The State of Illinois PPP loans will focus on smaller businesses with less than 20 employees for two weeks as of Feb. 24. | Stock Photo
The State of Illinois PPP loans will focus on smaller businesses with less than 20 employees for two weeks as of Feb. 24. | Stock Photo
The rollout of the small business loans during the onset of the COVID-19 pandemic was met with mixed results as some businesses gamed the system cheating needier companies out of the financial relief.
In a Facebook post on Feb. 24, Illinois Rep. Dave Severin (R-Marion) said the federal Paycheck Protection Program would be limited to businesses with fewer than 20 employees for two weeks.
Severin said during this time period, lenders will be able to focus on the most vulnerable businesses. Information about the loan is available at https://www.sba.gov.
In addition to limiting loans to small businesses, technical assistance will be a priority of the Illinois Department of Commerce.
Businesses are encouraged to watch webinars and reach out to the local Small Business Development Center. The DCEOI’s Office of Employment and Training also released a Youth Career Pathway of Notice of Funding Opportunity on the Illinois workNet.
Alerts Sign-up