Mayor Lightfoot included an additional $22M in grants for small businesses that have not yet received any Covid relief in her latest budget proposal. The grants will be a minimum of $5K and a maximum of $10K.
The newly created Chi Biz Strong Fund is set to be a part of the 2022 Chicago Budget. Funding for this project comes from the original CARES Act.
The application for this grant is not yet available. Once the budget is passed, please go to cityofchicago.org for more information.
Here’s the part that interests me.
It’s only for businesses that haven’t received any C-19 relief. How many businesses in total do you think haven’t received anything?
I get calls from these “entrepreneurs” all the time, but they don’t own or operate “real” businesses. Most of these people haven’t filed an income tax return since the Reagan Administration.
Do you really think that without any returns filed or an up-to-date entity, that these “businesses” will actually qualify?
Let’s say that by some wild hallucination, one actually did. How much of an impact would $5K or $10K make on any business?
It seems like some of our politicians are trying to get headlines. It must be time to begin the re-election campaigns.
What will happen with the majority of the money when no one claims it? Maybe they’ll rename Michigan Avenue this time.
The rename on Lake Shore Drive supposedly cost $500K. How could they possibly use all of the rest of that money?
Time will tell.
Let me leave you with this.
The Small Business Administration announced “sweeping changes” to the EIDL Loan application process a couple of months ago. The problem is that those changes have slowed everything down significantly.
When the agency increased the EIDL Loan ceiling to $2M, they were also under significant pressure to stop all of the fraud occurring in the system. In order to combat this, significant due diligence is now part of the application and funding process.
Approvals are now taking 6-8 weeks with funding taking 3-4 months.
I guess it’s not like the old days. At the beginning of the pandemic, I had clients that received their EIDL funds six working days after submitting an application.
I’ve received several telephone calls in reference to this situation. After thinking about it, can you blame them?
Given the bad press they received by not doing a proper due diligence on these loans, this had to be expected. If you were going to lend someone $2M, wouldn’t you take the time to dot every “i” and cross every “t”?
I’m surprised that these loans are only taking five or six months. The process used to take much longer than that.
Be patient. We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, PPP Loan Forgiveness, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
www.AccountingSolutionsLtd.com
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