PEORIA, Ill. — Employees of Peoria Charter Coach are headed back to work after the company was approved for a Small Business Administration Paycheck Protection Program loan.
18th District Representative Darin LaHood was in town Wednesday for the announcement.
“There is not a more recognizable company in Peoria than Peoria Charter Coach,” he said.
“A business that’s a family-owned business, 120 employees, that’s obviously been drastically affected by the pandemic of the coronavirus.
“When we passed this bill, it was for companies like Peoria Charter Coach, to get through this difficult period of time.”
Since stay-at-home orders began in Mid-March, the company has received more than $2.5 million in cancellations.
“I want you to be in my shoes,” said President and Owner Bill Winkler.
“This is my busiest season and I have no revenue coming in right now. [We travel] 3.5 million miles, 450,000 people travel with us.
“Today, I just hired 40 people. We’re open for business.”
Since people aren’t traveling for pleasure at this time, Winkler said those employees will be driving Peoria Charter Coach vans to perform delivery services for area businesses, from restaurants to medical facilities.
LaHood stressed any small business is eligible for the program as long as the business owner can show proof they’ve had their business shut down as a result of the pandemic.
The loan covers up to eight weeks of average monthly payroll, plus 25 percent for other expenditures.
As long as 75% of the loan is used for payroll costs, the SBA forgives however much of the loan is used for those payroll costs.
Payments, which do include interest, are deferred for six months.
