IL programs will give out $570 million to help people, businesses hurt by COVID crisis
New programs totaling $570 million are expected to launch in the coming months will aim to keep renters and homeowners in their homes and help businesses get back on their feet as Illinois rebuilds from COVID-19.
Gov. J.B. Pritzker announced Illinois’ new Emergency Rental Assistance Program, Emergency Mortgage Program and Business Interruption Grants Program at a press briefing Wednesday.
The three programs are hoped to aid those most affected by the coronavirus pandemic through grant funding. The Emergency Rental Assistance and Mortgage programs each have been allotted $150 million in funding that will go toward grants to help families avoid eviction or losing their homes.
“More than 70 percent of lower-income families were already dedicating half their income to rent,” Pritzker said. “One in 3 Illinois adults have missed last month’s rent or mortgage payment or are worried about being able to pay next months. That’s an unacceptable reality for too many.”
The two programs will launch in August and will offer $5,000 grants to 30,000 Illinois renters who are struggling to pay rent due to the virus and $10,000 grants to up to 15,000 mortgage payers in the same fiscal situation.
During his announcement, Pritzker also announced the state’s eviction ban will be extended until July 21 in order to ensure a “smooth transition” for those who need the programs.
Pritzker said the Business Interruption Grants program was also an important part of the state’s rebuilding effort. He said the program is a way for the state to help small businesses “get back on their feet.”
“On top of supporting renters, we need to address the financial hardship of our biggest job creators,” he said. “The federal PPE program seems to have overlooked too many small businesses.”
Nearly $270 million in grants will be awarded to small businesses that have struggled due to COVID-19 with special funding going toward businesses with specific hardships. Pritzker said small businesses will be able to submit their applications beginning on Monday for businesses that have been heavily restricted or shut down due to COVID-19.
Pritzker added that businesses who have experienced property damage will also have special funds allotted due to civil unrest from $25 million Rebuild Illinois funds. He said minority and woman-owned properties are “first in line” for those funds.
“We’re in a moment that requires a historic effort to mitigate the damage of this virus’s devastating effects of the health and livelihood of the people of this state. We must do so in a way that prioritizes people who were struggling long before we ever heard of COVID-19.”
This story was originally published June 17, 2020 at 2:47 PM.