One Week to Deadline, Schneider Again Encourages Businesses to Apply for PPP Loans, Highlights New Business Interruption Grants
Today, Congressman Brad Schneider (IL-10) released the following statement encouraging local businesses to seek help through the federal Paycheck Protection Program (PPP) and Illinois’ newly announced Business Interruption Grants (BIG). The deadline for PPP applications is June 30th.
“The Covid-19 pandemic has been particularly challenging for small businesses, which is why I continue to implore our local firms to apply for the Federal PPP and Illinois BIG assistance programs before the deadlines. Congress created the PPP program to help small business and their employees and recently made the program more flexible. I want to make sure these businesses and our communities get through this crisis in the strongest condition possible. Accessing these funds is an important step to bridging the gap,” said Congressman Brad Schneider.
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with forgivable funds through private lenders to pay up to 8 weeks of payroll costs including benefits. Portions of funds can also be used to pay interest on mortgages, rent, and utilities. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses. So far, 4.6 million loans have been extended through the PPP program, totaling more than $515 billion. Business owners can learn more through the U.S. Small Business Administration
The Business Interruption Grants (BIG) program is a series of grants from the state of Illinois totaling over $540 million for shops, restaurants, salons, fitness centers and more to help them stay afloat through this time of crisis and ensure they have the resources to open safely in the coming months. The application will open Friday, June 26. More information can be found on the website of the Illinois Department of Commerce.