Dear Business Peoria Business Owners!

Business Assistance is expanding in Peoria. Included in this issue key resources you should be aware of NOW because is of the essence. First is a reminder our most recent notice $1,000,000 Small Business Assistance in Peoria detailed funding program announced by City of Peoria. Business owners with 1-5 employees may be eligible for up to $7500. Businesses with employees 6-50 may be eligible for up to $15,000. You can get more details on eligibility at Learn more The application period to apply will:

Begin at 8:00 a.m. June 22, 2020 and Ends at 3:00 p.m. on July 2, 2020

For more information on funding visit Corona Virus Funding

Greater Peoria Business Response Program

The Greater Peoria Business Response Program is a collaboration of local economic development professionals. This program is aimed at connecting businesses to critical resources to stabilize in the short term, get back on track in the near term, and emerge stronger in the long term. The program features a platform for local area businesses to create a confidential profile and connects you to a local economic development professional who will provide you with technical assistance. This connection to the local economic development professional is perhaps the most significant benefit. There are more than 20 organizations lending talent to this effort listed below are a few of the organizations: Greater Peoria Economic Development Council, The City of Peoria Economic Development Department, Illinois Small Business Development Center at Bradley and Morton Economic Development Council are just a few examples. This is the single largest collection of economic development professionals in Central Illinois working together. This platform powered by TADA Cognitive Solutions effectively puts the collective resources of each of participating organizations at the disposal of the individual case manager. You can learn more about The Greater Peoria Response Program at: Greater Peoria Business Assistance

Paycheck Protection Program (PPP) Forgiveness Update

Under the Paycheck Protection Program enacted by Federal Government through the CARES ACT provided funding for employers to maintain employees as well as certain other expenses in response to the shut-down during the Stay-At-Home Orders across the country. Here in our area more than $300,000,000 in PPP was distributed to local businesses. The Paycheck Protection Program has been a source of discomfort to many employers as they reviewed the terms of obtaining the Forgiveness under the original parameters. An example of this discomfort was a provision that required employers to use the funds and apply for forgiveness within eight weeks. Many businesses as a result of the extension of the Executive Orders were unable to return to business operations within the designated time outlined originally. On June 5, 2020 the Paycheck Protection Program Flexibility Act was signed. This Act is designed to clarify how PPP funds can be used as well as provide much needed flexibility in obtaining forgiveness of PPP loan funds. A summary of the ACT is available here PPP Forgiveness Summary

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This notice (BCC19-18) is our eigteenth , and many more will follow to inform you of resources available through the City, County, State, Federal Agencies, and other partners. So please share this with other businesses that would benefit. Our next notice (BCC19.19) will focus on Peoria Stabilization funding for local area businesses.

We encourage all to comply with the stay at home order and practice social distancing.


Sincerely,

Kevin S Evans
Kevin S. Evans
Senior Economic Engagement Specialist
kevans@peoriagov.org
309-494-8651