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glowiak 02192020CM0048WESTERN SPRINGS – State Senator Suzy Glowiak Hilton (D-Western Springs) encouraged small business owners to apply for Paycheck Protection Program and other forgivable loans from the U.S. Small Business Administration on news the program has been renewed.

“Small businesses and their employees who are doing everything right during this pandemic and accepting things like staggered hours, strict occupancy requirements, or even complete closure deserve our support,” Glowiak Hilton said. “This program can help people keep their income during closures and stay in business when it is safe to fully reopen.”

Small businesses may apply for a portion of $10 million in relief through this first come, first served program. PPP allows business owners to keep employees on payroll and pay overhead expenses during closures. The extended deadline is Aug. 8.

PPP loans have an interest rate of 1% and can be fully forgiven if used for payroll, rent, utilities or mortgage interest. Participating lenders can be found on the U.S. Small Business Administration’s website.