Governor Pritzker announced a new grant program aimed at helping small businesses in Illinois that struggled during the pandemic. The state announced a new $250 million Back to Business (B2B) recovery program Wednesday.
According to Johnson & Bell Shareholder, Mark D. Belongia, who advises a number of private and family held businesses, the B2B program is prioritizing grants for small businesses, restaurants, and arts organizations, and hotels in disproportionately impacted areas. Business owners could receive $5,000-$150,000 grants depending on their financial loss. The grants are earmarked for business owners to hire back staff, cover operating costs and rebuild their businesses.
The application process begins August 18. Applicants must show a loss of revenue in 2020 compared to 2019 and have annual revenues less than $20 million. The state is also asking business owners to provide two bank statements, an ID, and federal tax returns for 2019 and 2020. For more information about the B2B program, please click on this link. If you have questions about the program, please contact Mark D. Belongia.