Illinois State House District 27 issued the following announcement on April 14.
In response to the ongoing COVID-19 pandemic, state Rep. Justin Slaughter, D-Chicago, is encouraging local businesses impacted by the mandatory stay at home order to apply for financial assistance programs with the Illinois Department of Commerce and Economic Opportunity.
“The financial devastation of this pandemic has done immense harm to our community’s small businesses,” said Slaughter. “As we work to flatten the curve and brace for the long-term economic impact, these new financial programs will help provide a safety net for small business owners.”
Slaughter is highlighting several new resources available to small businesses in Illinois in the wake of the COVID-19 pandemic and mandatory stay at home order. Businesses with fewer than 50 employees that made under $3 million in 2019 revenue are eligible for low-interest, five-year loans of up to $50,000 through a new $60 million Illinois small business emergency loan fund. Downstate and suburban businesses are eligible for a $20 million small business stabilization program, which will provide emergency grants of up to $25,000. Hotels, bars and restaurants will be eligible for a new hospitality emergency grant program of up to $14 million to help with payroll and rent costs, as well as job training and technology for operations such as pickup and delivery.
“Without the usual flow of revenue, our community’s small businesses will struggle to stay afloat,” said Slaughter. “As we continue to fight this outbreak, it is critical that we work together to support our local business owners during this difficult time.”
Original source can be found here.
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