SBA Disaster Loan Program

/0 Comments/in , , /by

This information is correct as of 3/23/2020

Anyone interested in applying for this program will apply directly with the SBA. This loan program is NOT being funneled through Banks like the typical SBA 7A or SBA 504 loan programs are.

Click here for the SBA Disaster Loan Program.

Click here to download the presentation from SBA representatives that explains the program and provides some guidance on how to apply. Click here for a quick 3-step overview of the process.

Below is a list of required documents that SBA will ask to be provided with your application for the Disaster Loan Program.

Required Documentation

The following documents are required to process an SBA Disaster Loan Application and reach a loan decision. Your SBA Loan Officer and Case Manager will assist you to ensure that you submit the proper documentation. Approval decision and disbursement of loan funds is dependent on receipt of your documentation.

Businesses

  1. Business Loan Application (SBA Form 5) completed and signed by business applicant.
  2. IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management).
  3. Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available.
  4. Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member.
  5. Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
  6. Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
  7. If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year is acceptable.
  8. A current year-to-date profit and loss statement (typically within 90 days)
  9. Additional Filing Requirements (SBA Form 1368) providing monthly sales figures.

Illinois Unemployment Resources

/1 Comment/in , , /by

This information is correct as of 3/23/2020

COVID-19 and Unemployment Benefits

Unemployment benefits may be available to some individuals whose unemployment is attributable to COVID-19. IDES recently adopted emergency rules to try to make the unemployment insurance system as responsive to the current situation as possible.

What is Unemployment Insurance (UI)?

In general, UI provides temporary income maintenance to individuals who have been separated from employment through no fault of their own and who meet all eligibility requirements, including the requirements that they be able and available for work, register with the state employment service and actively seek work. Click here for more information.

For Employers:

If an employee receives unemployment benefits as a result of COVID-19, will the employer’s unemployment contribution rate increase?

At this time, no further guidance has been issued. Until such time, normal procedures will be followed. In general, the contribution rate of an experience rated employer is based, in part, on the amount of unemployment benefits paid to the employer’s former employees.

Potential Closure or Layoff

Rapid Response Services are available to employers who are planning or have gone through a permanent closure or mass layoff at a plant, facility, or enterprise, or a natural or other disaster, that results in mass job dislocation. The State Dislocated Worker Unit coordinates with employers to provide on-site information to workers and employers about employment and retraining services designed to help participants retain employment when feasible, or obtain re-employment as soon as possible. For more information, visit Rapid Response Services for Businesses or contact your local Illinois workNet Center.

Click here to learn more about unemployment benefits during this time.

Illinois Tax News – Providing Emergency Assistance Programs

/0 Comments/in , , /by

This information is correct as of 3/25/2020

The Illinois Department of Commerce and Economic Opportunity is working to provide emergency assistance programs for Illinois small businesses. Click here for the current status of the plan initiatives.

IL 2019 Taxes:

The Illinois due date for individuals, trusts, and corporations to file and pay taxes has been extended to match the federal due date of July 15, 2020. This relief is automatic, an extension does not need to be filed. See the attached bulletin for details.

Illinois has not extended first quarter estimated taxes for 2020 for calendar year taxpayers, that due date remains 4/15/2020. The second quarter calendar year estimate is due 6/15/2020.

 

IOGA Letter to Governor Pritzker – Essential Need for Oil & Gas

/1 Comment/in , , /by

IOGA sent the following letter to Governor Pritzker concerning the essential need for oil and gas businesses during this unprecedented time. The product our members produce
is not only vital to our state’s infrastructure but will also help to move and produce the products necessary to keep Illinois’ citizens supplied with the essentials needed for their lives
at home.

This letter encourages the Governor to careful consider the oil and gas industry in any future directives during this time.

Read the letter here. 

CISA Guidance on Essential Critical Infrastructure

/0 Comments/in , /by

CISA released the following memorandum on March 19, 2020

As the Nation comes together to slow the spread of COVID-19, on March 16th, the President issued updated Coronavirus Guidance for America. This guidance states that:

“If you work in a critical infrastructure industry, as defined by the Department of Homeland Security, such as healthcare services and pharmaceutical and food supply, you have a special responsibility to maintain your normal work schedule.”

The Cybersecurity and Infrastructure Security Agency (CISA) executes the Secretary of Homeland Security’s responsibilities as assigned under the Homeland Security Act of 2002 to provide strategic guidance, promote a national unity of effort, and coordinate the overall federal effort to ensure the security and resilience of the Nation’s critical infrastructure. CISA uses trusted partnerships with both the public and private sectors to deliver infrastructure resilience assistance and guidance to a broad range of partners.

In accordance with this mandate, and in collaboration with other federal agencies and the private sector, CISA developed an initial list of “Essential Critical Infrastructure Workers” to help State and local officials as they work to protect their communities, while ensuring continuity of functions critical to public health and safety, as well as economic and national security. The list can also inform critical infrastructure community decision-making to determine the sectors, sub-sectors, segments, or critical functions that should continue normal operations, appropriately modified to account for Centers for Disease Control (CDC) workforce and customer protection guidance.

The attached list identifies workers who conduct a range of operations and services that are essential to continued critical infrastructure viability, including staffing operations centers, maintaining and repairing critical infrastructure, operating call centers, working construction, and performing management functions, among others. The industries they support represent, but are not necessarily limited to, medical and healthcare, telecommunications, information technology systems, defense, food and agriculture, transportation and logistics, energy, water and wastewater, law enforcement, and public works.

We recognize that State, local, tribal, and territorial governments are ultimately in charge of implementing and executing response activities in communities under their jurisdiction, while the Federal Government is in a supporting role. As State and local communities consider COVID-19-related restrictions, CISA is offering this list to assist prioritizing activities related to continuity of operations and incident response, including the appropriate movement of critical infrastructure workers within and between jurisdictions.

Accordingly, this list is advisory in nature. It is not, nor should it be considered to be, a federal directive or standard in and of itself.

In addition, these identified sectors and workers are not intended to be the authoritative or exhaustive list of critical infrastructure sectors and functions that should continue during the COVID-19 response. Instead, State and local officials should use their own judgment in using their authorities and issuing implementation directives and guidance. Similarly, critical infrastructure industry partners will use their own judgment, informed by this list, to ensure continued operations of critical infrastructure services and functions. All decisions should appropriately balance public safety while ensuring the continued delivery of critical infrastructure services and functions.

CISA will continue to work with you and our partners in the critical infrastructure community to update this list as the Nation’s response to COVID-19 evolves. We also encourage you to submit how you might use this list so that we can develop a repository of use cases for broad sharing across the country.

Should you have questions about this list, please contact CISA at CISA.CAT@cisa.dhs.gov.

View the Guidance on the Essential Critical Infrastructure Workforce: Ensuring Community and National Resilience in COVID-19 Response here.

View the official memorandum here.

COVID-19

/0 Comments/in , /by

Governor Pritzker ordered a stay at home mandate except for essential services until at least April 7.  According to the Governor’s Downstate Liaison, Oil and Gas operations are deemed Essential Services.

Illinois reported its first three deaths connected to the coronavirus this week.

Governor Pritzker unveiled a comprehensive website to share resources and state announcements.

The Illinois Department of Employment Security received over 41,000 unemployment benefit claims on Monday and Tuesday of this week. That same two-day period last year saw less than 4,500 claims.

The Secretary of State has closed all offices and motor vehicle facilities.

The state is applying for a statewide Economic Injury Declaration with the US Small Business Administration to receive disaster assistance low-interest loans for small businesses and non-profit organizations.

The Department of Labor is allowing employees to work seven days per calendar week during the outbreak. Employers must submit an application to the Department of Labor, but the application will be deemed approved once it is filed. Illinois currently requires 24 consecutive hours of rest in every calendar week.

The Governor said in a press conference this week that he is assuring Illinoisans that essential services will always remain open, including but not limited to grocery stores, pharmacies, and gas stations.

Illinois Legislature Canceled Session

/0 Comments/in , /by

The General Assembly canceled the session again for the week of March 23 due to the coronavirus crisis. Leadership noted that members should be prepared to return to Springfield to address “urgent matters.” The committee deadline for bills moving from a standing committee in the first chamber has been delayed to April 3, but these deadlines will be reviewed and extended when needed.  The General Assembly is scheduled to be in district for the spring holidays from April 4-21, but lawmakers were told to reevaluate travel plans made for those weeks.

We continue to hear that the hospital assessment for Medicaid funding is being negotiated and remains a top priority for passage in April to be submitted to federal HHS for approval by July 1. Speaker Madigan, however, believes the federal government will provide leniency on that deadline. We wait to see if the General Assembly will meet in the next couple of weeks to pass a bill.

The emergency issues and the budget make it seem unlikely that we will see any of the legislative battles we faced the last few years during this legislative session.

COVID-19 Executive Order

/0 Comments/in , /by

In response to the COVID-19 pandemic, Governor Pritzker has issued a shelter-in-place Executive Order effective at 5pm, Saturday, March 21st through April 7.

However, Representatives of the Governor’s office have indicated that the Oil and Gas industry is deemed an Essential Industry under Section 12.

You can see the entire Executive Order here.