CHICAGO – Due to the ongoing COVID-19 pandemic and its impact on the statewide economy and local employers, state Rep. Curtis J. Tarver II, D-Chicago, is highlighting new emergency assistance programs established for local small businesses.
“Many local employers are feeling the effects of the pandemic as we all face challenging times,” said Tarver. “These new emergency funds provide assistance for these businesses as they weather the storm of these unforeseen circumstances.”
Small businesses in Illinois can apply for up to $90 million in new emergency assistance through these 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 offer $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.
For more information and application details, visit: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
“Employees and employers alike deserve to be assisted during such a trying time,” said Tarver. “These funds represent some of the ongoing steps that the state is taking to provide assistance to businesses that have been affected during this crisis. I will continue my efforts to help connect businesses and residents with resources and information as it becomes available.”