Small business help continues as new recovery task force forms

Lake County small business owners continue to navigate through these challenging economic times. College of Lake County’s Small Business Development & International Trade Center (SBDC/ITC) has the resources and support they need. Manager Mitch Bienvenue and the SBDC/ITC staff offer assistance to guide through the ever-changing aid and relief packages available to businesses impacted by COVID-19 outbreak.

The Small Business Administration (SBA) recently provided guidance on how to apply for forgiveness of Paycheck Protection Program (PPP) loans. The SBDC/ITC is developing a webinar to explain the steps small business owners will need to take. According to Bienvenue, “Technically 100 percent of the PPP loan can be forgiven if 75 percent of loan proceeds are used for payroll and payroll related expenses.”

Access to additional funding and recovery resources will remain available until the economy rebounds. This is being addressed by a newly formed Lake County COVID-19 Recovery Committee; Bienvenue is chairing a subcommittee to address the unique needs of Lake County businesses and economic development. Key Lake County industry representatives, government officials as well as Lake County Partners and the Workforce Development Department will collaborate on this task force.

Small business owners should email or call (847) 543-2033 the SBDC/ITC for one-on-one assistance and for answers to questions on the many resources that are available.

The Illinois SBDC International Trade Center is funded in part through a cooperative agreement with the U.S. Small Business Administration (SBA), the Illinois Department of Commerce and Economic Opportunity, and the College of Lake County.