Village Encourages Supporting Algonquin Restaurants, Small Businesses During Pandemic

Press release from the Village of Algonquin:

Dining & Shopping Information

During this time, the Village asks that residents please support Algonquin’s small restaurants and businesses, many of which have pickup, delivery and/or other service accommodations. The Village has compiled the following service information about local restaurants and businesses including:

Dining Guide Shopping Guide Dining/Shopping Map

Resources for Businesses

The Village of Algonquin remains actively engaged in serving the needs of our businesses during the COVID-19 pandemic. Please review the following information; questions related to specific programs offered by our partners should be directed to those organizations.

• The U.S. Small Business Administration has many resources available to assist small business during this time, including the SBA's Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the COVID-19 pandemic. These working capital loans can be used to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years. Interest rates are 3.75% for small businesses and 2.75% for private non-profits. Loans will have a deferred payment of one year from the date of note. Additionally, the Paycheck Protection Program is an SBA loan that helps businesses keep their workforce employed during the COVID-19 pandemic.

• The Illinois Department of Commerce and Economic Opportunity (DCEO) has launched emergency assistance programs for Illinois small businesses including the Business Interruption Grant (BIG) program, in which funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs.

• The Illinois Treasurer's office has launched the Business Invest - Illinois Small Business COVID-19 Relief Program. The program is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing.

• Businesses located in the community can apply for COVID-19 relief through their respective county. Businesses that are located in McHenry County may seek funding through the Impacted Business Relief Grant and other similar programs. Businesses that are located in Kane County may apply for relief funding through the Kane County Coronavirus Relief Fund. Please eb aware that programs offered through the counties may have deadlines that apply.

This press release was produced by the Village of Algonquin. The views expressed here are the author’s own.