Downstate Business Stabilization Program Application Portal Open for Logan County Businesses

[May 11, 2020]  Small businesses in Logan County who have been negatively impacted by the COVID-19 crisis may be eligible to apply for a grant of up to $25,000 through Illinois’ Downstate Business Stabilization Program.

Because businesses do not apply directly to the state but through a unit of local government, the Greater Peoria Economic Development Council has partnered with local governments to create an on-line platform for interested businesses to complete and submit applications. More information, including a link to the application portal, can be found at www.gpcovid.com.

Businesses in Logan County have until 5 p.m. on Friday, April 17. Greater Peoria EDC is also working with businesses in its other four counties. Businesses located in Peoria, Woodford and Mason counties have until 5 p.m. on Friday, April 10 to submit their completed applications. Tazewell county businesses have until 5 p.m. on Monday, April 13. Interested applicants outside of these counties should contact their municipality or county for information on their process.

With the outbreak of the COVID-19 virus and its detrimental impact on small businesses, Illinois has reprogrammed $20 million of its Community Development Block Grant (CDBG) funding to create this program that supports small businesses in downstate and rural communities.

The Downstate Small Business Stabilization Program grants can cover the cost of 60 days of working capital for businesses economically impacted by the COVID-19 virus. The program’s goal is to keep businesses open or assist closed businesses in reopening as soon as possible.

The program is limited to for-profit businesses with 50 or less employees (including the owner). According to rules established by the state, businesses must have been in operation, with the same ownership, since at least January 1, 2017 to qualify. The focus is on “non-essential” businesses who have closed due to Gov. Pritzker’s “stay at home” order. Bars and restaurants are also eligible for assistance even if they are still operating for carryout or delivery only. Applicants must provide financial information as well as demonstrate hardship.

Questions from businesses or potential applications should be sent to [e-mail].

[Christopher Setti
Chief Executive Officer
Greater Peoria Economic Development Council]