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College News

Small business help continues as new recovery task force forms

by Public Relations and Marketing | Published May 19, 2020

Lake County small business owners continue to navigate through these challenging economic times. College of Lake County’s Small Business Development & International Trade Center (SBDC/ITC) has the resources and support they need. Manager Mitch Bienvenue and the SBDC/ITC staff offer assistance to guide through the ever-changing aid and relief packages available to businesses impacted by COVID-19 outbreak.

The Small Business Administration (SBA) recently provided guidance on how to apply for forgiveness of Paycheck Protection Program (PPP) loans. The SBDC/ITC is developing a webinar to explain the steps small business owners will need to take. According to Bienvenue, “Technically 100 percent of the PPP loan can be forgiven if 75 percent of loan proceeds are used for payroll and payroll related expenses.”

Access to additional funding and recovery resources will remain available until the economy rebounds. This is being addressed by a newly formed Lake County COVID-19 Recovery Committee; Bienvenue is chairing a subcommittee to address the unique needs of Lake County businesses and economic development. Key Lake County industry representatives, government officials as well as Lake County Partners and the Workforce Development Department will collaborate on this task force.

Small business owners should email or call (847) 543-2033 the SBDC/ITC for one-on-one assistance and for answers to questions on the many resources that are available.

The Illinois SBDC International Trade Center is funded in part through a cooperative agreement with the U.S. Small Business Administration (SBA), the Illinois Department of Commerce and Economic Opportunity, and the College of Lake County.

About College of Lake County:

The College of Lake County is a comprehensive community college committed to equitable high-quality education, cultural enrichment and partnerships to advance the diverse communities it serves in northeastern Illinois. Offered at three campuses in Grayslake, Vernon Hills and Waukegan or online, college classes are affordable and accessible to help each student achieve academic, career and personal goals. More than 70,000 students graduated with degrees and certificates since the college opened in 1969. The College of Lake County is the only higher-education institution ranked among the top 15 best places to work in Illinois by Forbes and is a national leader in many areas, including sustainability and conservation.