Federal Government offers relief to Small Businesses

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SPRINGFIELD, Ill. (NEXSTAR) — Small businesses across Illinois that are deemed non-essential are being forced to close amid the Coronavirus pandemic.

For many, it’s a disaster. So the federal government is offering disaster loans to help.

“This is really to fill that gap that they are going to need due to that loss in revenue,” Illinois SBA District Director Robert Steiner said. “They can pay for everything that they have, from payroll to fixed debts, and anything that they would need to spend in their business.”

The small business administration will be offering low-interest loans of up to 2 million dollars for businesses that are affected.

Applications are open now, and once an application is processed, it could take around 5 days for the business to receive the loan.

“If there are individual needs, or individual questions they may have,” Steiner said. “The Illinois district’s small business administration staff is available, as are business development centers, score, women’s business development centers. There are a lot of resources out there.”

While the federal government is offering some help, the leader of the state’s chamber of commerce wants more action from the governor.

Governor Pritzker is delaying all sales tax payment dates, and waiving late fees, but he says that’s not enough.

We think there should be more balance in the Government’s response to this issue. The Governor has shown great leadership I think on the public health side. We would like to hear more about what he is going to do to help small businesses.

Local organizations are also chipping in to help small businesses. The greater Springfield chamber of commerce is also offering financial assistance to businesses in Sangamon county. 

Interest rates on the small business loans from the sba will be set at 3.75 percent.Payments on the loan will not start until a year after closing.

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