Federal small business loans to be administered through local banks to provide relief during these times can turn into a grant, says Illinois State Representative Dan Swanson:
“If all the pre-requisites are followed throughout the term of that grant or that loan, then it turns into a grant. So, there are some opportunities to pay mortgage, utilities, and actually pay the employees during that time,” Swanson reports.
Swanson states local banks are still working through details on how the small business loans will be administered. The rules out of Washington, D.C. are expected within the next ten to fourteen days.
Unemployment has been extended by four months and there are opportunities for the self-employed. Representative Swanson reports benefits are stronger this time around:
“It is a login system through the Illinois Department of Employment Security. There is a baseline or a weekly, I believe it is $428 if you are paid at a full rate and then there is also a boost from the federal government of an additional $600 per week, up to $600 per week. It is going to be running for a short time, the $600 per week. I believe that is a three or four month extension on that,” Swanson states.
Swanson says the ten day waiting period before applying for unemployment has been waived and can now be done right away to get the wheels turning.
