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Deadline Approaching To Apply For Chicago’s Small Business Resiliency Fund
CHICAGO (CBS) — Congress Thursday considered another round of relief for struggling small businesses. The nearly $500 billion package would add funding to the Paycheck Protection Program that ran out of money. It also helps hospitals and expands coronavirus testing.
The vote itself was a test of social distancing for lawmakers. Many wore masks and face coverings, and while House votes typically take about 15minutes, Thursday’s was scheduled for two hours, so the chambers weren’t crowded.
That’s not the only money available to help small businesses survive and prevent further layoffs, but time is running out to apply.
CBS 2 is Working for Chicago and is committed to connecting people to information and resources to get them back on their feet, and CBS 2’s Dana Kozlov found out what you need to know to get your share of a city loan.
Chicago’s treasurer said she is responsible for helping make sure that loans through the city’s program are equitably and promptly distributed, but for Chicago business owners who want some extra help they must hurry to apply.
Teresa Ging is now a solo act. She is singlehandedly keeping her Sugar Bliss cupcake shop in business after laying off her nine employees a month ago. She is getting orders but estimates business is down about 70%.
“I come in the morning, I bake, I take phone calls, I take online orders,” she said. “I think this month we will make enough revenue just to pay rent for both stores and utilities.”
Ging got a federal Paycheck Protection Program loan for one of her shops, and even though she could apply for the city’s Small Business Resiliency loan, she isn’t because she’s afraid the almost 6% interest rate after 18 months would be too much.
“I’m actually just going to try to use my savings,” she said. “I don’t want to come out of here in bigger debt.”
“I would say to her, if she needs this funding to stay open, if she needs this funding to help with payroll, we want businesses like hers to apply,” said Chicago Treasurer Melissa Conyears-Ervin, who chairs the fund behind the city’s $100 million resiliency loan program.
She said 124 loans have already been awarded, but the deadline to apply is Friday, April 24 at 5 p.m.
“When we say small businesses, we truly mean small businesses,” said Conyears-Ervin.
It has to be fewer than 50 employees and $3 million in revenue.
“Actually I have applied for that, and I”m hoping to hear some positive news,” said David Leonardis, a longtime Wicker Park art gallery owner.
Leonardis said a revitalization loan will help him stay open. He didn’t qualify for a PPP because he is an S corporation with no employees.
“So that’s kind of a fine line and a crack that I was falling through,” he said.
He hopes the the city and an online sale will keep him afloat. Conyears-Ervin said that’s what the loans are meant to do.
“Understand that our agreement is with the financial institutions, and we are holding them accountable,” she said.
The treasurer said 67% of all of the loans through that fund that have been awarded have gone to businesses in low to moderate income areas throughout the city.
Source: CBS Chicago
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