Paycheck Protection Program activated for small businesses

[February 27, 2021]   For over a year now, Illinoisans have been working hard to care for each other as we battle COVID-19.

There is no doubt that each of us has been touched by the frontline healthcare workers putting in overtime, the grocery store clerks risking their health to make sure we have access to food, and the everyday heroes helping those around them. But as this virus rages on, we must also support struggling small businesses.

I'm happy to share that starting yesterday, federal Paycheck Protection Program loans will once again be made available to small businesses. By targeting businesses with 20 employees or fewer, this round of PPP will go to the beloved corner shops and restaurants at the heart of our communities instead of large corporations exploiting loopholes to access these funds. In addition, President Biden has made critical changes in this round of PPP loans which make access more equitable.

If you or someone you know may be eligible or interested in applying for a Paycheck Protection Program loan, you can apply and find more information here.

[Michael Frerichs
Illinois State Treasurer]