Illinois State Senate District 28 issued the following announcement on June 11.
Small businesses and independent contractors struggling to make ends meet during the COVID-19 pandemic can apply for one-time, zero-interest loans through the Cook County Community Recovery Fund, State Senator Laura Murphy (D-Des Plaines) announced.
“Our communities are beginning to recover from the COVID-19 outbreak, but the past few months have been devastating to the restaurants, shops and nonprofits that make our neighborhoods unique,” said Murphy. “These funds are a way for the county to offer support to businesses that are especially vulnerable at this time.”
The $10 million Community Recovery Fund offers loans of up to $20,000 for small businesses and up to $10,000 for independent contractors. The program will serve suburban Cook County businesses with fewer than 25 employees and less than $3 million in annual revenue, or independent contractors with less than $100,000 in yearly income who earn at least 50% of their revenue from contracting work.
Self-employed independent contractors, like rideshare drivers and other gig industry workers, who reside in South Suburban Cook County are also eligible to apply.
“With so many business owners hurting, $10 million is just a start,” said Murphy. “But these funds may provide some relief while we work to come up with other ways to offer assistance to our small business community.”
Original source can be found here.
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