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.
R.I.S.E. Act – A Word from RISE Fest Performers
COVID19 has had a devastating impact on many gig workers and independent contractors. During our SBAC Rise Fest, we had a chance to speak candidly with our local performers on how they’ve been affected by the pandemic. They explain the loss in their community, in their work, and how their jobs have shifted. Their stories…
Recommendation for Legislation on Minority Contracting
Illinois has failed to ensure that Black owned businesses procure their fair share of government contracts and revenue from government projects. Loopholes must be closed and reforms be made now! Read the SBAC’s recommendations for legislation to reform the process. Read the Recommendations here
SBAC and Fifth Third Bank Present: Post Election Commentary by Jeff Korzenik
A Post Election Commentary Presented by: Jeff Korzenik Managing Director, Chief Investment Strategist, Fifth Third Investment Management Group Discussion Points: Post-Election Policy and Market Implications Current State of the U.S. Economy: Differences and Similarities with Past Downturns The Impact of Monetary and Fiscal Intervention Health Risks and Unintended Consequences The Post Pandemic Economy: Disrupted Industries, Disrupted…
