Dear Local Leaders,
I am writing to you today as local businesses continue to face hardships and potential closures due to current mitigation efforts. As you’re likely aware, additional mitigations have been introduced in our region. This means that businesses in our area—even the ones that have enacted stricter safety measures and have complied with public health directives—are facing further restrictions for the safety of workers and customers.
To help our local economy recover from this setback, the state’s Business Interruption Grant program will distribute an additional $220 million in aid, with priority given to businesses in regions under increased mitigation measures. In the first round, the Rockford area has received nearly $2 million and has already received over $1 million in the second round.
The second wave of BIG funds includes a few important provisions to ensure this money makes the most impact throughout the state across different types of businesses:
Heavily Impacted Industries:
$60 million is designated for heavily distressed industries, such as movie theatres, performing arts venues, concert venues, indoor recreation, amusement parks, and more.
Downstate Communities:
DCEO has committed to ensuring that at least half of all remaining funds, totaling more than $100 million, are reserved for businesses in downstate and rural communities of Illinois.
Priority Businesses:
Apart from the $60 million for heavily impacted industries, priority will also be given to applications from businesses directly affected by regional mitigations implemented by the state or local governments, independently owned retail, tourism- and hospitality-related businesses.
Grants and Loan Forgiveness for Illinois Small Business Emergency Loan recipients:
As authorized by the General Assembly, DCEO will also offer grants for businesses that have incurred eligible costs to offset any loans they received under the Illinois Small Business Emergency Loan program. This round of loan forgiveness and grants will go to businesses that have received loans or remain on the wait list and the program will sunset going forward as DCEO and its partners focus on making BIG awards.
Businesses outside the categories listed above are also eligible to apply and receive funding under the program, but may be reviewed later than priority businesses. All businesses will receive a decision on their grant application within four to six weeks of application submission.
I hope this program is helpful to the many business owners in our area who have faithfully adhered to the guidelines set forth by the state, and who continue to make considerable sacrifices to keep our community safe.
By taking the appropriate precautions, we can bring down our positivity rates and get our region back on track—please continue to wear masks, wash your hands and practice social distancing, and encourage your neighbors to do the same.
As always, my office is available to assist, listen to feedback and answer questions about state and federal programs. Please don’t hesitate to give us a call at (815) 987-7557 or visit
www.senatorstadelman.com.
I hope you and yours stay safe as we continue to weather this pandemic.
Sincerely,
Steve Stadelman
State Senator | 34th District