Illinois State Senate District 5 issued the following announcement on May 1.
As a result of the pandemic, thousands of entrepreneurs are out of business. Even with the numerous grant recoveries initiated over the Stay at Home period, many microbusinesses are still being overlooked. The latest grant recovery program should offer new eligibility for those businesses, and State Senator Patricia Van Pelt (D-Chicago) is urging Chicago’s small business owners to apply.
“The businesses that have been struggling the most haven’t been getting the assistance they need,” Van Pelt said. “The big businesses will survive, but it’s important for us to ensure the survival of those who don’t have such advantages.”
The Microbusiness Recovery Grant Program will award 1,000 businesses with four or fewer employees a one-time grant of $5,000. The grant money, funded entirely by private donations, must be used as working capital for expenses such as payroll, rent, insurance or taxes.
Eligibility requirements for the program must:
• Have four or fewer employees,
• Generate less than $250,000 in annual revenue,
• Be located in the city of Chicago,
• Be in business for at least one year,
• Experience a 25% decrease in revenue due to COVID-19, and
• Be located in a low- or moderate-income Community Area.
Original source can be found here.
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