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Banking and Business Monthly – December 2023

Steven A. Migala • Dec 21, 2023

Illinois’ New Back to Business New Business Grant Program

This month, in the holiday spirit of giving, I thought I would share some welcome news for businesses that started during the pandemic in the industries most impacted by it. Illinois recently launched a Back to Business New Business Grant Program (B2B NewBiz) offering $25 million in new grant funding. Details are available at its website: https://b2bnewbiz.com 


Eligibility Requirements


To be eligible, for-profit businesses and nonprofit organizations must meet all of the criteria listed below:


  • Started operations between January 1, 2020, and December 31, 2021.
  • Had gross receipts of at least $25,000 and up to $20,000,000 in 2021 (annualized if started during 2021).
  • Currently active operations in Illinois.
  • Have not received a Back to Business (B2B) grant prior to 2023.
  • Business Interruption Grant (BIG), Back to Business (B2B) Grant issued prior to 2023, Shuttered Venue Operators Grant (SVOG), or Restaurant Revitalization Fund Grant (RRF).
  • Must meet one of the following two criteria:
  • The business or nonprofit is in a “priority industry” as defined for the previous Back to Business program (a list of priority industries and their definitions can be found here);  or
  • The business is majority owned by an individual or individuals who became eligible for and received unemployment insurance benefits – including from Pandemic Unemployment Assistance (PUA) – between March 13, 2020, and the date the business began operations.


Grant Awards


B2B NewBiz will provide sub-awards ranging from $5,000 to $30,000 based on whether the business is home-based or brick-and-mortar, and the amount of time the business was in operation during the pandemic, as shown in the following table:


Business Start Date Brick-and-Mortar Home-Based
January 1, 2020 to June 30, 2020 $30,000 $10,000
July 1, 2020 to December 31, 2020 $20,000 $5,000
January 1, 2021 to December 31, 2021 $10,000 N/A


The business start date is based on the date the business was incorporated or the date on the business license. Sole proprietors who started in 2020 whose professional licenses do not reflect a start date will be eligible for $5,000.

 

Application Dates

 

Applications are available at the website and are open from November 30 through January 11, 2024. Awards are expected to be made several weeks after the deadline date. All eligible applicants will receive a grant as long as the business meets eligibility requirements and submits proper documentation and attestations. Many local chambers of commerce are also offering assistance with the grant applications to its members.

 

For further inquiries or questions, please contact me at smigala@lavellelaw.com or (847) 705-7555. Happy Holidays to all!

 

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