Gov. J.B. Pritzker to help small businesses recover, eligible employers can get up to a $50,000 loan

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PEORIA, Ill. (WMBD) — In order to cease the spread of COVID-19 and to ‘flatten the curve’, Gov. J.B. Pritzker made a call that affected businesses statewide.

There’s no denying small business are hurting.

J.D. Dalfonso, Peoria Area Convention and Visitors Bureau

Gov. Pritzker’s order ended dine-in options temporarily. Drive-thrus, delivery, and curbside services are still operational, but customers are not allowed to sit down inside for a meal.

Now, the governor plans to assist in the recovery process. He announced a rescue package Wednesday, that can alleviate the challenges owners are facing from loss of business.

He introduced the Illinois Small business Emergency Loan Fund. The Illinois Department of Commerce and Economic Opportunity and the Illinois Department of Financial and Professional Regulation are collaborating. The organizations are establishing the fund to offer small businesses low-interest loans of up to $50,000.

Businesses located outside of Chicago with less than 50 employees that made less than $3 million in 2019 are eligible to apply. Applicants that are approved for the loan will not owe anything for six months, then they will be prompted to make fixed payments at a below-market interest rate for the remainder of the loan term.

J.D. Dalfonso with the Peoria Area Convention and Vistors Bureau encourages business owners to apply for the loan. He said the loan will assist with rent or mortgage, funding needed to provide job training for new hires and to invest in technology upgrades like Grub Hub and Door Dash.

Also, Dalfonso said he is happy to see the community stepping up and pitching in.

We’re doing everything we can from a community stand-point. Very proud of the Peoria-Area community [they are] coming together and really supporting small businesses in a safe way. Whether that’s grab and go or purchasing online retail from our small businesses.

J.D. Dalfonso, Peoria Area Convention and Visitors Bureau

Starting Friday, March 27, a form will be available for business owners interested in applying for the loan.

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