Is it another “Here we go again?” Let’s hope not!
Small Business Grants Still Available
Help is still available for small businesses in east central Illinois to help prevent layoffs. Grants are available through our Local Workforce Investment Area including the counties of Champaign, Douglas, Ford, Iroquois, and Piatt. The Champaign County Regional Planning Commission maintains an office in the Iroquois County Administrative Center and stands ready to help with applications for this DCEO supported program. Information is on their website at:
https://ccrpc.org/…/emergency-assistance-funding-to-suppor…/
It’s worth a look. A simple initial application can get the ball rolling.
CORONA VIRUS RESOURCES
Below is a list of some of the COVID-19 Resources that we have developed in response to requests from some of our business friends. There is a lot of information at the end of these links. If you need help analyzing any of these programs, message us here or email us at ida@co.iroquois.il.us. We’re all in this together. Stay smart & safe!
—————————————
CORONA VIRUS RESOURCES
SMALL BUSINESS RESOURCES
SBA: Coronavirus (COVID-19) Small Business Guidance & Loan Resources
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
SBA: Disaster Loan Assistance
https://www.sba.gov/funding-programs/disaster-assistance
STATE OF ILLINOIS DISASTER RESPONSE
COVID-19 Response & Resource Portal
https://coronavirus.illinois.gov/s/
Emergency Small Business Grants & Loans Assistance
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
Illinois DCEO: COVID-19 Assistance for Small Business
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/Coronavirus-Disease-2019-%28COVID-19%29-Information-for-Small-Business.aspx
GENERAL EMPLOYER TIPS & BUSINESS CHECKLISTS
U.S. Chamber of Commerce COVID-19 Resource Link
https://www.uschamber.com/coronavirus
WHO: Getting Your Workplace Ready for COVID-19
https://www.who.int/docs/default-source/coronaviruse/getting-workplace-ready-for-covid-19.pdf
CDC: Interim Guidance for Businesses & Employers
https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html?CDC_AA_refVal=https://www.cdc.gov/coronavirus/2019-ncov/specific-groups/guidance-business-response.html
OSHA: Guidance on Preparing Workplaces for COVID-19
https://www.osha.gov/Publications/OSHA3990.pdf?utm_content=121668119&utm_medium=social&utm_source=twitter&hss_channel=tw-92064349
CORONAVIRUS OUTBREAK
With the continued confusion over the COVID-19 (novel coronavirus) and the escalation of the outbreak, the Iroquois Economic Development Association office has shifted to an overabundance of caution mode. The Iroquois County Administration Center is closed to the public until further notice, but we will be available as always by phone (815-432-0072) or email (ida@co.iroquois.il.us). Both methods will be checked regularly, a minimum of every hour on weekday mornings. The IEDA office is too small for adequate social distancing, but arrangements can be made in larger conference areas if in-person appointments are necessary. Thanks for your understanding and cooperation in this unprecedented situation.
Minimum Wage Tax Credit Available
>>> IMPORTANT! – Illinois SMALL BUSINESSES
A Minimum Wage Tax Credit is now Available
Recover Up to 25 Percent of Wage Increases
The Illinois Department of Revenue (IDOR) is advising small businesses they can utilize the Minimum Wage Credit starting January 1, 2020. The new tax credit is designed to help small businesses offset the state’s minimum wage rate that will gradually increase to $15 an hour over the next six years.
Beginning this year, businesses and nonprofits with 50 full-time equivalent employees or less are eligible to offset a portion of the minimum wage increase cost from their withholding income taxes. The maximum credit amount allowed is 25 percent of the difference between the new minimum wage and what each employee was paid previously. Businesses can claim the credit on their quarterly Illinois Withholding Income Tax Returns. Visit tax.illinois.gov for information on how to calculate this credit.