News from Congressman Brad Schneider 
 

 

Dear Friends,

On Monday, March 23, I am hosting a webinar for local small businesses to discuss the resources available as you seek to navigate the economic disruptions caused by the coronavirus outbreak.

I urge you RSVP today to participate.

Rep. Brad Schneider Webinar on Small Business Resources
Monday, March 23, 2020
3:00-4:00pm CT
Register now to participate

 

Additional resources for small businesses:

Small Business Administration (SBA) Loans

On March 4th, Congress passed and the President signed legislation that allows small businesses to apply for SBA disaster loans toward working capital in order to help weather through the coming months. You can find general information about this program here.

>>>Illinois businesses are now eligible to apply for loans and you can apply for loans here.

Details:

  • SBA can provide up to $2 million loans on terms as long as 30-years
  • Currently, rates are 3.75% for small businesses and 2.75% for non-profits, though my office is strongly advocating the SBA for these to be zero-interest
  • Recipients are able to defer first payment for up to one-year
  • Approval time average 2-3 weeks, once approved funds can be disbursed within 5 days. As well, we are advocating to accelerating the approval process.
  • Applicants must fit SBA’s definition of a small business. This includes most private non-profits, as well as people who are self-employed
  • Businesses applying should be expected to provide the SBA Form 5 (loan application form), the most recent year’s tax returns, completed IRS Form 4506-T, a personal financial statement, and a schedule of liability

You can also find answers to frequently asked questions about this program here.

 

Emergency Paid Leave

The Senate recently passed the House legislation that will provide emergency paid medical and family leave. This legislation requires employers with up to 500 employees to provide paid sick leave and paid family leave, while providing a refundable payroll tax credit to employers to cover 100% of the cost of wages. There is also a refundable income tax credit for self-employed individuals.

While the Executive Branch is now working through the process of administering this program I encourage you to visit the House Small Business Committee’s fact sheet to learn more about how the program is expected to work and how it might apply to your business.

 

Best Practices

The Centers for Disease Control and Prevention’s (CDC) website has a number of resources, including information for vulnerable populationshow to prevent the spread of the illnessthe symptoms associated with the virus, and what to do if you get sick.

The CDC has also put out information specifically for employers that you can find here.

The Small Business Development Center at the College of Lake County has also put together a “small business survival guide” with helpful information for managing in this time of uncertainty. You can find that guide here.

 

Additional Information

Congress is now working on additional economic stimulus legislation to assist small businesses and workers around the country. My office will send regular updates as more information becomes available.

You can also visit my website at: https://schneider.house.gov/coronavirus-updates, or follow me on Facebook or Twitter or  for regular updates on COVID-19. If you have any specific questions about these and other resources for small businesses, please call my district office at 847-383-4870.  Though I and my team are working remotely, we remain available to help you through these unprecedented times.



Sincerely,

Bradley S. Schneider
Member of Congress

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