Within the first round of the state program, about 2,800 recipients obtained $49 million throughout Illinois. Childcare suppliers additionally obtained cash beneath this system from the Illinois Division of Human Providers; together with these funds, the grant program to date has touched 9,000 operations and supplied practically $250 million. Up to now, Chicago companies have obtained $33.7 million within the grants. Almost $300 million in grant cash stays out there.
Illinois small companies, much like these within the broader Midwest area, have been in dire want of the monetary assist, based on a brand new report from the College of Illinois at Chicago that checked out Illinois, Iowa, Indiana, Kentucky, Michigan, Missouri and Wisconsin.
“Eating places, bars, bookstores, day care facilities, hair salons and most different companies have seen their financial actions drastically disrupted and now should function beneath substantial new constraints,” UIC Professor David Merriman stated in a press release on the report. “Customers are additionally going surfing for extra of their purchasing, which usually favors massive companies which have the sources to increase their web-based gross sales platforms or shortly develop new ones.”
Of the states in Merriman’s evaluation, he stated there was little proof that completely different governmental approaches to addressing the pandemic had the largest impact on small enterprise. “Client fears (of the pandemic), fairly than governmental actions, seem to account for a lot of the financial disruption,” stated Merriman, a UIC professor of public administration.
Individually, the Trump administration launched fiscal yearend totals by means of September tallying the unusually great amount of forgivable loans supplied to small companies in response to the pandemic. Underneath the nationwide Paycheck Safety Program, administered by the Small Enterprise Administration, Illinois businesses received $22.83 billion of the $525 billion in PPP loans. Roughly 225,220 Illinois enterprise homeowners landed the PPP loans, with a mean quantity about $101,000. Some 70 % of these Illinois debtors obtained loans of $50,000 or much less, an SBA spokeswoman stated.