The federal government created the Employee Retention Credit (ERC) in response to the detrimental effects of the COVID-19 pandemic on small businesses. As part of the CARES Act, the ERC offers tax credits to encourage more businesses to retain employees during the pandemic.

eBay is giving back to the small businesses powering America. In partnership with Hello Alice, eBay is awarding more than $500,000 in grants and education resources to help small businesses stay up and running into 2022 and beyond.

The COVID-19 pandemic has highlighted the needs and vulnerabilities of our nation’s 30 million small businesses, particularly those in under-resourced communities. A recent survey by Small Business Majority revealed that 19% of small business owners say their business conditions are declining compared to the previous month, and 27% of businesses reported they may not survive past the next six months without additional funding or market changes. Moreover, women and entrepreneurs of color were disproportionately denied the full COVID federal relief funding they needed to help their businesses stay afloat. 

As part of Governor JB Pritzker’s overall economic recovery strategy, the $250 million Back to Business (B2B) grant program aims to deploy small businesses recovery grants for those hit hardest by the COVID-19 pandemic. The B2B grant program builds on the success of last year's Business Interruption Grant (BIG) program – an equity focused business relief program, which directed $290 million to 9,000 businesses in 98 communities across Illinois. B2B is a key component of the Governor’s $1.5 billion economic recovery plan, aimed toward a swift and equitable deployment of American Recovery Plan Act (ARPA) funds that have been designated for Illinois to assist in recovery from the COVID pandemic.

In accordance with the City’s plan to provide critical financial relief to Chicago’s business community, the Department of Finance is excited to launch the Business Recovery Payment Plan Program. Through this program, eligible business license holders can enter into a payment plan with as little as $25 down with terms up to 60 months. This will remove barriers for business owners that owe City debt and allow them to resolve holds on their business licenses with minimal burden. The Business Recovery Payment Plan Program is available through June 30, 2022 for most debt types.

Following the passage of Mayor Lightfoot’s bold Chi Biz Strong Initiative earlier this year, the Chicago Office of Labor Standards is proud to announce that new worker protection laws are now in effect! These protections add to Chicago’s existing labor laws to ensure that workers are front and center as we continue recovering from the COVID-19 pandemic.

The U.S. Small Business Administration (SBA) has launched a Payment Protection Program (PPP) Direct Forgiveness Portal, which will help streamline the forgiveness process for loans of $150,000 or under, and allow small business owners to apply directly through the SBA. The new forgiveness platform will begin accepting applications from borrowers on August 4, 2021 and is currently operating under an invite-only pilot period. 

When is the "slow season" for your business, and how do you plan for it in advance? To help business leaders plan for the “slow season,” we asked small business owners and business professionals this question for their best tips. From offering season specials to pivoting your client focus, several strategies there are several strategies that may help you plan ahead for the “slow season” and expand your business. 

Please be advised that, following updated guidance from the Centers for Disease Control and Prevention (CDC) and based on Chicago’s current local COVID-19 data, the Chicago Department of Public Health (CDPH) now recommends that everyone over the age of 2, regardless of vaccination status, wear masks in public indoor settings. Masking remains optional in outdoor settings, where the risk of COVID-19 transmission is lower, though masks are recommended for unvaccinated individuals in crowded outdoor settings.

Did you know you could receive a tax break for hiring unemployed individuals? The Work Opportunity Tax Credit (WOTC) is a federal tax credit for hiring applicants from certain target groups who face significant barriers to employment—including individuals unemployed for 27 weeks or longer.