ILBA INFORMATIONAL UPDATE
December 30, 2020
We hope that you, your loved ones, and your employees are safe and well. The year 2020 with the COVID19 mitigations has been challenging for us in Illinois. Your ILBA will continue to advocate for the hospitality business next year. Here’s to a better 2021!
New $900 Billion Pandemic Relief Package:
Banks are expecting information on the new PPP loan applications to be available next week. Now is the time to get your documents ready. Over $15 billion is allocated to small businesses with less than 10 FTE (Full Time Equivalent Employees), which covers many of the smaller businesses that got left out when the large locations got funded the first 2 rounds in 2020. Businesses with less than 300 employees that can show a business quarter down 25% over the same time last year will qualify. We should get a funding boost this time around (3.5 X Ave Monthly Payroll vs 2.5 X ). Example: $30,000 X 3.5 = $105,000 in funding vs $30,000 X 2.5 =$75,000 last time. These are fully forgivable loans as long as 60% is used on payroll and the balance on approved expenses like rent, utilities, replacing inventory etc. The loan forgiveness will be streamlined for all loans less than $150,000.
ILBA Lawsuit Update:
ILBA and ILBA Member FoxFire Takes Indoor Dining Fight to Illinois Supreme Court:
Cut and paste into your browser and then click on the article. https://m.facebook.com/groups/regiononestayopen/permalink/755542228408534/
Illinois Liquor Control Commission COVID-19 Related Action Guidance on Expiring State Licenses and License Renewal Dues AMENDED December 21, 2020:
Liquor License Renewals 1. All licenses with a renewal date of March 31, 2020 or after are automatically extended to March 31, 2021, go to the link below for details.
Music Licensing Relief:
BMI: We have a team of representatives at BMI that are handling all COVID related changes in business for our licensees. Please direct any of your members who have been closed for an extended period and/or not having any music, to contact BMI here https://www.bmi.com/licensing/covid. We want to ensure that their accounts accurately reflect their current business status.
SESAC and ASCAP – have not provided us with any updates.
Welcome New ILBA Members: Recently the following businesses have joined the ILBA.
MT Barrels, Schaumburg
Daniel D. Clausner