Gonzalez Urges Chicago Heights Businesses to Seek Federal Aid

(Chicago Heights, IL) – Chicago Heights Mayor David Gonzalez today announced that the Chicago Heights Economic Development Corporation is ready to help the city’s small businesses to navigate the process of seeking federal COVID-19 disaster relief money to keep employees paid and he urged business owners to apply for the loans that will be up to 100% forgivable if employers keep paying their workers.

“The Chicago Heights Economic Development Corporation can provide technical assistance to small business owners to help them seek the federal assistance to keep their employees paid,” said Gonzalez. “The federal government is offering ‘forgivable loans’ to qualifying small businesses who keep their employees on the payroll.”

The federal program, the Paycheck Protection Program, is a forgivable loan for qualifying small businesses impacted by the COVID-19 pandemic.

The $349 billion program, administered by the Small Business Administration (SBA) includes businesses with 500 employees or less, non-profits, and 1099 workers impacted by the COVID-19 pandemic. Key elements include:

• Up to 100% forgivable if employers keep paying their workers.
• Employers can borrow up to 250% of their average monthly payroll (with max. of 10M)
• Eligible if you are: sole proprietor, partnership, C-Corp, S-Corp, LLC, Independent contractor,
• Eligible self-employed individual, 501c3 nonprofit, 501c19 veteran organization, tribal business of SBA

Additionally, the U.S. Congress is planning to add at least another $250 billion to the payroll program.

“Your local bank lender will process the actual loan applications, and federal lawmakers are preparing to approve more money so that all eligible businesses can benefit,” said Gonzalez. “The Chicago Heights Economic Development Corporation will be happy to help with technical assistance and answer any questions if you call 708-821-0711.”

The payroll protection application form is here.

davidormsby@davidormsby.com