These past 6 months have proven to be a challenging time for all of us, but mostly for our small businesses that have taken a direct hit. Some small businesses had to close their doors completely because of the financial hardship they have encountered. During this time, Governor Pritzker and the Illinois General Assembly has set up a program that will offer $636 million (Business Interruption Grants Program) for small businesses to help alleviate some financial burden due to lost revenue. The funds may be used to help businesses with overall capital expenses such as payroll costs, rent, utilities and any other approved operational cost.
Round 1 - In August, the initial round of funding was specific to restaurants, personal care services, gyms, fitness clubs, and any businesses located in DIA's (disproportionately impacted areas) which expanded to over 2,800 businesses in 400 towns and 78 countries all throughout IL. The average Grant was around $17,000 and went to the minority-owned businesses in economically distressed communities.
Round 2 - Funding is aimed at all types of small businesses, with a particular focus area downstate and businesses that have been unable to reopen or operating on a diminished capacity since Covid-19 started back in April. With this new funding amount of $220 million there will be provisions and stipulations to ensure a wide range of distributions geographically and across all business types.
For more information or to Apply for the new Business Interruption Grant visit their website at: