CHICAGO, Ill. – As many small businesses have been hit hard due to the COVID-19 pandemic, state Rep. Fran Hurley, D-Chicago, is highlighting the recent extension of the deadline for small businesses to apply for the federal Paycheck Protection Program (PPP).
“Even though our state has transitioned toward reopening and restrictions have been rolled back, many small businesses are still struggling due to the loss of business they have experienced over the last several months,” said Hurley. “The low-interest, forgivable loans offered through PPP are a great option for business owners who need assistance with day-to-day expenses including making payroll, paying their mortgages and other necessary bills during this difficult time.”
Hurley is highlighting a recent extension to PPP, which replenished the relief program with over $300 billion in funding for small businesses and extended the deadline for small businesses to apply for relief funding to Aug. 8. PPP loans have an interest rate of 1% and are eligible for complete forgiveness if the funds meet benchmarks for payroll costs and other costs including mortgages, rent and utilities. Small business owners can access full information about PPP loans by visiting the website of the U.S. Small Business Administration at sba.gov/ppp.
“While many businesses in our community are still facing hardship, I encourage residents to each continue doing their part to support our local economy and business owners by shopping small whenever possible,” continued Hurley. “PPP loans can serve as a much-needed lifeline for businesses that are struggling to make ends meet, so I encourage small business owners that have experienced an interruption in business due to the COVID-19 pandemic to apply.”
For more information, contact Hurley’s constituent service office at 773-445-8128 or RepFranHurley@gmail.com.