Ill. Admin. Code tit. 14 § 690.310

Current through Register Vol. 48, No. 49, December 6, 2024

Section 690.310 - Selection Process

a) Subject to the availability of funds, the Department and its qualified partner will announce, to eligible businesses, fund availability and the application procedures for financial assistance via its website and other communication mediums. The application shall identify the information and supporting documentation applicants must include in their requests for financial assistance. The Department's qualified partner shall accept the applications for financial assistance.

b) Each application for financial assistance shall include a request for the following information:

1) The amount of funds borrowed by the applicant from ELF and how much remains unpaid;

2) The amount of costs and losses experienced by the applicant's business from March 1, 2020 until the present;

3) The amount of funds received from other CARES Act-funded programs by the applicant;

4) 2020 bank statements; and

5) Any other information requested by the Department or its qualified partner to assist in determining eligibility under this repayment program, the offering of financial assistance to an applicant, and the type of assistance that may be offered.

c) Under ELF, borrowers who have costs and losses equal to or greater than the loan amount outstanding shall qualify to receive an award of equal value that repays the outstanding loan amount. ELF applicants who were never awarded a loan and are currently on the waitlist for an emergency loan may qualify to receive financial assistance equal to $10,000 or $20,000 if the scale of costs and losses experienced since March are equal to or greater than the available award. The number of awards available to applicants will be based on the availability of funds set aside for this repayment program.

Ill. Admin. Code tit. 14, § 690.310

Added at 45 Ill. Reg. 624, effective 12/23/2020.