Buckner Boosts New Financial Relief Programs to Support Small Businesses during COVID-19
CHICAGO – In response to the ongoing pandemic, state Rep. Kam Buckner, D-Chicago, is promoting the state’s new financial assistance programs to help support small businesses negatively impacted by COVID-19.
“It is clear this pandemic has done incredible harm to our local economy and our community’s small businesses,” said Buckner. “As we work to flatten the curve and prepare for the long-term economic impact, these new financial programs will provide monetary relief and stability for our local business owners.”
Small businesses in Illinois can apply for up to $90 million in new emergency assistance through several state programs. Businesses with fewer than 50 employees that made under $3 million in 2019 revenue are eligible for low-interest, five-year loans of up to $50,000 through a new $60 million Illinois small business emergency loan fund. Downstate and suburban businesses are eligible for a $20 million small business stabilization program, which will provide emergency grants of up to $25,000. Hotels, bars and restaurants will be eligible for a new hospitality emergency grant program of up to $14 million to help with payroll and rent costs, as well as job training and technology for operations such as pickup and delivery.
For more information about these emergency assistance programs, including application information and when funds will become available, business owners can visit www.illinois.gov/dceo/SmallBizAssistance.
“Without consistent forms of revenue, there is no question that our city’s local businesses will struggle to stay afloat,” said Buckner. “As we continue to fight this outbreak, it is vital that we work together to support our small business owners during this difficult time.”
Residents can also stay informed on developments with the COVID-19 pandemic by reviewing information provided on the State of Illinois’ exclusive website at www.coronavirus.illinois.gov. Residents who want to share their thoughts or require assistance on this matter or any other issue in the community can reach Buckner at 773-924-1755 or by email at Buckner@Illinois26.com.