BLOOMINGDALE, Ill. – State Rep. Diane Pappas, D-Itasca, is promoting new financial assistance programs to help support small businesses negatively impacted by COVID-19.
“This unprecedented health crisis has done incredible harm to our community’s small businesses, and we need to do everything we can to help them during this difficult time,” said Pappas. “As we work to flatten the curve and brace for the long-term economic impact, these new financial programs will help our small business owners access financial protection and stability.”
Small businesses in Illinois can apply for up to $90 million in new emergency assistance through several state programs. 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.
For more information about these emergency assistance programs, including application information and when funds will become available, business owners can visit www.illinois.gov/dceo/SmallBizAssistance.
“Without the steady flow of revenue, our community’s small businesses will struggle to survive,” said Pappas. “It is imperative that we work together so that our local business owners are supported.”
Residents can stay informed on developments with the COVID-19 pandemic by reviewing the State of Illinois website at www.coronavirus.illinois.gov. Pappas encourages residents who need help navigating services to contact her district office at 224-520-8838 or RepDPappas@gmail.com.