Applications are due by 5:00 p.m. April 1 for an Hospitality Emergency Grant Program, one of three small-business emergency assistance programs recently announced by Gov. J.B. Pritzker and Illinois Department of Commerce and Economic Opportunity (DCEO) officials.
The Hospitality Emergency Grant Program will provide $14 million in grants to small hospitality businesses. Restaurants owners can receive up to $25,000 and hotel owners can receive up to $50,000, and these grants are meant to help small restaurant & hotel owners continue to utilize operating capital. Applications are available on DCEO’s website.
The Small Business Emergency Loan Fund will provide $60 million worth of low-interest loans for small businesses with fewer than 50 employees and annual revenue under $3 million. Business owners will be able to borrow up to $50,000. Borrowers will not have to begin repaying the loan until six months after the start of the term, and borrowers will also have five years to repay the loan at only 3% interest. Applications are available on DCEO’s website.
The Downstate Small Business Stabilization Program will provide $20 million in grants to downstate businesses only. Eligible businesses with employees of 50 or less can receive up to $25,000. Applications are available on DCEO’s website. The grants will be offered on a rolling basis.
These programs are all being administered by DCEO and information on eligibility/applications can be found here: https://www2.illinois.gov/sites/coronavirus/Resources/Pages/For-Business.aspx
Please be sure to frequent our small businesses and hometown restaurants. They need you now more than ever!