Will Co. Restaurants and Bars May Apply for Priority Business Loans
WILL COUNTY, IL – Businesses in Will County affected by current COVID-19 resurgence mitigation measures can apply for economic assistance through a special category.
“The steps necessary to stop the spread of COVID-19 require additional sacrifices on the part of some companies,” State Senator Pat McGuire said. “That’s why the new business interruption grant competition prioritizes these businesses.”
Governor JB Pritzker decided to close the dining rooms in Will and Kankakee counties after the increase in coronavirus cases in the region. He made the announcement on August 24. If the numbers improve, it is possible that the stricter measures affecting the food industry will be relaxed in a few weeks, according to Pritzker.
The second round of $ 220 million of BIG funding includes a Priority Business category. According to the Illinois Department of Commerce and Economic Opportunities website, in addition to the $ 60 million available for heavily affected industries, applications from the following types of businesses will be prioritized for review of remaining funds: businesses directly affected by regional mitigation measures implemented by state or local governments, independent businesses, tourism and hospitality-related industries, including accommodation, and more.
Restaurants in the Will-Kankakee area – which had to suspend dining indoors and can only serve outdoors until 11 p.m. – fall into this category.
The BIG program is a $ 636 million program developed by the Governor and General Assembly of Illinois to provide economic relief to small businesses hardest hit by COVID-19. BIG is leveraging federal funding provided by the CARES Act to help offset losses from COVID-19 for small businesses in Illinois. Funding can be used to help businesses cover working capital expenses, including salary costs; to rent; public services; and other operating costs
The application period opens on September 17th. For more information, visit the DCEO website.