Coronavirus COVID-19 Chicago $ 100 Million Business Loan Fund
The fund includes a $ 25 million grant from the city of Chicago, $ 50 million capital from the treasurer of the Chicago Community Catalyst Fund, $ 10 million from the urban investment group of Goldman Sachs, $ 1 million from Fifth Third Bank and $ 250,000 from Clayco Construction.
Lightfoot also thanked partners at Citadel and Citadel Securities and its CEO, Ken Griffin, who donated $ 1 million to Chicago public schools and $ 1.5 million to the Greater Chicago Food Depository. “Ken and others are showing extraordinary civic leadership at its best,” said the mayor. Read the entire Mayor’s speech below.
Lightfoot announced tonight that Chicago public schools will remain closed until April 20, with students returning on April 21.
She also invited and urged other members of the business and philanthropic community to contribute to the fund. “It’s an effective way to help our small businesses pay their payroll, avoid layoffs and survive in extremely difficult circumstances. “
Lightfoot said it was giving small businesses “extra support” by extending the due dates for several municipal taxes until April 30, on water bottles and checkout bags, as well as taxes on entertainment, hotel accommodations, restaurants and parking.
The mayor also called on banks to provide assistance with foreclosures during the crisis and landlords to “give tenants a little grace, as much as possible in these difficult times. No one needs the added stress of evictions, certainly not now “. She thanked Cook County Sheriff Tom Dart for delaying the execution of the evictions until the end of April.
Lightfoot reiterated its belief that Chicago’s finances can withstand the economic blow from the coronavirus and reminded consumers that it has suspended starting cars, collecting late fees and defaults on all city debts. , dates of administrative tribunals and debt checks for carpoolers and taxi drivers until April 30.
Thanking the Illinois congressional delegation for pushing relief efforts in Washington, the mayor said that “federal stimulus packages must bring immediate relief to individuals, not just big businesses, with aid such as l ‘extension and increase in unemployment benefits and more grants and loans to small businesses “, and that the fallout from the virus” can only be resolved with billions “from the federal government.
The city survived heat waves, polar vortices, recessions, depressions, two world wars and the great fire, the mayor said, but “have moved forward together”, and the local economy “has rebounded strongly and quickly from these downturns.”
“Resilience and determination are ingrained in our DNA, and, as a people, now is the time for us to prove to ourselves and to a nation that in Chicago we can fold, but we will not be. never broken. “
The fund will start accept applications here March 31. To be eligible, businesses must demonstrate a drop in revenue of more than 25% due to COVID-19, employ less than 50 workers, and have gross revenues of less than $ 3 million in 2019. Businesses will need to provide bank statements dating back to October 2019 and their most recent tax return.