KANKAKEE, IL — April 22, 2020 —In a flash poll of Kankakee County lenders on Monday, the Economic Alliance learned that in the federal Paycheck Protection Program’s initial $350 billion round of emergency funding, more than 1,500 regional businesses were served, with approved loans totaling more than $260 million. According to those polled, the majority of businesses had already received a disbursement. In this initial round, businesses served employ more than 30,000 individuals.
“Given the learning curve on this Small Business Administration program, we were unsure as to how successfully lenders here – or anywhere – would be able to connect funds with businesses in deep need,” remarked Alliance President/CEO Tim Nugent. “We are extremely impressed with the results that are coming in from our local banking community. Job well done.”
According to the Illinois Department of Employment Security, 2,986 unemployment claims were filed in March for Kankakee County, an approximate 600 percent increase from previous months. The State of Illinois averaged a 638 percent increase in claims overall. The SBA’s Paycheck Protection Program is specifically designed to help employers retain their workforce through the economic disruption spurred by the COVID-19 pandemic.
Nugent noted that local banks are still accepting applications in anticipation of a PPP Round Two, adding that the process should proceed much more smoothly given lenders’ familiarity with the SBA’s loan processing system. On Tuesday, the U.S. Senate approved $310 billion in additional funds for the PPP as well $50 billion in additional funds for the Economic Injury Disaster Loan (EIDL) program to support small business stabilization. A vote in the House is expected by week’s end.
“For established employers, sole proprietors, growth companies, independent contractors and others that were not able to secure funding during PPP Round One, now is the time to gather required paperwork and connect with a local lender,” urged Nugent.
Required documents include:
- 2019 year-end and 2020 year-to-date monthly profit and loss statements
- 2019 year-end and 2020 year-to-date payroll
- State income, payroll and unemployment insurance
- TAX ID/EIN (SS-4 letter) and complete ownership information
- 1099-MISC for independent contractors, sole proprietors and self-employed individuals
Learn more about the Paycheck Protection Program and other resources at the Alliance’s COVID-19 Response & Recovery Portal.
The Kankakee MSA was the Midwest’s leading metropolitan area in 2019 for 5-year growth in jobs and income, according to Area Development magazine. The MSA has been ranked the #1 Small Metro in Illinois for Job & Technology Growth by Milken Institute for 6 of the past 7 years, seeing more than $2 billion in major capital investment from 2014 through 2019. Download our 2020 Market Profile here.
The Economic Alliance of Kankakee County is a public-private partnership that works to create jobs and expand the economic base by improving the local business climate in the Greater Chicago community of Kankakee County, Illinois. For more information, visit kankakeecountyed.org or phone 815.935.1177.