Gov. JB Pritzker introduced a number of new measures Wednesday, to assist individuals and small companies get well financially from the COVID-19 stay-at-home order. Loans for small companies.
First, the state tax submitting deadline was moved to July 15th, mirroring the brand new federal tax deadline.
Beginning Friday, small companies shall be eligible for a share of $90 million in state emergency help.
As well as, small companies exterior of Chicago with lower than 50 staff and below $three million in final 12 months’s income, are eligible for the brand new $60 million enterprise emergency mortgage, with low rates of interest. The loans are capped at $50,000 per enterprise.
The governor can be launching a downstate stabilization program of $20 million to supply emergency grants of as much as $25,000. That’s for central and southern Illinois.
For the entire state, there’s a new $14 million enjoyable for emergency hospitality grant program for resorts, bars, and eating places.
There are additionally resorts in Illinois making ready to let hospital staff and first responders dwell of their rooms if need-be.
Pritzker additionally requested non-public entities to supply reduction.
“My Division of Commerce and Financial Alternatives Director and I are asking all of the banks that administer benefit loans, that help a number of small companies throughout the state, to switch their mortgage constructions by means of both a three-month deferment of funds or six months of curiosity solely funds.”
State Treasurer, Michael Frerichs, echoed the governor’s sympathy for companies, “We are not looking for companies to shut perpetually. We wish them to have the ability to make payroll and pay their very own payments. It’s simpler to ramp up a enterprise that’s struggling than a enterprise that has shuttered.”
He additionally requested the three main nationwide collectors to not punish individuals’s credit score rankings through the subsequent few months. Pritzker declares $90m in loans for small companies.
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