The Governmenmtal Affairs Committee of the Elmhurst Chamber of Commerce and Industry is sharing information on the Small Business Advocacy Council‘s (SBAC) Call to Action on Illinois Senate Bill 1982 to funds for grants to small and local businesses and not-for-profit organizations using federal Coronavirus (COVID-19) relief funds, as follows:
Click HERE to regsitered your support for the legislation.
S.B. 1982 calls for the allocation of 25 percent of the State of Illinois’ projected $7.549 billion in federal relief from the $1.9 trillion American Rescue Plan (ARP) to refund the Business Interruption Grant (BIG) Program adminstered by the Illinois Department of Commerce and Economic Opportunity.
Key components of SB 1982 include:
- 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 $2,000 grant. Businesses in disadvantaged communities will receive an additional 2.5 percent of that lost revenue;
- Offer $2,500 grants to small businesses which launched in the Third and Fourth quarters of 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; and
First funded through Illinois’ allotment of the federal $2.2T Coronavirus Aid, Recovery and Economic Stability (CARES) Act, the IDCEO awarded small business a total of $249M in Round 1 and Round 2 BIG funding. Of come 40,000 businesses that submitted BIG applications, on 8,974 received grant monies.