FROM PAIN TO PURPOSE
the
ONE GOOD THING LEADS TO ANOTHER
GABRIEL OREM, OTR/L
SHANNON HARPER
PAGE 4
PAGE 12
December 2024 | Volume 37 | No. 12 of the greater rockford business community
ROCKFORD AWARDED $116 MILLION FOR ELECTRICAL GRID TECHNOLOGY
New year, new laws The 2025 legal outlook shows several new laws affecting businesses
Rockford will soon be a test site for cutting-edge innovations that will protect the area’s electricity grid and expand access to
By The Greater Rockford Chamber of Commerce As we step into 2025, businesses across Illinois and the U.S. must prepare for a range of new and updated laws set to take effect on Jan. 1. Here’s an overview of some of the most significant new laws and updates that could impact your business operations. We highly recommend working with professionals to ensure your organization is compliant from day one. Visit business.rockfordchamber.com/ directory/ to find chamber members who can provide legal representation, IT solutions, or HR guidance.
Corporate Transparency Act (federal) One of the most sweeping changes in 2025 is the implementation of the
carbon-free energy. The $116 million investment – $50 million U.S. Environmental Protection Agency (EPA) Smart
Corporate Transparency Act (CTA), requiring many U.S. businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This federal law aims to curb illicit financial activities and improve transparency. Key points: - Existing companies must file reports by January 1, 2025. - New entities must report within 90 calendar days of formation. - Non-compliance can result in substantial fines up to $500 a day. Filers can view informational videos and webinars, find answers to frequently asked questions, connect to the contact center, and learn more about how to report at www.fincen.gov/boi.
Illinois Equal Pay Act Amendment Starting in 2025, businesses with 15 or more employees must include pay scales and benefits information in all job postings. The Equal Pay Act seeks
to increase pay transparency and reduce wage gaps. Recommendations: - Audit your current pay practices to identify any disparities. - Update job postings to include detailed compensation information. - Train hiring managers to navigate pay-related discussions under the new regulations.
Illinois Personnel Record Review Act Amendments to this act require employers to maintain detailed pay stub records for at least three years. Employees also gain the right to request their personnel records electronically, including via email or text message. Recommendations: - Implement or upgrade digital systems to manage personnel records securely. - Train HR teams on how to handle and fulfill electronic record requests. (continued on page 14)
Inside the 2024 Pow(H)er Conference Lighting a spark of innovation to benefit businesses and communities
Grid grant awarded to ComEd and R1, and a funding match from ComEd – will be used to develop and test technologies that will: • Restore power more quickly after severe weather events. • Accelerate the state’s transition to clean energy. • Create clean energy job training programs. • Manage the energy load as more electric vehicles and solar energy panels connect to the grid. • Expand residential EV charging access, solar options, and vehicle-togrid charging capabilities. • Support the State of Illinois’s goal to reach 100% clean energy by 2050.
By The Greater Rockford Chamber of Commerce
All funds will be invested by 2029.
NEW GRANT PROGRAM FOR NONPROFITS
Pow(H)er is a conference for all who support, believe in and champion the advancement of women
THE VOICE IS PUBLISHED BY
Join the Chamber on Social Media
The Voice is online at rockfordchamber.com
The 2024 Pow(H)er Conference, held on Nov. 7 at Embassy Suites in downtown Rockford, was a powerful event full of knowledge, insights, and support for women throughout the community. Hosted annually by the Greater Rockford Chamber of Commerce (GRCC), Pow(H)er is a conference for all those who believe in, support, and champion the advancement of professional women. “Studies show organizations are more profitable when women are in leadership roles,” said Caitlin Pusateri, GRCC president. “Our mission is to relentlessly
develop, accelerate, and support a thriving business community. Women leaders play a vital role in the success of our businesses and our communities. Today’s conference not only educates but empowers. It lights a spark of innovation that our businesses and communities will benefit from.” This year’s conference brought together a robust lineup of regional and national speakers with workshops focused on balance, advancement, and legacy. (continued on page 6)
Gemini Solar launched a new grant initiative, offering up to $5,000 each quarter to help support nonprofit organizations and community groups. Applications are now open, and the first round of funding will be awarded in late December 2024. For more information about the program, eligibility criteria, and how to apply, visit www.geminisolar.com/grant-program