Village Of Skokie Provides Resources For Struggling Businesses

Press release from the Skokie Public Library:

April 16, 2020

Skokie businesses are entitled to financial help during the pandemic, and the information changes quickly. It is difficult to know where to look and what to do first. Here’s a brief summary of where to get started.

The Village of Skokie has a special, frequently updated Resource Page for Businesses affected by COVID-19. This page includes forms and the latest information and links to local, state, and federal programs.

Curbside Pickup

The Village of Skokie supports local businesses offering curbside pickup in front of or in the public right-of-way near their store. Village regulations regarding curbside pickup have been relaxed until further notice. If you are offering curbside pickup and have not already provided information for the Village's Open for Business page, please email len.becker@Skokie.org.

Business Counseling

Small business counselors, funded by the Small Business Administration, are available to help businesses of any size free of charge. Our local North Cook and Lake Counties SCORE chapter created a Coronavirus Resource Hub, where you can sign up for remote mentoring from a SCORE business counselor and for webinars addressing the issues businesses are encountering.

Library Business Resources

The library has online tools to help businesses. Find customers and competitors, take online courses to sharpen your skills, create business plans, and keep up with the latest business news. If your business is located in Skokie or is a member of the Skokie Chamber of Commerce you can apply for or renew a business library card online, and use it to access library business resources remotely.

Chamber of Commerce

The Skokie Chamber of Commerce has a list of resources available to all businesses during the pandemic and is providing free business webinars on a wide range of topics to current, past, and prospective members.

Loans and Other Financial Resources

Local, state, and federal resources are available to provide some relief, even to the smallest businesses. Many of these programs are time sensitive, so don’t hesitate to apply.

• Cook County Community Recovery Initiative includes rapid relief loans, technical assistance, and outreach for suburban small businesses, gig workers, nonprofits, community service organizations, and independent contractors (1099 workers) in response to the COVID-19 pandemic.
• Cook County’s Bureau of Economic Development is offering one-time, zero-interest loans of up to $20,000 for small businesses and $10,000 for independent contractors in suburban Cook County. Applications are slated to open mid-April and loans will be distributed on a first-come, first-serve basis. Sign up to receive updates when the application period opens.
• Illinois Small Business Emergency Loan Fund offers small businesses low interest loans of up to $50,000. Businesses located outside the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will pay nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.
• For businesses located north of I-74, Accion Serving Illinois and Indiana is the lending partner recommended by Illinois DCEO.
• Through the Small Business Administration, all Illinois small businesses and private nonprofits can now apply for loans of up to $2 million with SBA’s Economic Injury Disaster Loan program.
  • There is a 3-step process for applying for SBA Disaster loans
  • Apply online for a SBA Disaster Loan
• The Payroll Protection Program provides small businesses with funds to pay up to eight weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. Due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll. Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. This program is being administered through local banks across the country.

CARES Act

Learn more about resources for small businesses, nonprofits, and other employers provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress, including the major programs and initiatives administered by the Small Business Administration, and additional tax provisions.

This press release was produced by the Skokie Public Library. The views expressed here are the author’s own.