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City of Peoria to receive $1.4M in CARES Act funding for businesses affected by pandemic

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(WEEK) -- The city of Peoria will be receiving more than $1 million in CARES Act funding to assist businesses affected by the COVID-19 pandemic.

The U.S. Department of Commerce announced a total $8.2 million in CARES Act Recovery Assistance grants for Illinois communities.

The city of Peoria, Illinois will receive a $1.4 million EDA CARES Act Recovery Assistance grant to capitalize and administer a Revolving Loan Fund to make loans to coronavirus-impacted businesses in the city of Peoria, according to the DOC.

The grants for Illinois are being administered by the DOC's Economic Development Administration.

Henry County will receive $1.3 million for the same purpose.

Other Illinois organizations and communities receiving funding include:

  • BI-State Regional Commission, Rock Island -- $2.5 million
  • ACCION, Chicago -- $1.8 million
  • City of Rockford -- $704,000
  • Southern Five Regional Planning District and Development Commission, Villa Ridge -- $550,000

“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross in a statement. “These investments will provide small businesses across Illinois with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”

“As we continue to grapple with the economic consequences of the COVID-19 pandemic, we must ensure that small businesses are not left behind,” said Senator Dick Durbin. “This federal funding will serve as a lifeline for many small businesses throughout Illinois in rural and urban communities alike. I’ll continue advocating for federal resources to help families and small businesses stay afloat during this unprecedented crisis.”

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