My office & @IllinoisDCEO are working closely to find ways to expeditiously redirect existing programs to those experiencing the greatest need.
By Friday, our small businesses will be eligible for a share of $90M in state emergency grants and loans through three new programs.
By Friday, our small businesses will be eligible for a share of $90M in state emergency grants and loans through three new programs.
First: all of our small businesses— those with fewer than 50 workers and under $3M in 2019 revenue in every industry — are eligible for our new $60 million Illinois Small Business Emergency Loan Fund: allowing up to $50,000 loans with five-year, low-interest repayment terms.
Required loan payments won’t begin for 6 months, offering crucial time for business owners to begin recovering from the economic impact of COVID.
@IllinoisDCEO & @IDFPR have established a loan-loss reserve of $20M to back up the financing provided by our state-chartered banks.
@IllinoisDCEO & @IDFPR have established a loan-loss reserve of $20M to back up the financing provided by our state-chartered banks.
Second: we're launching a $20 million Downstate Small Business Stabilization Program, which will provide emergency grants of up to $25,000 to small businesses that are being served by @IllinoisDCEO’s Office of Community Development.
Third: our new Hospitality Emergency Grant Program will offer $14 million to help hotels, bars & restaurants support their payroll, rent, job training & technology for operations like pick up and delivery, which for now have become central to many restaurants’ revenue.
Our hospitality businesses have experienced some of the most significant hardships during this crisis, and this program help address the significant challenges of our bars and restaurants and small hotel companies.
Applications for the Hospitality Business Grant Program are live today, and the other two programs will be up by the end of the week. Visit @IllinoisDCEO's website to apply or for more information: www2.illinois.gov/sites/coronavi…
