Anyone having trouble paying back a revolving loan to the county got some good news at the County Board’s January 12 meeting.
For the third time, the county has approved a resolution to extend repayment of revolving loan funds, extending the deferral through June 30, 2021.
In order to qualify for an extension, recipients must request by January 31 to the revolving loan committee.
Auditor/Treasurer Braidy Powers reminded commissioners that no county funds are used for revolving loans and the money doesn’t impact the county budget in any way. He also stated that this was deferment and not a forgiveness of the loans, and the money will have to be paid back, hopefully when the economy recovers from the effects of the pandemic.
That request for a deferment in loan repayment must come from a business owner and include a statement of need due to financial hardship.
The revolving loan committee said it had monitored the effect the pandemic has had on local businesses in Cook County, including using surveys to gather information, and the committee feels the deferral of loan payments “for those with real economic hardships can be an important aid for health and survival of these businesses.”
Commissioner Ginny Storlie noted that many businesses were struggling, adding, “We want to support them as best we can through June 30,” she said. Commissioners Stacey Hawkins, Dave Mills, and Ann Sullivan agreed with Storlie and passed a motion to extend the loan repayment through June 2021.
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