Among the measures Pritzker announced:
The Illinois Small Business Emergency Loan Fund: This $60 million fund 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. Successful applicants will owe nothing for six months and will then begin making fixed payments at 3% interest for the remainder of a five-year loan term.
Applications will be available on DCEO’s website by Friday, March 27.
Downstate Small Business Stabilizing Program: This $20 million program supports small businesses in suburban and rural counties across Illinois, providing grants of up to $25,000 to small businesses in communities served by DCEO’s Office of Community Development, the governor said. These grants will offer businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. The program redeploys Community Development Block Grant funds to support local small businesses.
Applications will be available on DCEO’s website by Friday, March 27. The grants will be offered on a rolling basis.
Hospitality Emergency Grant Program: The new $14 million grant program 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.
These grants are available to support working capital – like payroll and rent – job training and technology to support shifts in operations, like increased pick-up and delivery.
Bars and restaurants that generated between $500,000 and $1 million in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500,000 in revenue in 2019 are eligible for up to $10,000, the governor said. Hotels that generated less than $8 million in revenue in 2019 are eligible for up to $50,000. The program repurposes job training and tourism promotion funds to provide this emergency grant assistance.
Applications are available today on DCEO’s website and are due by April 1 at 5 p.m. All valid, eligible applications received within the five-day window will be entered into a lottery, and grant winners will be notified on April 4.