Yes, the WTA are still calling it a $125K Series Challenger event, despite the premium on this events prize money.
No Hev. Unless she is injured, or has some other pressing issue that necessitates absence, I find that her not playing here is a rather questionable decision.
If nothing else, we could do with someone to keep Sam company into Thursday, especially after last weeks total no-show on the GB womens win front. So, extra-especially, come on Katie! Typically, it's on the court without coverage ( https://oraclechallengerseries.com/chicago/score-center/watch/ ) *0-1