Helpful resources for small businesses during COVID-19 crisis

by Max Lapthorne

The  COVID-19 pandemic has effected countless people in the country, with small business owners being among those most impacted by the almost immediate economic freeze the country has undergone as almost all Americans find themselves under stay-at-home orders.

At Gold Rush Gaming, we value our location owners as True Partners, which  means we are willing to do whatever it takes to help them through difficult situations. In a time like this, when fervent action has been replaced by forced isolation across the country, we are still determined to do our part.

So, we have compiled a guide that includes some of the resources available to small businesses, as well as some general information regarding COVID-19.

PAYCHECK PROTECTION PROGRAM

This program focuses on helping small businesses continue paying their employees during the crisis as many businesses’ revenue have been severely reduced.

Small businesses and Veterans organizations described in the Small Business Act are among those eligible, should they meet program size standards. Loans are to be determined based on 8 weeks of prior average payroll plus an additional 25 percent of that amount.

Loan payments are to be deferred for six months. Click here for more information.

ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE

Small business owners are eligible for an Economic Injury Disaster Loan advance of up to $10,000 for working capital to overcome the temporary loss of revenue related to the COVID-19 crisis. This loan advance will NOT need to be repaid.

Click here to apply.

SBA DEBT RELIEF

The Small Business Administration will also assist small businesses by paying the principal and interest of new 7(a) loans issued prior to Sept. 27, 2020 as well as by paying the principal and interest of current 7(a) loans for a period of six months.

SBA EXPRESS BRIDGE LOANS

This program allows small businesses who have a relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans are designed to help businesses overcome the temporary loss of income they are experiencing and can bridge the gap while applying for an SBA Economic Injury Disaster Loan. Small businesses that have an urgent need for cash while waiting on an Economic Injury Disaster Loan may qualify.

Click here for more information.

ILLINOIS SMALL BUSINESS EMERGENCY LOAN FUND

Businesses with fewer than 50 workers and less than $3M in revenue can apply to receive a low interest loan up to $50K with a 5-year repayment. There will be no payments for 6 months to support your business. Click here to apply.

DOWNSTATE SMALL BUSINESS STABILIZATION PROGRAM

Local governments can apply on behalf of businesses with 50 employees or fewer in downstate and rural counties across Illinois to secure grants of up to $25K for working capital (rent, payroll and accounts payable). Please check to see if your business is in an eligible area.

For those who qualify, please work with your local government to submit an application which were to be available starting Friday, March 27.

SUSPENSION OF RENEWAL FEES

Due to the COVID-19 crisis, the Illinois Gaming Board has suspended April license renewal fees. The fees are to be due 10 business days after the IGB resumes statewide gaming activity.

BUSINESS COUNSELOR SERVICES

For business owners who find themselves in need of a business counselor to help them navigate this difficult time, organizations such as the local Small Business Development Center, Women’s Business Center or SCORE mentorship chapter are there to assist.

These resource partners are to be receiving an increase in funding to bolster their ability to support small business owners with counseling and up-to-date information on COVID-19.

To find a resource partner near you, click here.

These are tough times for all of us, and even though we are all safer apart right now, we want everyone to know that we are here for them. As a small, family-owned operator, we understand what many of our Partners are going through, and we are going to get through this together.

If you have any questions or concerns, we encourage you to give us a call at (630) 307-0500.

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