City of Moline offers additional funding to small businesses
MOLINE, Ill. (KWQC) – The City of Moline will provide additional help to small businesses during the ongoing pandemic. At a December 1 meeting, Moline City Council decided to amend an earlier initiative under the CARES Act that gave small business owners a 0% interest loan. In the future, companies can apply for a forgivable loan.
Loans can be made to Eligible Companies for up to $ 5,000 and will be waived if the requirements are met.
Alderman David Parker Jr. said, “After reading the impact statements of the companies from whom we have purchased implementation services under the Mayor’s Executive Order, I can tell you that our companies need our support and certainly making them forgivable help.”
To qualify, a company must meet the following eligibility criteria:
- Have at least two, but not more than 50 employees (including the owner (s)) who were working in March 2020.
- In order for the loan to be waived, operations (with at least one employee) must be continued for 6 months after receiving the loan. The “forgivable” quality of the loan is based on the borrower’s ability to retain jobs occupied by low- or middle-income (full-time equivalent) people; AMI).
Applications will open on December 14, 2020 and close at 5 p.m. on January 3, 2021. After the applications have been completed, the first-in selection committee will review the application for correctness and compliance with the 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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