SPRINGFIELD – U.S. Senator Dick Durbin (D-IL) today discussed the Paycheck Protection Program (PPP) with members of the Illinois Restaurant Association. On a call with the members, Durbin shared the changes he supports to the program, including a bipartisan bill he cosponsored that would extend the deadline to apply for a PPP loan from June 30, 2020, to December 31, 2020, and allow borrowers 16 weeks to use their loan funds, instead of eight weeks. Durbin also discussed the future of the restaurant industry, including how businesses can attract customers while maintaining public health guidelines.
“Restaurants in Illinois – many of which are small businesses – have been forced to adjust operations for public health concerns. They continue to struggle to stay open during the unprecedented economic situation caused by the pandemic, and are in need of continued federal support to keep their doors open and employees on the payroll. That is why I support commonsense changes to the PPP that reflect the reality and longevity of the pandemic,” Durbin said.
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Last week, Governor Pritzker announced that Illinois restaurants and bars could start outdoor service. Delivery, drive-thru, and curbside pickup are still allowed.
Since the launch of the PPP in early April, the program has provided loans totaling more than $22 billion to approximately 181,000 small employers across Illinois. The overwhelming majority of borrowers are very small – according to the latest data, nearly two-thirds of all PPP loans are for $50,000 or less, and the average size of a PPP loan is just $116,000, suggesting an average employer size of about 10 employees.
Last week, Durbin joined Senators Marco Rubio (R-FL) and Ben Cardin (D-MD) in introducing the bipartisan Paycheck Protection Program Extension Act.
