Business Tips During COVID-19

Flyer of the virtual townhall meeting hosted by the Illinois Legislative Black Caucus via Facebook.

	By Ebony Ellis, Violence and Prevention Reporter, The Real Chi

Melinda Kelly, President and Chairman of the Chatham Business Association, photo via Linkedin.

On April 7, the Illinois Legislative Black Caucus hosted a virtual town hall to discuss the impact of COVID-19 on the African American community. One of the speakers was Melinda Kelly, president of the Chatham Business Association (CBA). 

During her time in this virtual town hall she discussed a few financial options for small business owners. The Real Chi was able to speak with Kelly in order to get an in-depth understanding of some of the funding options that are and were previously available. 

“Look at this smorgasbord of options, and then decide which option works best for you,” said Kelly.

City

• The Chicago Small Business Resiliency Fund

  • The Chicago Small Business Resiliency Fund is a loan. Applicants must be able to confirm that their business revenue has decreased by 25 percent. At least 50 percent of funds must be applied to payroll. 

“It’s up to $50,000, said Kelly. “And it’s for businesses who have— the revenue has decreased as a result of the coronavirus.”

State

• The Hospitality Emergency Grant

  • The Illinois Department of Commerce and Economic Opportunity launched this grant in partnership with Accion Serving Illinois and Indiana. Restaurants received about $14,000. The grant was launched on March 23 and closed on April 1, at 5 p.m. 

“They had a grant for the restaurant industry, which I thought was very innovative,” said Kelly. “They were one of the ones who were hit hardest, the quickest.”

Various options for funding are available on the Small Business Association website.

Federal

• Payment protection program Loan

  • The payment protection program loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. No fees will be charged.

• Economic Injury Disaster Loan

  • The economic injury disaster is available within days of a successful application. It is meant for small businesses with less than 500 employees, including sole proprietorships, independent contractors and self-employed persons, private non-profit organizations, and 501(c)(19) veterans.

• SBA Express Loan 

  • The SBA express loan is for any business with a current business relationship with an SBA Express Lender to access up to $25,000. This can also help with overcoming the temporary loss of revenue. 

Businesses who are interested in learning about more funding options from the Small Business Association can click here.

During this pandemic, Chatham Business Association is still operating to help businesses navigate funding.