By Blake Haas

NORMAL – With the House of Representatives set to vote on a massive $2.2 trillion stimulus package, the Bloomington-Normal Economic Development Council said the proposed $350 billion set aside would help small businesses locally.

“(The stimulus package) does a couple of different things, I think the biggest one that is going to impact local businesses is going to be the Paycheck Protection Program, which is forgiveness for small business loans for keeping employees,” said Bloomington-Normal EDC Chief Executive Officer Patrick Hoban. “The goal of this incentive is about $350 billion to help prevent workers from losing their jobs and small businesses from going under.”

Through the stimulus package, Hoban said the money would turn into a forgivable loan if the employer maintains payroll. However, if the stimulus package fails to pass the House of Representatives, the EDC will have to rely on funding from the state.

“If this does not pass today, we are going to have to rely heavier on the state, but then also to probably have to ramp up our efforts locally to create incentive programs offset what’s missing from the Fed’s,” added Hoban. “The state is already issued a couple of different programs that are available now… but there is also some different efforts being done.”

Hoban added that even though the COVID-19 outbreak is putting a strain on businesses, the EDC is still receiving calls about potential companies.

“This is not just a local issue; this is nationwide. We’re continuing to work the projects that we have with the prospects that are coming in. We actually had a call the other day for further information on a project looking at our area. So it’s business as usual.”

Blake Haas can be reached at [email protected].