January 10, 2020 -The Illinois Department of Commerce and Economic Opportunity has announced more than $275 million in nearly 9,000 emergency assistance grants have been made to small businesses in over 600 cities and towns statewide through the Business Interruption Grants (BIG) program.
The State says the hardest-hit industry sectors are among the largest beneficiaries of this program – including restaurants and taverns; gyms and fitness centers; museums; performing arts venues, event venues, concert venues; and indoor recreation. Businesses located in downstate communities were also prioritized for funding. Nearly half of all funds went to restaurants and taverns, with 3,747 grants totaling more than $133 million dollars. More than 2,700 grants were made to other heavily impacted industries.
BIG grants average $30,000 in size. Grants were tailored in amounts ranging from $5,000-$150,000, according to the amount of loss incurred. The funds may be used toward reimbursing losses due to COVID and operational expenses, including PPE, rent and utilities, payroll, and more. To receive BIG grants, businesses were required to demonstrate they experienced losses due to COVID-19, and that annual revenues in 2019 did not exceed $20 million.
Business in Macon County that received BIG Funding:
