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 over 7.5 billion in funds to foster recovery from the pandemic.
A robust coalition of small business advocates are urging lawmakers to pass Senate Bill 1982, which will allocate 25% of those funds to help small and local businesses recover from the pandemic. It also sets forth the framework for an improved Business Interruption Grant program so more businesses can receive crucial funding.
Senate Bill 1982 will:
- 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.
Please click below to contact your State Senator and ask them to support this important legislation. It is imperative that politicians prioritize the recovery of the small business community. This legislation will have a big impact on many small businesses!