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Neighbors of Kane County

More Than $90 Million in Small Business Aid to be offered in Illinois

Source: khqa.com

Gov. Pritzker announced several new programs to provide more than $90 million in financial relief to small businesses across the state, along with the extension of the income tax filing and payment deadline. Illinois businesses will be able to apply to these programs on the Department of Commerce and Economic Opportunity (DCEO) website. 

The Illinois Small Business Emergency Loan Fund will be a $60 million fund that will support low-interest loans of up to $50,000 for small businesses in every industry outside of Chicago. Businesses with fewer than 50 employees and less than $3 million in revenue in 2019 will be eligible to apply.

The Downstate Small Business Stabalization Program 
is a new $20 million program that supports small businesses in suburban and rural counties across Illinois, providing grants of up to $25,000 to small businesses in communities served by the DCEO’s Office of Community Development.

Also included will be the Hospitality Emergency Grant Program, a
$14 million grant program that aims to help small hospitality businesses make ends meet, providing up to $25,000 to eligible bars and restaurants and up to $50,000 for eligible hotels.

Applications are available along with more information at illinois.gov.