Cook County Small Business Source Launch

The Cook County small business community thanks President Toni Preckwinkle along with Cook County Commissioners Frank Aguilar, Alma Anaya, Kevin Morrison, and Xochitl Flores, Chief of the Bureau of Economic Development, for their efforts in establishing the Cook County Small Business Source. The program will directly connect small business owners with expert guidance and support to ensure that businesses emerge from COVID-19 intact and positioned for growth. Visit The Source today!

*Above image President Preckwinkle and representatives from The Source’s network of over 30 partner organizations.

Webinar Series: State of Illinois’ Child Care Grant

Join our webinar series to learn more about the State of Illinois’ Strengthen and Grow Childcare Grants

Provided by the State of Illinois, these new grants give licensed and eligible childcare centers access to quarterly funding to help maintain and grow operations. As the Cook County Small Business Source has worked with childcare providers interested in the grant, we saw the challenges providers faced while applying for this grant.

Join us for a three-part series that will guide you through the process—and help you access the funds you need to grow and thrive! The first session will provide an overview of the grant, the second session will focus on how to fill out the budget information needed for the application and the final session will be an opportunity for you to receive one-on-one assistance with your application. 

Throughout the sessions, representatives from the Cook County Small Business Source, Women’s Business Development Center and Illinois Action for Children will walk you through the application and answer any questions you may have.


Part 1: General Overview of the State of Illinois' Strengthen and Grow Grants

Review the details, process, and eligibility for the State of Illinois’ Strengthen and Grow Grants. Registration is required.

When: Thursday, May 19

Time: 6:30pm – 7:30 pm

Traducción al español estará disponible durante este seminario virtual. 

 


Part 2: Creating a Comprehensive Budget for the State of Illinois Strengthen and Grow Grant

Learn how to create a comprehensive budget for the State of Illinois’ Strengthen and Grow Child Care Grants program. Registration is required.

When: Thursday, May 26

Time: 6:30pm – 7:30pm

*Traducción al español estará disponible durante este seminario virtual. 

 


Part 3: Strengthen & Grow Child Care Grant Application Assistance – Pop-Up Event 

Join us in-person to receive one-on-one assistance with your State of Illinois’ Strengthen and Grow Child Care Grants application. Walk-ins are acceptable, registration is preferred.

When: Saturday, June 11

Time: 10:00am – 2:00pm

Location: Illinois Action for Children (Chatham)

         1111 E. 87th Street, Ste 400. Chicago 60619

UP CLOSE | Small Business Spotlight

UP CLOSE | Small Business Spotlight 

Meet Aida Flores and Eduardo Duarte of Total Nutrition Belmont LLC

5550 W. Belmont Ave. Chicago, IL 60641

(773) 757-4420

How long have you been in business?

I started in 2008 learning about wellness and maintaining healthy habits, being proactive and changing my eating habits and doing this as a family. I first helped others in my small circle of influence. As I continued preparing myself with more specialized classes, I learned that there was a big need and desire for more information, and I wanted to help more people. So, 5 years ago, we opened our store where people could come and exercise, and we could coach them. We then also obtained our license to start offering healthy food and beverage items.

What products or services does your business offer?

We offer comprehensive programs for well-being and maintaining healthy habits for the whole family. We create nutritional programs, and we offer coaching and support for healthy weight loss, increased muscle mass, exercise plans, etc. In our retail store, we also offer protein shakes and soy-based healthy food, such as waffles, crepes, protein bowls, natural fruit, and energy beverages. We have support chats and communities where transformation challenges are carried out, where people feel motivated and encouraged to meet their personalized goals.

How did COVID-19 impact your business?

This was a difficult time for everyone. Our business was highly impacted because we could not meet in person to exercise as a team. A big part of a person’s motivation is this time that you spend with others with similar goals; we support each other, and this is important. In addition, we also offer healthy food items, and our daily sales and traffic were lower. But we were able to adapt our business format so that people could also take these items to go. We continue to connect with our clients on a personal basis.

How did it feel to have to confront the challenges you faced?

We felt challenged to find other ways to reach our clients every day and connect with them in the right format so that we could continue to offer the services they needed.  While this time has been and continues to be challenging, it still made us create new strategies to continue with our daily mission, which is to build healthier and stronger communities.

How did you become connected to IHCC?

Through the Northern Illinois Justice for Our Neighbors (NIJFON) organization, they came to our place looking for a way to support the community, especially during this pandemic that has impacted so many businesses. We were connected with the Cook County COVID-19 Recovery Small Business Assistance Program, which then introduced us to IHCC, where we received technical assistance.

How has working with IHCC helped you and your company?

It has helped us a lot. Sometimes, as small businesses, there is information that we do not know, and IHCC gives us business tools to continue advancing in a confident and calm way, knowing that we are on the right track. We feel very supported, because anytime that we have questions and doubts, they are there; their answers are very quick and helpful to be able to make important decisions. I am grateful that these organizations exist with such friendly people who have the knowledge and contacts that give us confidence and guidance. I believe all the small businesses that we start should leverage this important resource. Just reach out to them.

What have you enjoyed the most about working with IHCC?

That I have a clear guide and they quickly resolve my doubts. They are really very kind people, with a gift of service, who love helping others. I trust reaching them for business support.

What do you hope for your community and business moving forward?

Growth, as a business and for our clients. We are in the process of doing some remodeling work so we can have a better space to continue helping others with their journey to attain and maintain healthy habits. Our future goal is to help others open more centers like ours. We want to continue helping many members of my community and neighboring communities sharing our know-how to achieve wellness and health for the family. We want to create extra income and business opportunities for others, as it has worked for us. We hope to continue having the support of these great organizations.

ON THE FRONTLINES

Meet the Business Support Organization — Illinois Hispanic Chamber of Commerce

Tell me about the Illinois Hispanic Chamber of Commerce and your participation in the Small Business Source

We were one of the first organizations to happily join this program because it aligns very closely with our primary focus.  As a Chamber, we help business owners grow their businesses and meet their goals by providing answers or creative solutions to varied questions or challenges that they face every day and that were heightened during the pandemic.  We work diligently to assist the Hispanic business community. We share knowledge, build connections and collaboration through networks like the Cook County Small Business Source and other business resources.  I believe that by helping these businesses they, in turn, can have a positive impact in the community.   

What are some of the most common questions that small business owners need help navigating?

These are a few of the questions that we get and that we can guide businesses on how to solve:

“How do I bring traffic into my business”

“What are some recommendations to increase sales”

“Where do I market my business”

“How do I start or improve my social media so that it really helps my business”

Or financial questions — “How to read a P&L (profit and loss statement)”, “How can I get a line of credit or loan”, “grant availability”, etc.

Very often, Hispanic business owners have questions or business concerns, but do not know if they should ask, what to ask or where to start.  It sounds cliché but the only bad question is the one we do not ask. 

Other times, business owners have a specific query, for example “how do I make better posts on social media”, but once we work together, we realize the actual challenge to solve (i.e., increase positive reviews, increase sales on my online website, etc.).  Setting a strategy, tasks become clearer.  

How is the assistance you’re providing changing or shifting now that we’re in a different stage of the pandemic?

Historically, in a time of crisis, there will always be businesses that do well because they are able to adapt, have or quickly identify needed resources or opportunities.  Nonetheless, we still have a lot of businesses that are struggling.  Many businesses must pivot, adapt to new realities (different consumers, lack of employees, inflation, etc.).  We are helping them navigate through these changing times and prioritize strategies.    

What is your advice to business owners who are struggling or feeling doubt?

It is important to not give up. Leverage resources like this Cook County Small Business Source Program, the Hispanic Chamber, or the Small Business Development Center that know about grants or flexible loans.  It is always good to stay connected.  By registering on programs like this, you get news first-hand about various opportunities.  Do not hesitate to reach for help, we know that owning a business is a journey and we would like to support you, through the good or the challenging times.      

Why should small business owners seek assistance from IHCC?

We have a lot of experience and knowledge that we’ve accumulated throughout the years. We have a dedicated team of bilingual and bicultural business savvy advisors that are there for a long-term relationship with small business owners and we do not charge for our services.

We also have other beneficial programs like the Small Business Development Center that provides advice and resources to start a business.  The Latin X Incubator is a partnership with 1871, the largest technology or digital start-up incubator. And 3 other programs, the Illinois Tollway, the Procurement Technical Assistance Center, and the Small Business Transportation Resource Center all geared to help business owners gain access to public and private government contracting through capacity-building, certification, and coaching.

What is one of IHCC’s biggest achievements being able to assist Cook County businesses?

One of the biggest achievements in collaboration with the Cook County was to be able to help small business owners apply for the $10,000 Cook County Recovery Grant. At the beginning, only 7 percent of Hispanic-owned businesses were eligible to apply, but our team helped communicate and personally assist applicants to raise that 7 percent to 11 percent.  This was a crucial time for a lot of businesses and having a personal contact that could help them navigate the grant process, especially when a lot of government offices had shorter business hours, was key to help more businesses that otherwise would not have had access to this resource.   

What events or initiatives does IHCC have coming up?

We always have something happening such as networking breakfasts, our Mariachi Golf Outing and later in the year a Business Expo.  We encourage business owners to check our webpage (Upcoming events – IHCC) or follow us on social media to register and meet us at these events. For the Cook County Program, we are planning different webinars and knowledge sharing sessions in the community (i.e., Google my business and Marketing with social media).  Stay tuned for more details.    

Is there anything else you’d like people to know?

Thanks to the Cook County Small Business Source Program, we were also able to expand our team and really go out there and help businesses we had not helped before. We know that recovery from the pandemic is a long-term process, and we like people to know that we are here to help in Spanish, English or Spanglish.  You choose, we listen and are here to help.
 

The Cook County Small Business Source is still taking on clients for technical assistance! Click here to sign up for help today and be connected with one of our Business Support Organizations that can provide you with the support you need.

Update to EIDL

Major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program  have been announced!

EIDLE is a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels.

Program Updates

  • Increasing the Lending Cap: The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period: The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window: The SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds: COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements: The SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

About the COVID EIDL Program

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington, D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL). The purpose of EIDL is for small businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred.

How to apply

Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. Visit www.sba.gov/eidl to learn more about eligibility and application requirements. The last day that applications may be received is December 31, 2021. All applicants should file their applications as soon as possible.

 

If you need assistance applying call us at 872.304.2785.

Small Business Employees Can Get Money to Reduce Their Payroll Taxes

Small Business Employees Can Get Money to Reduce Payroll Taxes

Through the American Rescue Plan, a number of critical tax benefits are being offered to small businesses to help with employee retention and paid leave credits. Available to small businesses who have seen a decline in revenues due to COVID, the employee retention credit of up to $28,000 per employee allows businesses to offset their current payroll tax liabilities.

Employee Retention Credits (ERC)

In 2020, the ERC was a tax credit against certain payroll tax that is not only 50% of the

wages up to $20,000 with a $5,000 cap per employee, but if the amount of the tax credit for an employer is more than the amount of the employer’s share of social security tax owed, the excess is paid directly to the employer.

Having been extended to the four quarters of 2021, the maximum tax credit has increased to $7,000 per employee per quarter, and the level of qualifying business disruption has been reduced so that there is a 20% decline in gross receipts during a single quarter. File amended payroll tax forms to claim the 2020 credit to receive your tax refund alongside the benefits from 2021.

Businesses that took out the PPP loan can still claim the 2020 ERC but the wages cannot be used to apply for PPP loan forgiveness. If your payroll costs were more than the amount covered by your PPP loan, you may be able to claim tax credits for those additional payroll costs.

Key Documents

Employee Retention Credit 2020 & 2021 One-pager

Employee Retention Credit Snapshot

Employee Retention Credit Quick Reference

Paid Leave Credits (PLC)

The availability of paid leave credits has been extended through September 2021 for businesses with fewer than 500 employees through the American Rescue Plan. Businesses can take dollar-for-dollar tax credits equal to wages of up to $5,000 if they offer paid leave to employees who are sick or quarantining. Under the law, businesses were required to provide paid sick leave and paid family leave to their employees as part of the CARES Act in 2020 and were entitled to a tax credit equal to 100% of the leave provided.

While it is no longer required to offer paid leave to employees, if a business does provide paid leave, then you can still claim these dollar-for-dollar tax credits for wages up until September 30th, 2021.

Key Documents

Paid Leave Credit 2020 & 2021 One-pager

Paid Leave Credit and COVID Relief

Paid Leave Credit Snapshot

To learn more contact our partner, The Joseph Center, Melissa Duff Brown, 708.697.5341 mbrown@jbs.edu

Illinois Celebrating Black Business Month in August

BLACK-OWNED BUSINESS MONTH

To honor the contributions of Black-owned businesses across the state, the State of Illinois, with the Illinois Department of Commerce and Economic Opportunity (DCEO) announced the celebration of Black Business Month by highlighting a series of events and initiatives taking place throughout the month of August. 

“Supporting Black business owners and entrepreneurs is important for the health of our communities and for restoring the Illinois economy following the COVID-19 pandemic,” said Governor JB Pritzker. 

Illinois has over 132,000 Black-owned businesses, comprising 11 percent of all Illinois businesses, and yet these business owners have historically experienced barriers in accessing capital and other key business resources. To show their appreciation, this month-long celebration invites Illinoisans to events like “Shop Black-owned Business Saturdays” along with partnering with community leaders and enterprises throughout the state to discuss the opportunities for the community available in the upcoming “Back to Business” recovery assistance program through the ARPA. 

“Under Governor Pritzker’s leadership, the State of Illinois is committed to an inclusive business environment that helps businesses owned by people of color compete and thrive,” said Acting Director of DCEO, Sylvia Garcia. 

• August 11th:  Advancing the Development of Minority Entrepreneurship?(ADME): Achieving Success with the Illinois SB Network 

Presented by DCEO and the Illinois SB Network, Advancing the Development of Minority Entrepreneurship (ADME) is a workshop for business owners to learn more about the State’s expansive business development center network – one of the largest in the nation with over 40 SBs, 9 PTACs, 9 ITCs. During this panel, business owners can learn how these community centers which are available on a year round basis can support new and existing businesses take their vision to the next level with planning, technical assistance, marketing, and more – all at no cost. To register, (LINK HERE).

• August 18th: Navigating the Pandemic: Resources to Help Black Businesses Survive and Thrive

DCEO-OMEE will host a group of business leaders to discuss how to leverage funding and grant opportunities to get on the road to recovery from the pandemic. Attendees will learn about technical support offered through community navigators who are on the ground listening and responding to your needs. To register, (LINK HERE).

• August 25th: Building Back Better: Charting Economic Recovery for the Black Business Community & Crafting the Roadmap for Access to Capital for Black Entrepreneurs

DCEO is teaming up with Groupon and community leaders to host a conversation with Acting DCEO Director Sylvia Garcia and leaders in business around access to capital and how they can foster an ecosystem of success. Also joining are Ron Busby, President, US Black Chamber of Commerce; Don Thompson, Founder and CEO, Cleveland Avenue; Eva Brown, Segment Leader, U.S Bank; Don Cravins, COO, National Urban League; Stephen Davis, Founder and Chairman, The Will Group. To register, (LINK HERE).

All events are free to attend. For more information on National Black History Month events planned for businesses, contact Matthew J. Simpson, the African American Business Development Manager, at Matthew.Simpson@illinois.gov or to learn more about ongoing resources and programs for businesses, follow DCEO on social media @IllinoisDCEO.

PPP Direct Forgiveness Portal: Open Wednesday, August 4, 2021

Forgiveness Portal: Opens Wednesday, August 4, 2021

The U.S. Small Business Administration (SBA) is launching an application portal on Wednesday, August 4, 2021 to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less to apply for forgiveness directly through the SBA.

The application portal is a streamlined, simple pre-filled application– PPP Borrowers who qualify will be able to submit their forgiveness application directly on the portal, instead of through their lender.

This initiative will ultimately rush relief to 6.5 million small businesses.

Lenders are required to opt-in to this program – borrowers can check if their lender is participating by referencing this list.

  • The SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications.  Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.

Resources on the SBA PPP Direct Forgiveness Portal:

Optimize the Benefits of Your Social Media

Tips on keeping your post organic
• Aim to use 3-5 hashtags per post
• Consider the time and day you post

Tips for growing your followers
• Find people who share your companies values/interests
• Comment, like, and share their posts
• Follow them or add them as friends

Tips on communication
• Address questions or concerns in comments or direct messages in the same day 

Social media can be an incredibly helpful marketing tool to advertise your business. The constant cycle of information online allows your business to be seen by those who otherwise may never have come across it. While social media can be an easy way to increase exposure, there are some ways to optimize its benefits. Here are a few tips to make sure your social media marketing strategy is the best it can be. 

  1. Keep your posts genuine
    In an environment where you communicate through captions, it can be hard to make a social media post sound sincere, especially with the prominent use of hashtags. Hashtags can increase your exposure so you want to use them, but too many hashtags are a lot for a consumer to process. You want to find a balance and use about 3-5 hashtags per post to keep it simple.
  1. Schedule the creation and publishing of posts
    You should have a schedule of what you want to post and when. This schedule will give you more time to interact with consumers and other companies online rather than spending a lot of time creating posts. Also, consider what day and time you post because the timing of a post can impact how many people see it. You want to take advantage of online traffic patterns.
  1. Grow your following 
    The more followers you have, the more exposure you get. You want to create an online network of people and companies that have similar values and interests. Those hashtags mentioned before are what allow you to find the right people to engage with. Once you find those people, interact with their posts to get their attention. Like, comment, and share their posts to show your interest in them and they may reciprocate. Follow or add them as friends to establish a line of communication.
  2. Take advantage of every feature a platform has to offer
    Most social media sites nowadays give you more than one way to post content, like how Instagram has posts and stories. You want to use those other features as much as you can because a profile of diverse content can bring in a larger audience. It also keeps the audience you already have engaged in your content. 
  3. Communication with consumers is key
    Consumers interested in your business will reach out with questions or concerns in a variety of ways. Either through a Direct Message or the comment section of a post, you want to respond to their comments within the same day. A good response time will show that you are involved in the online community you have created and want the best for your consumers.

Critical Financial Tips to Maintain Your Business

  • Categorize expenses as best as possible for budgeting and tax purposes
  • Meet with your accountant at least quarterly to know your numbers
  • Use billing systems to automate and organize your receivables
  • Proactively negotiate terms with vendors to increase cash flows
  • Review your financial statement monthly

Staying on top of your finances is important to keeping your business on track. If you are organized and proactive with monitoring your money, you are giving your business what it needs to succeed. Now, saying you need to keep your money organized is easier said than done, so here are some ways you can maintain your finances. 

  1. Hire an accountant and bookkeeper who can actively partner with you. Having a bookkeeper is key to helping you with budgeting, preparing for tax season, and overall staying organized. 
  2. Work with your bookkeeper to correctly use your Charts of Accounts. This will allow you to properly track important data points about your business. 
  3. You want to categorize your expenses as best as possible. If you have the details of what you are going to spend money on, it will be easier to budget for the future. It will also prepare you for tax season. 
  4. It’s best to meet with your accountant on a regular basis. You should meet at least quarterly so you can keep track of your numbers and maintain steady plans for the future. 
  5. Using a billing system is a great way to monitor your money. If you have a billing system in place, you can automate and organize your receivables. Everything is in one place, and the automation aspect takes some weight off your shoulders. 
  6. Be proactive with vendors. If you proactively negotiate with your vendors you can increase your cash flow. That increased cash flow means more for you to expand your business. 
  7. You should regularly review your financial statements. By reviewing your statements monthly, you can easily see where your business stands financially. A consistent habit of looking at statements can prevent you from overspending and allow you to budget for the future. 

Accounting and bookkeeping are critical to maintaining your business. If at any point you don’t properly budget, you overspend, or you run out of cash flow, your business is at risk of going bankrupt. Financing can be a daunting task, but if you use organization tips like the ones above you will have no problem with it. All you need to do is find a schedule and system that works for your business. Tools like these give your company the chance to thrive without the stress that so often comes with managing money.


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