up to $20,000 each

Barbershops and Salons – $10 million for barbershops and salons, providing 1,000 grants of $10,000 each

Gyms and Fitness Centers – $10 million for gyms and fitness centers that have lost significant revenue due to COVID-19, providing 500 grants of $20,000 each

The application for BIG will be available on Tuesday, June 23–keep checking site for updates.

Cook County Community Recovery Loan Fund Now Accepting Applications

Cook County has launched an initiative to provide economic relief to small businesses and independent contractors in response to COVID-19. Beginning today, the Community Recovery Loan Fund is accepting applications. The $10 million fund offers one-time, zero-interest loans up to $20,000 for small businesses and up to $10,000 for independent contractors. The fund is only available in Suburban Cook County. Application deadline is June 17, 2020
Who can apply?
Small Businesses  are eligible if they are: 
  • Employing 25 or fewer employees
  • Earning less than $3 million in annual revenue
  • Located in suburban Cook County, and
  • Revenues have decreased more than 25% as a result of COVID-19
Independent Contractors  are eligible if you are:
  • Making at least half of your yearly income in 1099 contract work 
  • Earning less than $100,000 annually 
  • Residing in suburban Cook County