LaHood Announces $1.4 Million CARES Act Grant for Peoria
WASHINGTON, D.C. – Congressman Darin LaHood (IL-18) announced today that the City of Peoria received a $1.4 million CARES Act Recovery Assistance grant from the U.S. Department of Commerce’s Economic Development Administration (EDA). The funding will support grant programs for businesses impacted by COVID-19 in Peoria.
“The economic impact on Peoria by COVID-19 and state-mandated closures is being felt across our community,” said Rep. LaHood. “Congress provided significant resources in the CARES Act to support impacted businesses and their employees, as well as workers who were furloughed or laid off. This grant funding award will provide additional support to businesses hurting from this pandemic and I applaud the Trump Administration for directing these federal resources to our community.”
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law by President Donald J. Trump, provides the Economic Development Administration with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to coronavirus.
The funding provided in this grant will administer a Revolving Loan Fund for businesses impacted by COVID-19 and state-mandated closures in the Peoria community, providing those in need with liquidity quickly to help cover losses incurred during this pandemic.