May 6, 2020 – The EDC of Decatur and Macon County is offering an update on small business loans, frequently asked questions for businesses and upcoming webinars.
- DCEO issued Updated Occupancy Restrictions and FAQ as the state slowly reopens
- SBA Economic Injury Disaster Loans now accepting applications for agricultural businesses, and instructions for original applicants to reapply
- Update on Pandemic Unemployment Assistance (PUA) process for self-employed workers, freelancers, and independent contractors
- Illinois Manufacturing Excellence Center upcoming webinars
Please read below if you’re interested in additional details about the topic above.
Occupancy Restrictions and FAQ:
The DCEO/State FAQs were updated on May 2nd to include modifications to Occupancy Restrictions for Essential Stores, New Essential Businesses, Non-Essential Retail Curbside Pickup, Select Outdoor Recreation Sites, Safe Business Operations: Face Coverings, and Social Distancing for Essential Manufacturing Businesses. See the full FAQ at the link here.
On Tuesday, May 5th, the Governor released his Restore Illinois plan for re-opening the state’s economy. The plan envisions five phases of re-opening and divides the state into four regions, which can proceed through the different phases at different times based on local conditions. The entire state is currently in Phase 2 as of May 1st.
Update on SBA Economic Injury Disaster Loans (EIDL)
Ag Businesses: Legislation passed on April 23, 2020 provided additional funding to the EIDL ($50B) and EIDL advance ($10B) programs. In addition, it relaxed eligibility requirements so agricultural businesses including businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries are eligible for the EIDL and EIDL advance. These businesses would still need to meet the criteria of having 500 or fewer employees. For more information, please click here.
Original Applicants: The current online loan portal originally opened on March 30, 2020. SBA asked that applicants who applied prior to that date “reapply” in the streamlined loan portal with the promise that they would not lose their place in the queue of applications they had received. The purpose of this request was that the new streamlined process offers much more efficient underwriting and disbursement and would get the funds in the hands of those approved for loans more quickly. If you have applied for EIDL and you have not already, go into the portal and “reapply”. You will not lose your spot in the queue and your “reapplication” will be matched to the time and date of initial application. For more information, please click here.
Pandemic Unemployment Assistance (PUA) Process for Self-employed Workers, Freelancers, and Independent Contractors
The Illinois Department of Employment Security (IDES) posted new information on their Facebook page this week: “Receiving a denial for regular unemployment benefits is a mandatory first step in determining eligibility for PUA. If you’ve already applied and have been denied regular unemployment, you can submit a claim through the new PUA portal once it opens.” There was some uncertainty on what the next steps would be after one had filed and been denied for regular unemployment benefits (a mandatory first step in applying for PUA). To read the full post, click here. I strongly recommend following the IDES Facebook Page for updates. I’ve found some posts in the comment section to be helpful.
Illinois Manufacturing Excellence Center (IMEC): Upcoming Webinars
Below are upcoming webinars that might be of interest to you. Click here to learn more about each topic and to register for the webinars:
- Safety Plans for Reopening Your Workplace: Friday, May 8 at 11:30am
- Time to Rebuild: COVID-19 Supply Chain Wake-Up Call: Monday, May 11 at 11:30am
- Making Fast & Decisive Shifts in Your Operating Strategy: Tuesday, May 12 at 11:30am
- Pricing in a Crisis Webinar: Wednesday, May 13 at 11:30am
- Recovery Readiness: Observations and Trends: Friday, May 15 at 11:30am
- What is the “New Normal” Anyway? Leadership & Culture: Tuesday, May 19 at 11:30am
- Responding to a Violation of Your Security Policy – Fundamentals of Cyber Security: Tuesday, May 19 at 1:00pm
- Are Your Risk Plans Updated for the Next Disruption?: Wednesday, May 20 at 11:30am
- Economic Insights from the Federal Reserve Bank of Chicago: Friday, May 22 at 11:30am
- Reinventing the Supply Chain: Tuesday, May 26 at 11:30am
- Preparing for the Economic Unknown Webinar: May 27 at 11:30am
