This is a $250M grant program that launched on Wednesday aiming to help businesses across the state in harder hit areas. The money has been allocated in the following manner.
– $100M for businesses in Disproportionately Impacted Areas
– $30M for Arts and Entertainment business that didn’t receive the Shuttered Venue Operators Grant
– $25M for Restaurants and Taverns that didn’t receive the anything from the Restaurant Revitalization Fund
– $25M for Hotels
– $25M for businesses that did not receive a BIG grant due to an exhaustion of funds
The grants will range from $5K to $150K per business and can be used to cover operations, staff, and overhead costs. Hotels can receive up to $250K.
To be eligible, a business must have had revenues below $20M in 2019 and a reduction of revenue due to the pandemic in 2020. Hotels have a limit of $35M.
Priority will be given to the following
– Hard hit industries
– Hard hit areas
– Businesses that are yet to qualify for state funding or federal assistance
– Businesses that had less than $5M in sales in 2019
Further information and the application can be found at the following web address.
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/B2B.aspx
Let me leave you with this.
We find ourselves yet again in trying times. Prices are inflating, customers are staying home due to Delta, and the politicians are beginning to impose mandates again. Although they haven’t shut everything down again, none of those factors are good for business.
Am I the only one who’s beginning to feel like he’s under siege? We already went through sixteen months of this nightmare, and it looks like its beginning all over again.
We need to get our heads right about this. Going into battle, any seasoned commander will tell you that the will to fight is everything. We certainly learned that in Afghanistan.
I don’t know what your process is. Everyone is different, but if I were you, I’d get to it.
Do whatever you need to get your head wrapped around this new reality. Don’t let it catch you off guard. Be ready for every and any contingency.
Talk to your people. Give them the confidence they will need. Make sure they know that you will be the steady hand at the helm, getting them through the storm. If the first sixteen months taught us anything, it’s that having solid people in place is half the battle.
Talk to your family. They’re probably feeling the same things that you are. Make sure they know that whatever happens, everything will be fine. There’s an awful lot of fear out there. Meet it head on. Be the person your community needs to get them through this.
In other words…Lead.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need help with Employee Retention Credits, PPP Loan Forgiveness, Payroll Services, or Bookkeeping and Tax Work, you can rely on us. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.