Illinois State Senate District 42 issued the following announcement on March 27.
Restaurants, hotels and other small businesses across the state are invited to take advantage of two new emergency assistance programs, Senate Assistant Majority Leader Linda Holmes (D-Aurora) announced.
“Small businesses are the backbone of our local economies, but the COVID-19 outbreak has hit many of them hard and even forced some to close,” Holmes said. “We must invest in stores, restaurants and hotels that make our communities unique.”
To provide assistance to struggling small business owners, Gov. JB Pritzker unveiled the Illinois Small Business Emergency Loan Fund, a $60 million program that will support low-interest loans of up to $50,000 for small businesses outside of Chicago. (Small businesses in Chicago can apply for a similar loan program here.)
Businesses with fewer than 50 employees and less than $3 million in revenue in 2019 will be eligible to apply. Loan recipients will owe nothing for six months and will then begin making fixed payments at 3% interest for the remainder of a five-year loan term.
Pritzker also announced the Hospitality Emergency Grant Program. The program offers $14 million in grants to restaurants, bars, hotels and other hospitality businesses to help them make ends meet during the COVID-19 crisis. It will provide up to $25,000 to eligible bars and restaurants and up to $50,000 for eligible hotels.
Grant funds can be used to compensate employees and pay rent, or to support new practices like expanded pick-up, delivery and sanitation.
“Our beautiful main streets and their shops and restaurants are vital for most of us every day. It’s heartbreaking to see them struggling during this outbreak,” said Holmes. “These programs may offer some help to small business owners and get them through this challenging time.”
Original source can be found here.
Alerts Sign-up