Business Interruption Grants Webinar for Northwestern Illinois
The Business Interruption Grant (BIG) program is a multi-million program developed by Governor Pritzker and the Illinois General Assembly to provide economic relief for small businesses hit hardest by COVID-19. BIG leverages federal funding provided by the CARES Act to help offset COVID-19 related losses for Illinois small businesses. Funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs.
Applications for the second round of funding are now being accepted. A total of $220 million will be made available for small businesses of all types in Illinois. Grants will be awarded and funded on a rolling basis until funding is depleted. The grant size will be equivalent to two months of expenses.
The BIG program is open to all eligible businesses (for-profit and nonprofit) with $20 million or less in annual revenue in 2019 and experienced losses due to COVID-19. Of the total funding, $70 million will be invested in Disproportionately Impacted Areas (DIAs) and $60 million in heavily impacted industries. A map of the DIAs and the eligibility guidelines can be found on our website. The heavily impacted industries are defined as having annual revenues of $10 million or less and have been close or operating at a very diminished capacity since mid-March and are likely to continue to do so until Phase 5 of the Restore Illinois Plan. These industries include the following:
• Event spaces
• Music venues
• Performing arts venues
• Indoor recreation
• Amusement parks
• Movie theaters
• Charter/shuttle buses
State Rep. Jeff Keicher and Tom Demmer will present at two webinars on Sept. 28th and 29th to discuss who is eligible, how to apply, and what you need to be successful.