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Notice is hereby given of the availability of funding from a Village of Oak Park Business Assistance Loan Program using $300,000 in federal CARES Act Community Development Block Grant-Corona Virus funding. The program is focused on helping small Oak Park businesses that have been negatively impacted by the outbreak of COVID-19. Oak Park Business Assistance Loans up to $5,000 each will be available to registered local businesses with 10 or fewer employees and average annual gross business receipts of less than $2,000,000. To be eligible, businesses must have experienced a 30 percent or more loss in revenue due to the COVID-19 outbreak. If the business retains at least one full-time-equivalent low or moderate income employee for the first three months after receipt of loan funds, the loan will be forgiven. Funds can be used for operating expenses including payroll and rent. Funds cannot to be used for equipment purchases, construction or expansion-related costs. Businesses that are chains or franchises are not eligible.

 

Participation in the Oak Park Business Assistance Loan Program requires the completion of an application form. All applications must be complete with signed and dated documents. Additional, more detailed information about the loan program, including the application form, can be found on the Village's website at www.oak-park.us/covid19businessloan.

Loan applications may be submitted electronically to Business@oak-park.us beginning at 9 a.m., July 28. No program applications will be accepted prior to this time and date. Loan applications submitted before this time and date will not be considered and must be re-submitted. Applications will be considered on a first-come first-served basis for 30 days. Contact Jeff Prior with any questions or comments at jprior@oak-park.us.

Published in Wednesday JournalJuly 15, 2020