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STATE IS ACCEPTING "BACK TO BUSINESS" COVID-19 GRANT APPLICATIONS

STATE IS ACCEPTING “BACK TO BUSINESS” COVID-19 GRANT APPLICATIONS

The Illinois Department of Commerce and Economic Opportunity is offering $250 million in support to small businesses hit by the COVID-19 pandemic.  The City of Streator encourages small business owners to apply:  https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/B2B.aspx

Our local economic development agencies serving Streator are available to answer questions about this program.  Contact Adam Dontz at the Greater Livingston County Economic Development Corporation (adam@glcedc.org) or Amy Lambert at the Starved Rock Country Alliance (info@alliancesbdc.org) for support.

Funding available:

  • $250 million to small businesses across the state that experienced losses in 2020 due to COVID-19, including the following set-asides.
  • $100 million – Businesses located in Disproportionately Impacted Areas (DIAs). (See DIA Map below)
  • $30 million – Arts and Entertainment businesses that didn’t receive Shuttered Venue Operators grants
  • $25 million – Restaurants and taverns that didn’t receive the Restaurant Revitalization Fund
  • $25 million – Hotels
  • $25 million – Businesses that didn’t receive a BIG grant due to exhaustion of funds
  • Grants will range from $5,000 to $150,000 per business and can be used to cover a wide range of operations/staff/overhead costs
  • Up to $250,000 for hotels

 

 Eligibility requirements:

  • Businesses with revenues of $20 million or less in 2019 and a reduction in revenue in 2020 due to COVID-19
  • $35 million or less for hotels
  • Priority will be given to the following categories:
  • Hard-hit industries (see eligibility guidelines for a full list of priority industries and their definitions)
  • Hard-hit areas – DIAs comprising of 176 zip codes
  • Businesses who have yet to qualify for state funding or federal assistance (including the Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), business Interruption Grant (BIG), Shuttered Venue Operators Grant (SVOG), and more)
  • Businesses that had less than $5 million in revenue in 2019