Across America, the coronavirus is punishing local economies. Some 3 million laid-off workers signed up for unemployment last week, more than quadrupling the previous record. The stock market has been on a roller coaster. Congress is preparing a $2 trillion stimulus package.
And central Illinois is not immune to any of that.
The Greater Peoria Economic Development Council has taken a leadership role, establishing a central clearinghouse for information regarding the resources available to help us get through this. If you’re a Heights business owner, a good place to start is www.gpcovid.com. Specific, additional questions can be answered at bizinfo@greaterpeoriaedc.org
Below are a few items that may be of particular interest for those doing business in the Heights:
Applications are being accepted for a Hospitality Emergency Grant, which will give restaurants, bars and hotels access to as much as $50,000 to help with the likes of payroll and rent. Go here to learn more about it and how to apply: https://us.accion.org/news/covid-19-hospitality-business-grant-program
The Illinois Small Business Emergency Loan Fund is offering low-interest, five-year loans up to $50,000 for businesses of fewer than 50 employees and less than $3 million in revenue in 2019. Payments will be deferred for the first six months. The Fund is targeted at businesses outside Chicago, with applications accepted beginning on April 1, though you can express an initial interest starting on Friday, March 27. Go here: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
The Downstate Small Business Stabilization Program will provide grants of up to $25,000. The Village of Peoria Heights is in a position to help here, as units of local government – in this case, including Peoria County -- must be the applicants on behalf of their businesses. For more information, go here: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx. And here: https://www2.illinois.gov/dceo/CommunityServices/CommunityInfrastructure/Pages/DownstateSmBizStabilizaition.aspx
The Small Business Administration is offering low-interest loans – 3.75 percent for small businesses, 2.75 percent for non-profits – for up to $2 million through its Disaster Loan Assistance program. The Illinois Small Business Development Center at Bradley University’s Turner Center for Entrepreneurship stands ready to walk you through the process and answer other questions. Contact them at illinoissbdc@bradley.edu or at 309-677-2992. Meanwhile, you can try your hand with the SBA directly at https://disasterloan.sba.gov/ela/. All loan payments for the first 11 months will be deferred with only interest accruing. We are told that you will likely have more success filing on the SBA portal after normal business hours.
The Illinois Treasurer’s Office is making $250 million in low-interest bridge loans available. You’ll be dealing with local banks and credit unions to access the money. Go here https://illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program to learn more about it.
Both state and federal tax deadlines have been pushed back to July 15, 2020, so you’ll have three more months to file without penalty. Illinois Gov. Pritzker also has directed the Illinois Department of Revenue to defer sales tax payments for bars and restaurants with under $75,000 in sales tax liabilities. This affects nearly 80 percent of the state’s bars and restaurants, which still must file their returns.
“This is a time of real challenge,” said Peoria Heights Mayor Mike Phelan. “Ultimately, our goal here is that every business in the Heights that was open and operating before COVID-19 will remain open and operating after this is all behind us. We in the Village of Peoria Heights will do everything in our power to help make that possible.”