TENANT RESOURCE GUIDE

During this unprecedented time, it is the goal of Newcastle Retail Management to provide you with helpful tools and resources to support your business during the COVID-19 pandemic and resulting economic hardships. As such, we have created a list of helpful information, including steps that businesses can take to navigate this crisis. We ask that our tenants adhere to the rules and regulations on COVID-19 safety, set forth by the city of Chicago, the State of Illinois, and the Federal government.

GENERAL RESOURCES & INFORMATION

State of Illinois COVID-19 Response Page

Chicago COVID-19 Response Page

Illinois Department of Commerce and Economic Opportunity: COVID-19 Information for Small Businesses

Department of Business Affairs and Consumer Protection (BACP) COVID-19 Resource Center

FINANCIAL ASSISTANCE TOOLS & RESOURCES

U.S. Small Business Administration - Disaster Loan Assistance

The state of Illinois has received Economic Injury Declaration from the U.S. Small Business Association (SBA). SBA’s Economic Injury Disaster Loan program provides qualifying small businesses with loans of up to $2M. These funds can be used to pay fixed debts, payroll, and other bills that many businesses are now struggling with due to the impact of the COVID-19 pandemic.

SBA - Coronavirus (COVID-19): Small Business Guidance & Loan Resources

SBA - Economic Injury Disaster Loan Assistance: How to Apply

Hospitality Emergency Grant Program

The Illinois Department of Commerce and Economic Opportunity (DCEO) is launching the Hospitality Emergency Grant Program to assist hospitality businesses during the COVID-19 pandemic. $14M has been reallocated from funds previously budgeted for job training, tourism promotion, and other purposes to support the hospitality industry during this unprecedented time. Restaurants and bars with a valid license to serve food and liquor and generated less than $1M in revenues in 2019 are eligible to apply. Applications will be accepted until 5:00 PM on April 1st, and winners will be selected via a lottery. Businesses should expect to be notified on April 4th if they have received a grant award.

Available Assistance:

Bars and restaurants that generated $500k - $1M in revenue in 2019: up to $25,000.

Bars and restaurants that generated less than $500k in revenue in 2019: up to $10,000.

Hospitality Emergency Grant Program Information and Application

Chicago Small Business Resiliency Loan Fund

Mayor Lori Lightfoot announced a $100M relief package for small businesses in Chicago. The city has partnered with Catalyst Fund and other private sponsors to provide businesses with much needed cash flow during the COVID-19 pandemic. The Chicago Small Business Resiliency Loan Fund will lend up to $50K in working capital to businesses who have experienced a more than 25% decrease in revenue as a result of COVID-19. The city has partnered with Accion Serving Illinois and Indiana and the Community Reinvestment Fund, USA (CRF) to administer loan applications. Applications are now being accepted, click HERE to apply.

Chicago Small Business Resiliency Loan Fund Information Page

TAX RELIEF INFORMATION

State & Federal Taxes

  • The City of Chicago has extended the due date for City taxes, including restaurant and parking taxes, to April 30th.
  • The Department of Revenue has been directed to defer sales tax payments for qualifying restaurants and bars through May.
  • Penalties and interest for late payments of sales taxes owed from February-April will be waived for bars and restaurants that incurred sales taxes less than $75,000 in 2019.
  • Illinois has moved its state income tax deadline to July 15th, in alignment with the extended federal tax deadline.

Short-Term Relief from Penalties for Late Sales Tax Payments Due to COVID-19 Virus Outbreak

Newcastle Limited COVID-19 Resources