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How We’re Faring as Chicago Cautiously Reopens

Although Chicago is in Phase 3 of the COVID 19 reopening plan, business still looks a little different around Beverly and Morgan Park.
 
Some businesses will remain closed to the public for the time being, still offering curbside pick up. Because many locations are small and need to ensure proper physical distancing, they may continue to operate this way for some time.
 
Please share your reopening dates and any operational changes with us so that we may provide up-to-date information to the community about our local businesses.

Bars Set to Reopen June 17
Starting Wednesday, bars, lounges, taverns, breweries and other similar establishments will be permitted to reopen for outdoor-only service, according to a news release issued by city officials. Additionally, restaurants will be able to open their bars under the same restrictions.
Learn more

PPP Funding is still available! 

The Small Business Administration (SBA) Paycheck Protection Program (PPP) still has $130 billion available to be distributed to small businesses. The deadline to apply is June 30. Any small business that hasn’t yet applied for the loan or is still waiting for their loan to be approved has a small window.
 
To apply, complete this application and take it to your bank, which will submit the application to the SBA. If your bank is unable to help, search for a program lender here or find one on this list.
 
The SBA also has a list of frequently asked questions to help borrowers and lenders through the application process.  
 
There have recently changes been to the program to make it easier for the entirety of the loan to be forgiven.
  • The amount of the loan that must be spent on payroll was reduced from 75 percent to 60 percent. This allows businesses to use more of the loan toward non-payroll expenses.
  • The time to repay any portion of the loan that was not forgiven was extended from two years to five years.
  • The time to use all of the funds from PPP was extended to 24 weeks after the day funding was received.
  • Partial amounts of the loan can be forgiven, even if the entire amount of the loan is not. For example, if a business receives $20,000 from PPP and uses only $6,000 for payroll, the business could be eligible for up to $10,000 in loan forgiveness.
  • Businesses that receive PPP funding will be given until December 21, 2020, to rehire employees in order for their salaries to count toward loan forgiveness. 

These are important changes that will help make the Paycheck Protection Program accessible and more beneficial to more businesses in our community. Please take time to review this program to see how it will help you. Most important, apply by June 30.


PPP Loan Forgiveness Provisions Were Updated on June 5, 2020
Learn more

Chicago News You Should Know

  • CHIBIZ Emergency Alerts: Sign up to receive emergency alerts for the business community by texting “CHIBIZ” to 67283 or by visiting chicago.gov/chibizalerts
  • Together Now Fund: Last week, Mayor Lightfoot announced the Together Now Fund to rebuild our neighborhoods. The City is currently seeking donations for this fund and establishing the framework through which over $11 million will be disbursed to small businesses and not-for-profits throughout the City that have experienced damage as a result of activities over the past week. More information will be shared in the coming days. For now, visit cct.org/togethernow for details and to donate.
Sign up for Alerts

Father’s Day Gift Ideas from Local Businesses

Did you see our ad in this week’s Beverly Review? Be sure to check your email for announcements about advertising opportunities available to at no cost to business association members.

New Platform Helps Looted Businesses Request Funds

The Chicago Business Support Network is a new grassroots initiative that aims to promote equitable small business recovery in under resourced communities. Businesses can request and receive the financial assistance needed to recover monetary losses that may have resulted from recent looting or property damages.

Whether the business is a convenience store, a community organization, or a restaurant, they can share their story on the Chicago BSN platform and request whatever financial help they need.

Their story will then be shared on the platform so that those who are able and willing to assist can send money directly to the organizations. 

To learn more about this initiative as well as the team behind Chicago BSN, visit https://www.chicagobsn.com/about-us.

Help the Police Help You: Send Your Emergency Contact Info to the  22nd District

Alderman Matt O’Shea is asking all local businesses to fill out the attached business emergency contact form. Please complete the attached form and email it to Erin Ross.
Download Emergency Contact form
Copyright © 2020 The 95th Street Beverly Hills Business Association, All rights reserved.


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