“This fund will help keep many businesses afloat during the financial downturn stemming from the COVID-19 crisis,” Moylan said. “Small businesses are the backbone of our economy, which is why it is crucial to provide these resources to the many businesses that are experiencing such economic trouble.”
The Cook County Community Recovery program is a $10 million fund open to eligible businesses and independent contractors in suburban Cook County. Businesses who had fewer than 25 employees before the shutdown took place, make less than $3 million in revenue annually and who have experienced up to a 25% revenue decrease since the shutdown are eligible for a one-time zero-interest loan up to $20,000. Independent contractors who make at least half of their yearly income from contract work and earn less than $100,000 annually are eligible for a one-time zero-interest loan up to $10,000. Applications are available now until June 17. Additional information about this program and instructions on how to complete the application can be found at https://www.cookcountyil.gov/recovery.
“These loans won’t solve all of the financial difficulties these businesses have experienced throughout the COVID-19 crisis, but it will definitely help,” Moylan said. “Illinois has to continue finding ways to support the small businesses who are in dire need of help. These businesses create jobs and drive our economy, so we have to take care of them for the sake of our economy as a whole.”
To stay up to date with the state’s response to COVID-19, please visit coronavirus.illinois.gov. For questions or assistance concerning state issues, legislation or district matters, please contact Moylan’s full-time constituent office at 847-635-6821 or email StateRepMoylan@gmail.com.
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