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Pritzker announces $90m in loans for small businesses

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CHICAGO (HOI) - Gov. JB Pritzker announced several new measures Wednesday, to help people and small businesses recover financially from the COVID-19 stay-at-home order.

First, the state tax filing deadline was moved to July 15th, mirroring the new federal tax deadline.

Starting Friday, small businesses will be eligible for a share of $90 million in state emergency assistance.

In addition, small businesses outside of Chicago with less than 50 employees and under $3 million in last year's revenue, are eligible for the new $60 million business emergency loan, with low interest rates. The loans are capped at $50,000 per business.

The governor is also launching a downstate stabilization program of $20 million to provide emergency grants of up to $25,000. That is for central and southern Illinois.

For the whole state, there is a new $14 million fun for emergency hospitality grant program for hotels, bars, and restaurants.

There are also hotels in Illinois preparing to let hospital workers and first responders live in their rooms if need-be.

Pritzker also asked private entities to provide relief.

"My Department of Commerce and Economic Opportunities Director and I are asking all the banks that administer advantage loans, that support several small businesses across the state, to modify their loan structures through either a three-month deferment of payments or six months of interest only payments."

State Treasurer, Michael Frerichs, echoed the governor's sympathy for businesses, "We do not want businesses to close forever. We want them to be able to make payroll and pay their own bills. It is easier to ramp up a business that is struggling than a business that has shuttered."

He also asked the three major national creditors not to punish people's credit ratings during the next few months.

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