The Business Interruption Grant (BIG) is a $636M program leveraging federal funding from the CARES Act to offset losses incurred by Illiinois small businesses. Funding may be used for working capital expenses such as payroll, rent, and utilities. In this second round of funding, almost all businesses grossing under $20M are eligible. $220M is available. While most are eligible, many will take priority, given set asides.
Heavily Impacted Businesses
$60M has been set aside for those nearly shut down, such as event spaces, performing arts venues, museums, and movie theaters.
Aside from those stated above, these business are
1) Those directly affected by regional mitigation instituted by state or local governments
2) Those th
at did not receive PPP Loans or other aid
3) Locally owned retail, tourism, and hospitality type businesses
4) Those that have less than $5M in annual revenue
5) Those that have experienced a revenue loss greater than 50% since March of 2020
While all businesses inside the state are eligible, there are two areas that will receive priority.
1) $70M is set aside for Disproportionately Impacted Areas
2) $100M is set aside for downstate businesses
Eligibility criteria can be found here
The application can be found here
Let me leave you with this one thought.
It was reported over the weekend that Lawry’s Chicago restaurant will close its doors at the end of this year. After 46 years as a downtown staple, they have decided to close given the pandemic, the recent civil unrest, and an expiring lease.
Can you blame them?
Why should any business be asked to conduct an enterprise when they don’t know whether or not their building will be on fire the next day?
One of the newest developments in downtown Chicago, are restaurants that have armed security working the door. It’s quite sad to imagine a world where this is necessary. It’s even sadder to imagine an administration that did nothing while our city was on fire.
If you noticed a guy with a Glock working a door, as you went into your favorite steakhouse, how would you feel? I keep wondering what else is next? Will I trip over a guy with an M-16 when I take my mother to church or to brunch on Sundays?
We’ll see. But do so knowing that we are here to help.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything that you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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