Call featured experts from the Chicagoland Chamber of Commerce, Illinois Bankers Association, and the Small Business Administration; and focused on the economic impacts of COVID-19.
Chicago…Today State Representative Brad Stephens (R-Chicago) hosted a telephone townhall. The call focused on economic issues facing businesses during the COVID-19 pandemic and featured Jack Lavin from the Chicagoland Chamber of Commerce, Ben Jackson from the Illinois Bankers Association (IBA), and Bo Steiner the IL Director from the Small Business Administration (SBA).
“Businesses in our community are facing unprecedented strain due to the COVID-19. I wanted to make sure they are all aware of the various new programs that have come out of both Washington D.C., and Springfield,” said Stephens. “I want to do everything in my power to make sure that our community is aware of the programs that are being made available to help both businesses and their employees get through this crisis.”
The experts provided updates on the State and Federal initiatives and resources available to help businesses and their employees. Many business owners were interested in the Paycheck Protection Program that is part of the federal stimulus Coronavirus Aid, Relief, and Economic Security Act (CARES) Act.
“It was important to me to connect with all the local Chambers of Commerce that serve the 20th district and over 50 local business owners and provide them with economic tools to help stay afloat during this pandemic,” said Stephens. “These resources from the state and federal government can help our businesses weather the economic storm and keep paychecks flowing to their hardworking employees.”
Illinois’ 20th legislative district includes the northwest side of the City of Chicago near O’Hare Airport and adjacent suburban communities, including Des Plaines, Franklin Park, Harwood Heights, Niles, Norridge, Park Ridge, Rosemont, and Schiller Park. The district is heavily dependent on the tourism and hospitality industry, and it has been hit especially hard by the coronavirus pandemic.
The experts have several links to information available:
- IBA Bank COVID-19 Resource Page: https://www.ilbanker.com/COVID-19-Information
- City of Chicago Small Business Resiliency Fund: https://www.connect2capital.com/partners/chicago-small-business-resiliency-fund/terms-and-requirements/
- DCEO Illinois Small Business Emergency Loan Fund: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx
- State Treasurer Emergency Loan Fund: https://illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program
- US Treasury Borrower fact sheet on Payroll Protection Act: https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf
- Chicagoland Chamber of Commerce Informational Webinars: https://www.chicagolandchamber.org/News/TabId/112/ArtMID/674/ArticleID/7479/A-Note-on-Coronavirus.aspx
- Coronavirus (COVID-19): Small Business Guidance & Loan Resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources