PEORIA (HOI) – The United States Small Business Administration (SBA) released new data related to the CARES Act and specifically the impact of it's Paycheck Protection Program.
According to that data, businesses in Central Illinois were able to keep 59,345 workers on the payroll throughout the pandemic. The SBA data said at least 7,125 businesses in Central Illinois received funds to help them stay in business.
United States Representative from Illinois' 18th District Darin LaHood (R-IL) said, “The Paycheck Protection Program has been an incredible lifeline for small businesses in Illinois and across the 18th District.”
In addition to the jobs and salaries maintained by the PPP in Central Illinois, 2.2 million jobs total throughout the state were impacted.
In a statement, LaHood said, “Due to stay at home restrictions, many businesses were forced to temporarily shut their doors in recent months. Congress and the Trump Administration acted quickly to disperse funding through the Paycheck Protection Program to small businesses to ensure hard-working Americans stayed on the payroll during a difficult time. As our nation works to recover from COVID-19, I will continue to support policies that prioritize the needs of workers, small businesses, and healthcare professionals.”
The Paycheck Protection Program created under the CARES Act provides American small businesses with important access to forgivable loans for the purposes of paying employees’ wages, rent, and utilities. To learn more information about the program go here.