Chicago Advocates Help Immigrants Protect Finances Amid Deportation Fears

Key Takeaways

• Illinois Hispanic Chamber of Commerce launched a free program to help immigrant business owners prepare for potential deportation disruptions.
• Practical financial tips include joint bank accounts, financial power of attorney, and online banking setups for uninterrupted access.
• Trump-era memo targeting certain legal immigrants, effective January 27, 2025, intensifies deportation fears within immigrant communities.

Chicago advocates are stepping up efforts to help immigrants navigate financial challenges that could arise from deportation. Recognizing the growing fears within immigrant communities, local leaders and organizations are increasing their outreach to provide financial literacy and practical tools. These efforts are in response to both the escalating enforcement landscape and recent changes in U.S. immigration policy. The Illinois Hispanic Chamber of Commerce is leading these initiatives, focusing on immigrant business owners and their unique vulnerabilities.

The Scope of the Issue

Chicago Advocates Help Immigrants Protect Finances Amid Deportation Fears

In Illinois 🇺🇸, immigrant entrepreneurs are vital to the local economy. With over 140,000 Hispanic-owned businesses contributing nearly $3 billion to the state economy annually, immigrants represent a significant force in the workforce and business landscape. A striking statistic is that nearly 25% of self-employed individuals in Illinois are immigrants themselves. Yet, many of these business owners lack contingency plans for what would happen to their assets, employees, and operations if they were deported.

The Illinois Hispanic Chamber of Commerce is tackling this issue head-on. In a recent press briefing, organization leaders stressed the importance of protecting immigrant-led businesses from the fallout of U.S. Immigration and Customs Enforcement (ICE) actions. Their concerns aren’t just limited to the individuals at the helm of these enterprises. If a business owner is forced to leave the country, their employees, who depend on these jobs, could be left in precarious situations.

A Community Response to Uncertainty

In light of these challenges, a free program has been launched to better equip immigrant business owners for possible disruptions. Unlike programs that solely target undocumented immigrants, this initiative also addresses the needs of U.S. citizens who might employ undocumented workers. The goal is to offer tools that safeguard business operations, ensuring executives create succession plans and set up measures to handle unanticipated interruptions.

A poignant example is Angel Diaz, owner of the Frida Room restaurant in Chicago’s Pilsen neighborhood. Though Diaz has lived in the U.S. for over 25 years and is nearing U.S. citizenship, he shared the constant worry about how deportation could impact his restaurant. From meeting payroll to paying bills, the stakes for immigrant business owners like Diaz go beyond personal loss, potentially affecting the entire economic ecosystem tied to their businesses.

Financial Preparedness: Tips for Immigrants

Advocacy groups and financial institutions are reminding immigrants of the importance of protecting their funds while avoiding risky moves like withdrawing all their savings to keep at home. Instead, organizations recommend practical strategies to ensure financial safety:

Maintaining active bank accounts: These accounts are essential for managing ongoing obligations like mortgages or supporting family.
Learning online banking tools: Setting up remote online banking functions can allow immigrants to manage accounts even if they have to leave the U.S.
Creating joint accounts: Designating a trusted person to access accounts ensures continuity if the account owner is unable to act.
Granting financial power of attorney: With a simple legal document, a trusted representative can take care of your financial dealings.
Updating records with accurate contact information: Banks should always have your latest address, including international contact details if required.

Credit card management is equally critical. The advice here includes:

Informing credit card companies of address changes.
Redeeming rewards points before potential disruptions.
Canceling payments that are not needed anymore.
Opting for online or automatic payments to avoid missed deadlines.
Using mobile apps, making it easier to track and manage card activity.

Protecting Investments and Property

Organizations like The Resurrection Project have expanded their focus to help immigrant homeowners protect their properties from unexpected outcomes. Originally dedicated to assisting immigrants with homeownership, they now counsel individuals on securing their assets in case of deportation.

These cautionary preparations come against the backdrop of immigration policy changes. On January 27, 2025, a memo from the Trump administration was revealed, instructing immigration officers to target even legally present individuals who entered through certain Biden-era programs. These programs, such as CBP One and humanitarian parole, were designed to allow migrants lawful entry, and they granted access to about 1.4 million individuals since 2023. While these initiatives initially aimed to curb illegal border crossings, the new focus on accelerating deportations has deeply unsettled immigrant communities.

Legal Risks and Tax Obligations

Chicago attorney Dan Janich warns that mismanaging finances can have dire consequences for immigrants. Even legal residents and green card holders could face deportation under certain conditions. Crimes involving fraudulent activity or tax evasion that exceed $10,000 in losses are classified as “aggravated felonies” under U.S. immigration law, which can lead to loss of status and removal from the country.

Janich strongly recommends immigrants participate in the Offshore Voluntary Disclosure Program (OVDP) if they’ve failed to disclose foreign assets. This program allows individuals to correct mistakes with reduced penalties, avoiding potentially life-altering legal consequences. For anyone hoping to remain in the U.S., maintaining compliance with these financial regulations is essential.

A Coordinated Local Effort

Amid policy shifts, Chicago aldermen like Rossana Rodriguez-Sanchez (33rd Ward) are actively responding to community concerns. They monitor local ICE activities and work to quell fears fueled by misinformation spreading on social media. These efforts aim to provide clarity amidst a climate of uncertainty.

Meanwhile, advocacy groups have scaled up their engagement. They are conducting workshops and offering individual consultations to directly reach immigrants with advice on financial planning. The Illinois Hispanic Chamber of Commerce is an integral part of these activities, offering a lifeline to individuals and businesses affected by the changes.

Broader Implications for the Economy

Protecting immigrant-owned businesses is not only a personal matter for the entrepreneurs involved but also essential to the broader economic health of Chicago and the U.S. as a whole. The financial contributions of immigrant groups are significant, and sudden disruptions to these enterprises could ripple through local economies.

Experts and community leaders argue that these preparedness initiatives serve dual purposes: securing the livelihood of immigrants while strengthening economic stability for the wider population. The Illinois Hispanic Chamber of Commerce’s advocacy reflects a recognition of the deep interconnection between immigrant success and the prosperity of cities like Chicago.

The Path Forward

In conclusion, ongoing deportation fears underscore the importance of financial preparedness for immigrant communities. Through efforts led by Chicago advocates, immigrant workers and business owners are being armed with practical tools to safeguard their financial assets. From remote banking to succession planning for businesses, these proactive steps offer a level of certainty in an otherwise unpredictable environment.

While policy changes loom large, the partnerships between advocacy groups, legal experts, and financial institutions reveal a community united in support of immigrants. For both the individuals impacted and the communities that benefit from their contributions, these initiatives are essential for navigating the challenges ahead. To explore more about resources for immigrants, visit the official U.S. Citizenship and Immigration Services (USCIS) website for up-to-date information.

Learn Today

Deportation → The act of forcing someone to leave a country due to violations of immigration laws.
Contingency Plans → Strategies or measures created to address possible future emergencies or unexpected situations, ensuring preparedness.
Succession Plans → Arrangements outlining the transfer of responsibility and operations, especially for businesses, in the absence of key individuals.
Aggravated Felonies → Severe crimes under U.S. immigration law, such as fraud or tax evasion, leading to deportation or legal consequences for immigrants.
Financial Power of Attorney → A legal document granting another person authority to manage financial matters on someone’s behalf.

This Article in a Nutshell

Chicago advocates are empowering immigrant business owners to tackle deportation fears through financial literacy and contingency plans. Programs emphasize remote banking, joint accounts, and succession planning to protect assets and employees. With immigrant-owned businesses fueling Chicago’s economy, these efforts strengthen not just individuals, but entire communities. Preparedness ensures stability amidst increasing immigration uncertainties.
— By VisaVerge.com