“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.
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 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.”
Residents can also stay informed on developments with the COVID-19 pandemic by reviewing information provided on the State of Illinois’ exclusive website at www.coronavirus.illinois.gov. For more information, please contact Slaughter’s constituent service office at 773-445-9700 or email@example.com.