City of Moline to offer additional funding to small businesses
MOLINE, Ill. (KWQC) - The City of Moline will be offering extra help to small businesses during the ongoing pandemic. At a meeting on Dec. 1., the Moline City Council chose to amend a previous CARES Act initiative which provided small business owners with a 0% interest loan. Going forward, businesses can apply for a forgivable loan.
Loans can be provided to eligible businesses of up to $5,000 and will be forgiven provided the requirements are met.
Said Alderman David Parker Jr., “Having read the impact statements of the businesses from whom we purchased implementation services under the Mayor’s Executive Order, I can tell you our businesses need our support and making these forgivable will certainly help them.”
To qualify, a business must meet the following eligibility criteria:
- Having at least two, but no more than 50, employees (including the owner/s), and were operating in March 2020.
- For the loan to be forgiven, the business must continue to operate (with at least one employee) for 6 months following receipt of the loan. The “forgivable” feature of the loan rests on the ability of the borrower to retain jobs that are held by those of low or moderate-income (full-time equivalent), meaning those earning less than 80% of the annual Area Median Income (AMI).
Applications will open on Dec. 14, 2020 and close Jan. 3, 2021, at 5:00 p.m. Once closed, applications will be reviewed by the selection committee, on a “first-in” basis, for accuracy and compliance with program criteria. The loan application will be available on the city’s FORWARD Platform, http://moline.il.us/1507/FORWARD, and website, www.moline.il.us.
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