How Do I Sign Illinois Banking PDF

Industry sign banking illinois pdf now

hi everyone steve lee here with simply tax it's been a long time since i posted uh thank you all to who subscribed to the channel um it's been a long and very unique tax season this past year due to the pandemic today's video we're going to be talking about actually something that's very important to all the illinois business owners out there we're going to be talking about the illinois business interruption grant also known as big or big this is actually round two of funding round one happened a few months ago the application process and um the application process for round one was actually only limited to certain businesses so those included like restaurants bars fitness centers uh certain businesses that were really disrupted due to the pandemic now round two of funding has just started and this video we're all we're gonna be talking about that the big round two of funding the good news here is that um big round two of funding has been opened up to all types of small businesses located and operating here in illinois okay so remember this video is for illinois business owners okay this is not for if you live outside or operate outside of the state of illinois this is only for illinois business owners um definitely if you are a business owner that operates outside of illinois check your state's um uh website to see if there are grants and different funding opportunities for you and your small business i'm sure there are so you definitely want to check so remember this video is only for illinois business owners and we're going to be talking all about big round two today on this video what we're going to be talking about is what is it um what can you use the grants for who is eligible for a grant who is not eligible for a grant and what do you need to process and prepare the application the application itself is all online all this information i'm going to go over today in this video is going to be located in the bottom of the notes all the links to everything all the documents that i've used all the support that i've used to make this video and to share this with you is going to be listed in the notes section below okay so definitely want to refer i will upload all those links after this video so definitely want to refer to that alright so let's get started right away um the department of commerce and economic opportunity the acronym is dceo of illinois is launching a second round of business interruption grants big by providing 220 million dollars to businesses experiencing losses or business interruption because of the kovid 19 pandemic funding may be used to help businesses with working capital expenses so what is working capital expenses things consider working capital are like payroll cost rent utilities and other operational costs defined clearly in the eligible cost list i'm going to include that link in the in the section below in the notes of the video below in the second round of grants all illinois based small businesses can apply i'm going to go over what small business means in a little bit priority will be given to small businesses located in downstate illinois disproportionately distressed areas there's also going to be a list of what disproportionately distressed areas based on zip code and that's also in the link below and then also certain industries i'm going to go over that there's certain industries which this round of funding is really targeted towards so if you fall under um any of those industries or any of those lists you definitely want to apply right you definitely do want to apply for the second round of funding um this time all right so let's first go over some of the eligibility requirements to apply for this grant okay so um when you're applying for this grant this list is going to show if you're eligible or not eligible okay so number one is you must be an independently owned and operated for-profit corporation llc partnership or sole proprietorship authorized to conduct business in the state of illinois okay once again that's a for-profit corporation llc partnership sole proprietorship authorized to conduct business in the state of illinois remember illinois based businesses illinois businesses number two is 501c3 6 501 c 19 um non-for-profit organizations are also eligible for this round two of funding this is huge because this doesn't mean only for-profit companies can apply this also means that certain non-for-profit organizations can apply for funding number three you must have been operating for at least three months prior to march 2020 so what does that mean you must have been in business basically since december of 2019 so three months before march 2020 number four you must have had less than 20 million in gross operating revenue in calendar year 2019 okay if you haven't i've been in business for all of 2019 let's say you're a new business uh a pro rata calculation right so 20 million divided by 12 months will equal something like 1.25 1.3 million per month right if you're not above that threshold if you haven't been in business for a full calendar year in 2019 um that's what they consider a small business right going back to that definition all illinois-based small businesses can apply right so small business means really it's based on revenue okay gross operating revenues be under 20 million if you've been in business all of 2019 if not all of 2019 a pro rata version of that okay number five is you must have experienced a net operating loss since march 21st of 2020 okay so uh you must have experienced or incurred a net operating loss number six is uh oh let's go back to number five number five is really important because during the pandemic um from what we saw within our own cpa firm is there are industries that actually did really well during the pandemic there was an increase right you've probably seen articles um for uh liquor stores that did really well right there are certain um you know other industries that did really well during the pandemic um including logistics right logistics did really well because of all the shipping whether it's amazon whether it's walmart whatever it might be logistics did very well during this pandemic so you must have experience going back to that one a net operating loss since march 21st of 2020. number six is you must have been closed or had a reduced operation due to government order public health guidelines or depressed consumer demand during the kova 19 pandemic and i think most businesses majority of businesses fall into this category for sure and number seven is you must have complied with all relevant laws regulations and executive orders from the state and federal government this includes social distancing guidelines um from governor pritzker right so from the governor's office okay so you must have complied by those laws um so that's those are the eligible entities right now we're going to go over the list of non-eligible businesses okay if you fall under this list you know there's no need to continue on with this video because if you're on this list then you do not qualify unfortunately for round two of funding you know there might be around three i am not sure if that's going to happen but for round two if you fall on this list you can stop watching the video okay because you unfortunately do not qualify okay so this includes independent contractors number one independent contractors are freelance workers that do not operate as a sole proprietorship okay so this means that if you do not include expenses or deductions from your freelance or contract work in 2019 um that's not on the schedule c or anything like that then you do not qualify unfortunately child care providers so this is licensed child care providers are not out that are eligible for child care restoration grants do not qualify for round two of funding private clubs are businesses that limit membership for reasons other than capacity so this is private membership clubs right so this is there's an application process you have to qualify to get into these clubs those do not qualify pyramid scheme businesses do not qualify illegal businesses prohibited by federal or local law do not qualify real estate management companies so this includes residential commercial or even industrial tenants those types of businesses do not qualify for this round of funding so real estate management companies religious based organizations unfortunately do not qualify so remember we went over 501 c 3 501 c 6 9 c 6 and c 19. um if you are a religious based organization whether it's a church synagogue temple those unfortunately do not qualify political or lobbying businesses do not qualify a business that manufactures or sells wholesale tobacco or liquor does not qualify so this is wholesale tobacco and liquor does not qualify a business that manufactures sells firearms at wholesale or retail do not qualify so gun shops do not qualify a nightclub or strip club does not qualify employment agencies also do not qualify pawn shops unfortunately do not qualify liquor stores retail or wholesale do not qualify storage facility or trailer storage yard or junkyard facilities do not qualify unfortunately so that list if you fall under that list unfortunately you do not qualify for this second round of funding uh from illinois just remember to keep um posted on any news um to see if there's a further around three funding and hopefully maybe you do qualify one you know for future funding so now let's go over what types of businesses are considered qualified and also given priority during this application process like i said in the beginning of the video there are certain businesses and industries that will qualify and receive priority during this application process so if you fall under any of these categories or within this list you definitely want to apply and if you know of anyone that's in this in this industry or in one of those industries you definitely want to share this video and all the links below to help them to make sure that they do apply for this round of funding so let's go over that list now so uh the dceo has several categories the first category we're going to go over is called highly impacted industries so i'm going to refer to that as h-i-i highly impacted industries these are businesses that have been closed or operating at significantly diminished capacity since march 2020 and are likely to continue doing so until illinois reaches phase five you know this includes um you know like movie theaters you know museums things like that i'm gonna go over the specific list of industries but these are businesses that have been highly impacted right have been closed because of government regulations right that you cannot have you know 50 or more 100 or more so let's go over that list to see uh who is included in the hii category that list includes event venues this is ballrooms banquet hall conference centers and other types of event space if you qualify or if you follow those categories you are definitely given priority so event venues number two is music venues this includes auditoriums and concert halls so this might be like the lyric opera house right it's the stefan wolf theater all these types of places seven wolf theater speaking of that performing arts venues theater for performing arts right including plays opera symphony dance and other forms of performing arts all qualify as a highly impacted industry you definitely want to apply number four is indoor recreation this includes bowling alley skating rings trampoline parks indoor playgrounds field houses laser tag arcades and indoor sports facilities please note that fitness centers do not qualify as an indoor recreation and i'll go over that in a little bit number five is amusement parks so this is like fairgrounds water parks attractions a place that come to mind here in illinois is like six flags great america santa's village um great wolf lodge which is an indoor water park those are all places that qualify as under the amusement park category number six is movie theaters right you also qualify as a highly impacted industry museums definitely so all the museums located downtown in chicago also all across the suburbs small or big you qualify number eight is charter or shuttle or bus service this is not taxis it's not uber this is not lyft this is bus or shuttle service okay those eight categories are all considered under the highly impacted industries this is given highest priority during this application process okay so if you are in if you operate a small business in any of these categories right um small business or 501 c 3 6 or 19 you definitely want to apply because you are given highest priority during this application process so definitely apply uh so after the hii category there's another list of high priority um businesses right i'm gonna go over that list too so remember high highly impacted industries we just went over that um definitely apply okay number another one is some another category is called priority industries these are businesses that have noted um or experienced long-term shutdowns in the same way as hii businesses but continue to experience significantly depressed demand as a result of the pandemic so what businesses are included on that list it includes independently owned retail okay this does not include franchises and change with more than three locations okay so the like once again it's ill independently owned retail not franchises or places with more than three locations number two is restaurants bars and taverns restaurant bars and taverns also qualify for round one of funding you also qualify as a priority business again for round two number three is fitness centers this includes you know workout places uh crossfit gyms this also includes um you know a martial arts facility so if you call if you fall under any of those categories you definitely want to apply number four is tourism and travel related activities this includes lodging and accommodations um some examples are short-term vehicle rentals so like rv rental places right passenger transport uh hotels motels bed and breakfasts campgrounds agro tourism tour operators and travel agencies these all qualify as a priority business number five is support services for the arts and events this one is a really big category for the freelancers and the gig economy out there so if you have anybody that falls under this list pass this video share the links tell them to apply uh this is defined as businesses that provide services for events for performing arts okay this includes design sound equipment rental or preparation casting hair and makeup talent management booking agents caterers photographers videographers event planners florists and printers right there's a lot of photographers and videographers out there there's a lot of event planners florist share this video share the link share this information with any of those that fall under this list there's a lot of you out there i hope you go quickly and apply for this grand there's other categories that the dceo is also going to get priority and i'm going to go over that um uh really briefly okay that's another category is disproportionately impacted area so dia so 70 million dollars of the 220 is going to be given to businesses within certain zip codes okay defined by the general assembly for communities so these are zip codes that they've identified as highly distressed areas or economies or communities that were highly impacted due to the pandemic so i'll leave a link in the information section below check out that link to see if your business is falls under one of those zip codes if it does definitely apply another one is agriculture agriculture is also given priority here and five million dollars of the remainder of the funds they say is allocated for agriculture businesses um the applications for if you're an agriculture business is not through this one but it's gonna come in the f in the next coming weeks and you're gonna apply using through the illinois department of agriculture so just hold off a little bit and check that website to apply all right so one big thing i'm going to go over now is the actual application process so when and where to apply so the application acceptance process started yesterday thursday um september 17 n the afternoon uh remember this grant just like round one is not based on first-come first-served basis i think it's a lottery based system just like round one they haven't gone over um the criteria or kind of the selection process but my hunch is that they're gonna select based on priority industries right all the industries all the businesses i talked about as highly impacted or priority will definitely get um to the front of the line right for these types of grants um so the link below you're gonna you're gonna apply directly off the link below right it's gonna be um there's two applications one in english and one in spanish so i definitely want to apply so what do you need to know when you apply right so i'm going to go over now the application itself the questions as well as what documents you need to attach to this application process so let's go over that now okay so on the application when you go in through the link you'll notice the first section is all about business owner information so you as the business owner even have to list your name uh your email your contact permission phone number your business owner address the second part is business information that's business name dba address and then industry what industry do you fall under doesn't mean there's any um a whole bunch of categories you have to answer that honestly next is um is your business in an h i i industry right is it a heavily impacted industry you're gonna have to answer that next you're gonna have to answer a whole bunch of percentage questions in regards to if you do fall under an hii uh business um and then there's the next question after that is gonna be do you fall under a priority business right so this includes you know like independently owned retail restaurants bars taverns gyms fitness centers um tourism supporting service or arts and events you're gonna have to answer here in that category so i think if you if you say yes to those two the hii or the priority list businesses you'll definitely receive priority in this application process so you definitely want to answer those correctly and honestly uh next they're going to ask you for your business's fein number that's a text id number okay so you're going to provide that they're going to ask you when did you start your business this is a really important question because remember one of the qualifiers in the very beginning is you need to have been in business three months before march 2020 so this and this question weeds out if you're eligible or not right so if you're in business starting from december 2019 then you are eligible if not you are not eligible unfortunately um they're gonna ask for your business revenue in 2019. what is your business revenue this is going to be defined as your total gross revenue that you reported on your 2019 tax return okay that's one of the supporting documents that they're going to request is your 2019 business tax return okay so you're gonna have to use that total gross revenue on there on this application okay so have that ready uh number uh the next question is have you received any of the following emergency aid remember answer this correctly and honestly please select all that apply this includes ppp eidl loan eidl grant illinois hospitality gun cds chicago together now grant illinois business interruption grant that's round one of funding the illinois big round one of funding if you receive that answer that is yes any other emergency grant from the city or county that you're located in um please remember to answer these honestly and correctly okay and then they're gonna ask a whole list of other did you receive any technical assistance from any of these organizations answer that another question they're going to ask is do you attest that your business has suffered at least five thousand dollars in losses due to the pandemic answer yes and no okay that's an ad test question so you're gonna have to verify uh require documents what do you need to apply okay they've split this up into two different sections one for highly impacted and one for non-highly impacted let's go over the non-highly impacted industries first okay that's gonna be the majority of you so the first thing is you're gonna need this assigned 2019 tax return signed means by the business owner okay so have that ready signed 2019 business tax return your july and august 2019 bank statements okay they're going to use this to verify you know if you've experienced losses do the pandemic so july and august of 2019 you're also going to need july and august of 2020 bank statements as well so they're going to compare the two right july and august 2019 versus july and august of 2020 to make sure they have those bank statements ready to submit they're also going to ask for a signed w-9 a w-9 is basically the ein or you know the tax id number that they're gonna be looking for okay you need a signed one you need a business owner id driver's license or state id card from the business owner that we included in section one of the application they're gonna also ask for a document that shows the business name and address that verifies it to you this can be a business license a utility or a mortgage bill so make sure to have one of those types of things on hand and lastly have your business bank account information ready and available they're gonna ask for business business bank name routing number account number okay this is where the funds are gonna be deposited if you qualify round one some of our clients did qualify fortunately and they were direct deposit those funds are direct deposited into the business bank account that you specify here for the highly impacted industry if you fall under this category the additional documents that i mentioned right before you're going to also include these additional documents okay that's going to be business rent or mortgage for july and august of 2020 business utilities bills for july and august 2020 business insurance for july and august 2020 payroll expense reports for bit for july and august of 2020 proof of business loan payment for july and august these are the additional forms you're going to be needed if you fall under the hii highly impacted industry there's also a survey at the end which goes over you know which gender you um identify which race do you identify um are you hispanic um or latino are you a veteran are you disabled answer those questions honestly and correctly to prevent any delays so you know this was you know a primer of the big loan application please remember if you know of anyone that is or falls under this category or qualifies for this grant or round two of funding share this video share the links below and make sure they apply you know like i said in the very beginning the application process is very straightforward all you need to know is make sure you have all the supporting documents ready and available to apply it's not a come first serve basis for this application but it doesn't hurt to apply early okay so make sure anybody that you know that falls under any of these eligible categories applies for these grants because it's going to be vital for them right a lot of them um may have really suffered a lot of losses due to the pandemic i know many business owners including a lot of clients from our firm um that have really suffered so we're we definitely pass this information along to them and let them know this does exist also one big thing is if you've already closed down or you plan to close down don't apply you do not qualify one of the really fine details says that if you've closed down to the pandemic forever not temporarily due to government regulation then you do not qualify they are only looking for businesses that are trying to survive the pandemic okay so if you've closed down due to government shutdown things like that um but you're planning to open up once it hits phase five or once the pandemic or quarantine goes down you do qualify to apply but if you close down permanently and don't plan on coming back you do not you do not qualify unfortunately so remember to check out all the links below i'm gonna leave them um under the video and please remember to share this video with people that you know that can really benefit from these brands uh till next time um it was great thank you for watching this video please remember to hit subscribe below as i'm gonna start to try and post more content and do more live streams right i think live streams will make this a little bit more manageable and to have a little more q a in the future so make sure you hit subscribe and share this video i hope you're well hope your family as well and i hope to see you next time thank you