Beginning Wednesday, Aug. 18, Illinois small business owners can apply for COVID-19 recovery assistance through the new Back to Business (B2B) grant program. The grants are funded by the federal American Rescue Plan Act (ARPA).
The new $250 million rolling grant program builds on last year’s Business Interruption Grant (BIG) program. Within the new program, $100 million is earmarked for businesses in areas disproportionately affected by the pandemic, $30 million for entertainment and art businesses, $25 million for restaurants and taverns that did not receive grants through the Restaurant Revitalization Fund, $25 million for hotels, and $25 million for small businesses that did not receive funds through the BIG program.
To be considered for a grant between $5,000 and $150,000, applicants must demonstrate they had a reduction in revenue in 2020 when compared with 2019, and annual revenues of no more than $20 million in 2019. Hotels with $35 million or less in 2019 revenues are also eligible. As part of the application, businesses must also provide two bank statements, a business owner ID, and federal tax returns for 2019 and 2020.
For more information on how to apply and where to access small business assistance, please visit https://www2.illinois.gov/dceo/Pages/default.aspx.