John Quigley Mar 31, 2021 Dear Members: The April 6 Consolidated Elections will determine the City of Elmhurst’s new mayor and who will represent our municipality on the Elmhurst City Council, as City Treasurer and as City Clerk, along with various school board, park district board and library board seats. A total of 23 candidates
Mar 31, 2021
The April 6 Consolidated Elections will determine the City of Elmhurst’s new mayor and who will represent our municipality on the Elmhurst City Council, as City Treasurer and as City Clerk, along with various school board, park district board and library board seats.
A total of 23 candidates are running for 11 municipal positions—Mayor, Clerk, Treasurer and eight Aldermanic seats (two in the First Ward)—on the ballot, including write-in candidates.
City Council Alderman Michael Bram (Ward 3), Scott Levin (Ward 5) and Mark Mulliner (Ward 7) are running for Mayor, with the latter two retaining their Aldermanic seats if not elected.
To quote Will Bailey’s character from the award-winning television show The West Wing: “No matter who you vote for, make sure you vote.”
PPP Application Extension
United States President Joseph R. Biden on March 30 to sign into law the PPP Extension Act of 2021 (House Resolution 1799) to extend the March 31 deadline for qualifying businesses and not-for-profits organizations to apply for forgiveness-eligible Paycheck Protection Program (PPP) federal loan funding by two months to May 31.
The U.S. Small Business Administration (SBA), which administers the federal relief program, is required to process First Draw and Second Draw PPP applications no later than June 30.
The bi-partisan legislation passed through the U.S. House of Representatives by a vote of 415-3 on March 16 and the U.S. Senate by a vote of 92-7 on March 25 after a measure to amend the bill was narrowly defeated 52–48. That amendment, proposed by Sen. Marco Rubio (R-Florida) would have restricted the SBA’s ability to prioritize certain PPP borrowers over others.
The U.S. Congress first funded PPP in 2020 with $349 billion in the $2.2 trillion Coronavirus Aid Recovery and Economic Stability (CARES) Act and $310B more in the Paycheck Protection Program and Health Care Enhancement Act, both last April. Last December’s Consolidated Appropriations ACT (CCA) included $284B for PPP in a $900B stimulus package. In March, the $1.9T American Rescue Plan (ARP) added $7.25B, putting total loan funding at $914.24B.
The December 27 appropriation expanded eligibility to more 501(c) NFPs (including chambers of commerce) and broadened the number of reimbursable expenses, but the March 31 deadline limited the U.S. Small Business Administration only a 10-week window to process First Draw and Second Draw applications following two weeks of administrative organizing.
On March 11, President Biden signed into law the ARP relief package (House Resolution 1319) for individual, businesses and governmental bodies suffering the negative economic impact from the Coronavirus (COVID-19) Pandemic, including $14B to distribute vaccines.
The ARP’s $50 billion in small business financial assistance includes $25B targeting small and mid-sized restaurants, and $7B more in PPP funding for small businesses and NFPs. There also is an unemployment benefit boost of $300 per week (down from $400).
State and local governments will receive aid totaling $350B, and $130B is allocated to assist elementary, middle and high school in safely reopening classrooms for in-person learning. Each state and the District of Columbia will receive $500 million and share $25.5B, while another $168.55B will be distributed based on each state’s share of total unemployed workers.
The City of Elmhurst is projected to receive some $5.8M in federal relief monies.
SBA Loan Repayment Deferral
On March 12, following the ARP’s signing, the SBA extended repayment deferment periods for all COVID-19 federal disaster loans until 2022, including Economic Injury Disaster Loans (EIDL),
All SBA disaster loans made in calendar year 2020 will have a first payment due date extended from 12-months to 24-months from the date of the note, while all SBA disaster loans made in calendar year 2021 will have a first payment due date extended from 12-months to 18-months from the date of the note.
Business Interruption Grants
Endorsed by ECCI and Chicago-area chambers, the Small Business Advocacy Council (SBAC) is urging Illinois Governor J.B. Pritzker and state lawmakers to refund the Business Interruption Grant (BIG) Program using 25 percent of the state’s projected $7.549B in ARP funding.
Led by the SBAC, a coalition of small business advocates seeks refunding of the BIG Program administered by the Illinois Department of Commerce and Economic Opportunity (IDCEO) to assist small and local businesses recover from the Coronavirus (COVID-19) Pandemic, as follows:
The SBAC also is requesting that businesses that did not receive prior BIG funding have priority over those which did receive said grants. Also, PPP loans and other such relief revenue should not be counted as revenue in determining the eligibility of businesses.
First funded through Illinois’ allotment of the federal $2.2T CARES Act, the IDCEO awarded small businesses a total of $249M in Round 1 and 2 BIG funding.
19th Annual Economic Outlook
More than 150 business leaders representing 29 suburban chambers of commerce and industry, along with local government officials, participated in the 19th Annual Multi-Chamber Economic Outlook via Zoom video conferencing from Westmont Village Hall on March 3, featuring Anna Paulson of the Federal Reserve Bank of Chicago as a first-time Keynote Speaker.
An Executive Vice President and Director of Research with the Federal Reserve Bank of Chicago, Paulson discussed how the year-long Coronavirus (COVID-19) pandemic has impacted the American economy, and provided data and insights for our future economic climate.
Organized by ECCI and the Westmont Chamber of Commerce and Tourism Bureau, the annual event has featured noted economists William Strauss (13 years) of the Chicago Fed and Carl Tannenbaum (five years) of Northern Trust as Keynote Speakers.
The Chamber said goodbye to the following 16 members in March: Bensenville Elementary School District 2, DuPage Senior Citizens Council, Faith Evangelical United Church of Christ, First Choice Coffee Services, Fry the Coop, Good Kids Clothing, Larry’s 66 Auto Repair, Lee Daniels & Associates, North Star Lighting, Pinot’s Palette, Red Arrow Tap Room, Synapse House, Wilkins Hundai Mazda Genesis Dealership, Vitality Women’s PT & Wellness, Workvana and Xpert Trade Show Carpet.
This press release was produced by the Elmhurst Chamber of Commerce. The views expressed here are the author’s own.