Yingling Highlights New State Resources for Small Businesses Relief
04/06/2020ROUND LAKE BEACH, Ill. – With the COVID-19 pandemic causing severe economic challenges for many small businesses, state Rep. Sam Yingling, D-Grayslake, is encouraging local business owners to take advantage of the new state resources available to help businesses through this period of hardship.
“During this pandemic, a main priority of mine is providing resources for small businesses that are struggling to get by,” Yingling said. “This is an unprecedented challenge for small businesses, which is why it is critical that there are ample state resources to help support these businesses get through these tough times.”
Two new initiatives aimed at providing relief to small businesses are now available to businesses in Lake County. The Hospitality Emergency Grant Program provides relief to bars, restaurants, and hotels that fall under a revenue threshold and can be used towards working capital, job training and technology for restaurants and working capital to support the retention of employees for hotels. The Illinois Small Business Emergency Loan Fund offers small businesses low interest loans of up to $50,000. For more information on the programs and to apply, visit www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx.
Since entering the General Assembly, Yingling has worked to support local small businesses. He has visited with numerous small business owners in his district to understand their needs and implement their feedback in Springfield. Yingling has supported legislation that would directly benefit small businesses, including a bill to expand tax credits for small to medium-sized businesses.
“I applaud the Illinois Department of Commerce and Economic Opportunity for making these programs available to those who need it most,” said Yingling. “I encourage small businesses that are struggling to research if the new grant and loan programs would be beneficial to them during this pandemic.”