DuPage County announced on May 12 the launching of Reinvest DuPage, a grant relief program developed in partnership with Choose DuPage for small businesses and independent contractors. The program will provide grants to sustain some businesses impacted by COVID-19.
DuPage County will fund this initial program with $7 million of the $161 million in monies received under the $2.2 trillion federal Coronavirus Aid, Relief and Economic Security (CARES) Act. Choose DuPage will administer the plan with support from DuPage County and local banking and financial experts.
“We are well aware of the devastating impact the COVID-19 pandemic has had on our small business community,” said County Board Chairman Dan Cronin. “We believe establishing this small business relief program will sustain some businesses until they can safely reopen.”
The program will provide grants of up to $15,000 for DuPage County-based businesses with fewer than 15 full-time employees and less than $1.5 million in annual revenues. Monies received under the program may be used for payroll, rent, mortgage payments, utilities, and other expenses necessary to maintain operations. A 1099 contractor whose annual income is less than $100,000 can also receive relief through the program.
Recipients may not have received financial assistance from the federal Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) administered through the United States Snall Business Administration (SBA), any state hospitality grant, or any local loan or grant program.
Choose DuPage will hold a webinar on Friday, May 15, at 11 a.m. to discuss the program with DuPage businesses. Registration for the webinar will be provided at www.choosedupage.com and Choose DuPage will promote the program via social media and an email outreach campaign.
The online-only application portal is expected to launch on Monday, May 18, at 9 a.m.