More relief coming to independent contractors, small businesses in Cook County

The latest effort to help Cook County’s severely hobbled workforce will provide no-interest loans to independent contractors, small businesses and gig workers.

The $10 million Community Recovery Fund will dole out five-year loans of up to $10,000 each for independent contractors who have been slammed by the coronavirus crisis, and up to $20,000 for small businesses, according to the Chicago Tribune.

The move, announced by county Board President Toni Preckwinkle, comes a week after Chicago’s Small Business Resiliency Fund received 4,500 applications on its first day of enrollment, drawing more than $150 million in requests.

It was not immediately clear whether real estate brokers — most of whom work as independent contractors — qualify for the Community Recovery Fund. Brokers are included in the federal government’s recently-passed $2 trillion relief package, however.

In launching the county fund, Preckwinkle said in a statement: “Small businesses and entrepreneurs are at the heart of the towns and villages throughout Cook County.”

Some of the independent contractors that were noted include hair stylists, service repair workers, and freelance writers, according to the Tribune. All must earn less than $100,000 in gross annual income, with at least 50 percent of their pay coming from contract work. Small businesses must employ fewer than 25 workers and make less than $3 million in yearly revenue. The funds will come from county and federal sources through the Community Development Block Grant program. [Tribune] — Alexi Friedman