The small business community in Illinois has been pounded by the coronavirus outbreak since the announced closure by Governor JB Pritzker and Wednesday afternoon, the Governor announced several initiatives to try lend a helping hand.
The Governor at his daily briefing they are rolling out three new programs to soften the burden of the economic downturn because of measures to slow the spread of the coronavirus. Additionally, the governor announced the extension of the state tax filing deadline.
According to Governor Pritzker, the Small Business Emergency Loan Fund will allow for small businesses to receive a $50,000 loan with five-year low-interest payment terms.
The second program also focuses on suburban and downstate communities with low to moderate-income residents. Gov. Pritzker says grants will give small businesses emergency grants up to $25,000.
Finally, hospitality businesses have experienced major hardships and Gov. Pritzker notes the Department of Commerce and Economic Opportunity is providing these businesses with a retooled existing program with grants $14-million statewide.
Illinois Treasurer Mike Frerichs announced a bridge loan program for small businesses. He points out $250-million are being made to local banks for "historically low-interest rates, almost pushing zero".
To get more information on the Treasurer's loan program, reach out to your local banker and find out if they are participating.
Get more on the opportunities through the State of Illinois at coronavirus.illinois.gov.