State Announces New, $900 Million Coronavirus Recovery Fund For Businesses, Renters And More

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CHICAGO — A new, $900 million coronavirus recovery fund will help businesses and families get back on their feet across the state, Governor JB Pritzker announced Wednesday.

The sprawling program will help renters, restaurants that cannot serve food outside and Black and Brown communities that have been hit the hardest by COVID-19, Pritzker said.

While the state is currently on track to move to Phase 4 of Pritzker’s reopening plan, reduced capacity and a general change in human behavior has been devastating to many families and businesses.

“The federal [Payroll Protection Program] seems to have overlooked too many small businesses,” Pritzker said. “Today, I’m launching the Business Interruption Grants program … to help our smallest businesses all across the state get back. on their feet as we begin to recover from this pandemic.”

The program will dole out $270 million in grants to small businesses who have suffered losses due to the pandemic. Small businesses can submit applications beginning Monday. Block Club will add the link to this story when it is available.

Businesses eligible for the first wave of grants are those that were heavily restricted or shut down early on in thee pandemic, including $20 million for businesses in disproportionately impacted areas, $20 million for bars and restaurants that can’t offer outdoor service, $10 million for barbershops and salons and $10 million for gyms/fitness centers.

Another pool of grants will give $25 million to Illinois businesses that sustained property damage on or after May 25.

Another fund, the Emergency Rental Assistance Program, will provide a $5,000 grant to tenants who, because of COVID-19, can’t afford rent. Through the end of the year, 30,000 renters will be able to get this support.

“Housing is vital and people are struggling,” Pritzker said. “For many people, weathering the crisis begins with keeping a roof over their family’s heads.”

In addition, the residential eviction ban has been extended through July 31.

This is a developing story.

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via Block Club Chicago

June 17, 2020 at 02:33PM

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