BIG LEGISLATION FOR SMALL BUSINESSES
President Biden has signed The American Rescue Plan Act (H.R 1319) into law. Accordingly, the State of Illinois is expected to receive $7.549 billion in funds to foster recovery from the COVID-19 pandemic.
A robust coalition of small business advocates are asking that Governor Pritzker and lawmakers allocate 25% of those relief funds to help small and local businesses recover from the pandemic. The Illinois small business community has been devastated by the COVID-19 pandemic.
We strongly urge Governor Pritzker and Illinois lawmakers to:
- Provide $10,000 grants to small businesses (50 or less employees) with revenue of $100,000 that can demonstrate a 25% reduction in gross revenue between 2019 and 2020. Businesses in disadvantaged communities will receive an additional $2,500 in funding.
- Offer small businesses whose revenue did not exceed $100,000 in 2019 with grants totaling 10% of the revenue loss the business sustained between 2019 and 2020. Businesses in disadvantaged communities will receive an additional 2.5% of lost revenue.
- Provide $2,500 grants to eligible small businesses which launched in the 3rd and 4th quarter of 2019 and as such, are not able to demonstrate the requisite loss in revenue from 2019 to 2020. Businesses in disadvantaged communities will receive an additional $500 in funding.
- These businesses must meet three out of the following criteria before March of 2020:
- A website or social media presence
- Office space
- Have a business banking account
- $10,000 in revenue
- At least one full time Employee
We urge Governor Pritzker and Illinois lawmakers to ensure that businesses that did not receive prior BIG grants have priority over those which did receive said grants. PPP loans and other such revenue should not be counted as revenue in determining the eligibility of businesses.
Endorsed By:
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