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Yesterday, the Governor announced that he extended the tax filing deadline to July 15, 2020. Moreover, he launched three new programs:

1. Hospitality Emergency Grant Program
2. Illinois Small Business Emergency Loan Fund
3. Illinois Small Business Emergency Loan Fund

A brief synopsis of each of these programs is below. Additionally, at the bottom of this email is the link to the webpage with more information.

My best to you and your family, and most importantly, stay healthy!

Mike

Hospitality Emergency Grant Program

To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes. Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery. Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.

Illinois Small Business Emergency Loan Fund

DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low-interest loans of up to $50,000.

Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below-market interest rate for the remainder of a five-year loan term.

Downstate Small Business Stabilization Program

To support small businesses in downstate and rural counties across Illinois, DCEO is repurposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program. This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. These grants will be offered on a rolling basis.

You can find out more information here: https://bit.ly/2UzqcDY

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CONTACT SENATOR HASTINGS

Welcome to the official website of Senator Michael E. Hastings. Please fill out our contact form to contact Senator Hastings directly or you may call any of our offices. We look forward to hearing from you.

Springfield Office:
118 Capitol Building
Springfield, IL 62706
(217) 782-9595

East Office:
813 School Ave
Matteson, IL 60443

District Office:
20855 South LaGrange Road
Frankfort, IL 60423
(815) 464-5431

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