The City of Peoria Council will receive $1.4 million in federal assistance to help small businesses adversely affected by the COVID-19 pandemic.
An additional $400,000 has been awarded to the Greater Peoria Economic Development Council. The U.S Commerce Department announced the CARES Act Recovery Assistance grants on Wednesday.
The federal money for Peoria is aimed at assisting business owners as they work to rebound from financial instability. The aid will be dispersed through a revolving loan fund.
The Commerce Department announced a total of $11.5 million in awards to agencies and EDCs across Illinois.
“As we continue to grapple with the economic consequences of the COVID-19 pandemic, we must ensure that small businesses are not left behind,” Sen. Dick Durbin, D-Ill., said in a news release
“This federal funding will serve as a lifeline for many small businesses throughout Illinois in rural and urban communities alike.”
The EDC grant will be used to develop a strong work force and implement strategies to support local businesses.
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