Small businesses are eligible for grants through the new BIG program in Illinois. | Stock Photo
Small businesses are eligible for grants through the new BIG program in Illinois. | Stock Photo
A new Illinois program will supply grants to small businesses and low-income households during the COVID-19 pandemic as a way to help families pay rent or mortgage and businesses experiencing financial loss due to the crisis.
Under the Business Interruption Grants (BIG) from the Department of Commerce and Economic Opportunity (DCEO), businesses can apply for a portion of given a $60 million fund as a way to help them cope with coronavirus losses, Rep. Deanne Mazzochi (R-Westmont) said in a June press release on her website.
"The BIG Program is available for up to 3,500 businesses that experienced a limited ability to operate due to COVID-19 related closures," Mazzochi said in her press release. "DCEO will begin distributing funds to qualifying businesses in early July. The total program funding will amount to at least $540 million in grants for small businesses, $270 of which has been set aside for childcare providers and is funded by the CARES Act."
Rep. Deanne Mazzochi (R-Westmont)
| Courtesy Photo
The state also has two new programs to aid households with rent and mortgage.
The Illinois Housing Development Authority (IHDA) is implementing a $150 million program for renters, the Emergency Rental Assistance Program (ERA) in the state and another $150 million program for homeowners, the Emergency Mortgage Assistance Program (EMA), according to the press release from Mazzochi.
"The [programs] will launch in August 2020 and run through the end of the year. [Gov. J.B.] Pritzker will extend the ongoing residential eviction ban through July 31 to provide a smooth transition into the assistance program," Mazzochi said in her press release.
The renter program provides financial assistance up to $5,000, while the mortgage program offers funding up to $15,000.
All three programs will prioritize those that have been "disproportionately impacted by the pandemic" when approving grants, according to the press release.
DIA businesses, bars, restaurants, barbershops, salons, gyms and fitness centers are all eligible for loans through the BIG program.
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