INDIAN CREEK – State Senator Terry Link (D-Indian Creek) is encouraging local business owners to apply for forgivable loans through the U.S. Small Business Administration’s Paycheck Protection Program.

“This pandemic has put an unprecedented financial strain on small business owners,” Link said. “The Paycheck Protection Program provides them with another tool they can use to help them stay afloat during these uncertain times. I highly encourage any business owners who are struggling to apply.”

The U.S. Treasury Department and the Small Business Administration have extended the application deadline for the Paycheck Protection Program to allow more businesses to seek financial relief. Businesses can receive up to $10 million in forgivable loans through the program.

The loans provided through the program have an interest rate of 1% and can be fully forgiven if they are used for payroll, rent, utilities or interest on mortgages.

The deadline to apply in Aug. 8, 2020.

According to the Small Business Administration, more than 27,000 Illinois businesses have taken advantage of the program, saving an estimated 1.36 million jobs.

To find participating lenders, business owners and managers can visit the Small Business Administration’s website.