City of Pekin provides grants to small businesses

Pekin City Manager Moving To Iowa_8883968060754118145

PEKIN, Ill. (WMBD) — The City of Pekin will support local businesses impacted by the COVID-19 pandemic by investing up to $1 million to qualifying businesses.

The $1 million comes from a Community Development Block Grant funded by the US Department of Housing and Urban Development. Funds under this program are limited and are intended to support Pekin businesses that are continuing to keep their employees working.

To qualify and be eligible for available grant funding, businesses must also meet certain requirements that include:

• Having a location in Pekin city limits.

• Having less than $1 million in annual gross revenues.

• Having fewer than 50 W-2 employees. • Being a for profit business.

• Being in operation on or before July 1, 2019.

• Participation in one or more federal aid programs to enhance cash flow availability.

• Continued payment of employee payroll or health insurance or certification that previously furloughed/terminated employees will be rehired.

Businesses meeting the requirements above shall be first considered eligible for a:

• $5,000 maximum grant award for businesses with W-2 employees.

• $2,000 maximum grant award for self-employed individuals and businesses that do not have W-2 employees.

Business owners can apply and read full grant requirements on the City of Pekin’s website.

Applications will be accepted until 11:59 p.m. on Wednesday, April 22, 2020. Grant recipients should be notified and receive funding by Friday, May 1, 2020.

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