LaPointe Promotes Emergency Small Business Grants and Loan Assistance

CHICAGO – To alleviate some of the financial strain on small businesses during the COVID-19 pandemic, state Rep. Lindsey LaPointe, D-Chicago, is promoting new state programs offering emergency grants and loans to small businesses.

“Small businesses are the backbone of our economy, but right now the new challenges of COVID-19 are making it difficult for these businesses to stay afloat,” LaPointe said. “There is no doubt that the months ahead will continue to be very difficult times for all of us, but there are a growing number of resources available to provide assistance and I hope that businesses in our community will take advantage of these new state programs.” 

Small businesses in Illinois can apply for up to $90 million in new emergency assistance through the following state programs:

• Businesses with fewer than 50 employees, and 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;
• A $20 million small business stabilization program for downstate and suburban businesses, which will provide emergency grants of up to $25,000;
• A new hospitality emergency grant program will over $14 million to help hotels bars and restaurants meet their payroll and rent, as well as job training and technology for operations like pickup and delivery.

More information about these emergency assistance programs, including application information and when the funds will be disbursed are available at www2.illinois.gov/dceo/SmallBizAssistance.

“While we find new ways to provide financial relief for small businesses on the state level, I also encourage residents to support our local businesses in any way that you can,” LaPointe said. “Please consider ordering carry-out or delivery from a local restaurant, shop online from local retailers, or buy gift certificates from a local business. Shopping local is more important now than ever.”

For more information about pending legislation or state services, please contact LaPointe’s constituent service office at 773-647-1174 or email RepLaPointe@gmail.com.