Endorsed by the Elmhurst Chamber of Commerce and Industry and Chicago-area chambers, the Small Business Advocacy Council (SBAC) is urging Illinois Governor J.B. Pritzker and state lawmakers to refund the Business Interruption Grant (BIG) Program using 25 percent of the state’s projected $7.549 billion in American Rescue Plan Act federal relief monies.
United States President Joseph R. Biden signed the $19 trillion American Rescue Plan (House Resolution 1319) into law on March 11, with states receiving a total of $195.3B in aid, with each state and the District of Columbia sharing $25.5B evenly and receiving $500 million apiece. Another $168.55B will be distributed based on each state’s share of total unemployed workers.
Led by the SBAC, a coalition of small business advocates seeks refunding of the BIG Program administered by the Illinois Department of Commerce and Economic Opportunity (IDCEO) to assist small and local businesses recover from the Coronavirus (COVID-19) Pandemic, as follows:.
- Offer $10,000 grants to small businesses (50 or less employees) with gross revenue over $100,000 that can demonstrate a 25 percent reduction in revenue between 2019 and 2020. Businesses in disadvantaged communities will receive an additional $2500 in funding.
- Offer small businesses whose revenue did not exceed $100,000 in 2019 with grants totaling 10 percent of revenue loss the business sustained between 2019 and 2020. For example, a business that sustained $20,000 in lost revenue would receive a $2000.00 grant. Businesses in disadvantaged communities will receive an additional 2.5 percent of that lost revenue.
-
- Offer $3,500 grants to small businesses which launched in the Third and Fourth quarters of 2019 and, as such, are unable to demonstrate the requisite loss in revenue from 2019 to 2020. Businesses in disadvantaged communities will receive an additional $500 in funding. These businesses must meet three out of the following criteria before March of 2020:
- A website or social media presence
- Office space
- Have a business banking account
- $10,000 in revenue
- At least one full time Employee
- Offer $3,500 grants to small businesses which launched in the Third and Fourth quarters of 2019 and, as such, are unable to demonstrate the requisite loss in revenue from 2019 to 2020. Businesses in disadvantaged communities will receive an additional $500 in funding. These businesses must meet three out of the following criteria before March of 2020:
The SBAC also is requesting that businesses that did not receive prior BIG funding have priority over those which did receive said grants. Also, federal Paycheck Protection Program (PPP) loans and other such relief revenue should not be counted as revenue in determining the eligibility of businesses.
First funded through Illinois’ allotment of the federal $2.2 trillion Coronavirus Aid, Recovery and Economic Stability (CARES) Act, the IDCEO awarded small businesses a total of $249 million in Round 1 and 2 BIG funding.