Wintrust Business Lunch 3/30/20: What to know in the markets for Monday, Chicago startup Forager raises $10 Million and Ilyce Glink breaks down the components of Paycheck Protection Program

Wintrust Business Lunch

Ji Suk Yi hosts today’s edition of the Wintrust Business Lunch for Monday, March 30th

Segment 1: (At 0:00) With over 30 years of market experience in analyzing, underwriting and trading, recognized nationwide market expert Brian Battle is the director at the Performance Trust Companies. Battle recaps what’s happened so far in the markets (liquidity run, extraordinary monetary and fiscal policy) and what’s next (the CARES Act and executing legislation into actual policy). Battle praises Congress’ use of the community banking sector in the U.S. as a policy conduit to get cash to small businesses.

Segment 2: (At 6:11) Associate Editor Katherine Davis from Chicago Inno, covers all the up-and-coming start-ups, innovation and tech companies making news locally. Davis reports that SpotHero and Remote Year engaged in layoffs while logistics startup Forager, a Chicago startup that helps companies with international shipping, landed a new round of funding, $10 million, to grow its team. Chicago Inno has an updated list of Chicago startups offering free and discounted services to help communities during the coronavirus pandemic. 

Segment 3: (At 17:49) Real estate and personal finance expert Ilyce Glink, CEO of Best Money Moves, will be offering free technology and resources for the next 3 months for businesses who need help grappling with coronavirus and financial stress in their employees. Glink breaks down the components of Paycheck Protection Program– part of the $2 trillion CARES Act which will allocate $350 billion in loans backed by the U.S. Small Business Administration. Glink discusses what businesses are eligible (including sole proprietors, independence contractors, gig economy workers and self-employed), what spending accounts for loan forgiveness, and what to look out for on the SBA website

Segment 4: (At 26:08) WGN Radio Business reporter and host Amy Guth discusses trending business stories. Today Guth covered the University of Chicago’s commitment to the South Side– partnering with the Greater Chicago Food Depository, the university will give $1 million to feed South Side residents using its dining facilities to prepare 225,000 meals over 10 weeks. Also, $1 million from U of C will be allocated towards independent, small businesses and nonprofits in the form of up to $7,500 grants. Abbott Labs is unveiling a small and portable coronavirus test that can tell if someone is infected in as little as five minutes. Busch Beer is offering a three months’ supply of its beer to 500 people who adopt or foster a dog from Midwest Animal Rescue in Minnesota.

Wintrust Business Lunch
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