Supporting Struggling Small Businesses
The pandemic and Covid-19 mitigations began inflicting immense damage to many small businesses in March of 2020. Thousands of small businesses initially applied for Illinois Business Interruption Grants. While these grants helped some small businesses, approximately 80% of eligible small businesses which applied were not awarded a grant.
Subsequently, Illinois received over 8 billion dollars in American Rescue Plan Act funds. However, only $250 million were allocated for Back to Business grant program. These funds will likely be exhausted before many struggling and eligible businesses receive grants.
Illinois still has billions of federal funds and should replenish the Back to Business grant program with an additional $300 million. Our policymakers should not pick winners and loses when there is adequate funding to support the struggling small businesses.
House Bill HB5489 will allocate an additional $300 million for the Back to Business grant program. Please ask your legislators to support this legislation so that struggling small businesses can receive the support they need to recover from a pandemic, and associated mitigations, which they could not control.
Crucial Legislation Filed to Get People Back to Work
RISE Action Call – SIGN HERE PRESS RELEASE: CHICAGO, ILLINOIS, UNITED STATES, February 22, 2021 /EINPresswire.com/ — Representative Jennifer Gong-Gershowitz has filed the RISE Act in the General Assembly. The Small Business Advocacy Council (SBAC) urges legislators to pass the RISE Act (Recovery Initiative to Support Employment) to get people back to work and support…
Business Interruption Insurance
WHAT IS BUSINESS INTERUPTION INSURANCE? The COVID-19 pandemic has had a devastating impact on individuals, families and communities. The pandemic is also causing tremendous financial hardship on small and local businesses. Typically, businesses will carry business interruption insurance to cover for potential extended closures caused by extraordinary circumstances. Competent business owners have done their due…
SBAC PPP Townhall
Wondering what the new PPP stimulus entails and if you can apply? Does it include 501c6s? How is EIDL factored into the PPP this round? This SBAC Townhall answers these questions and more. Click on the youtube timestamp in the description below for a direct link to the answer to the question. Please translate…
