It was recently announced that the State of Illinois is offering $175 million in recovery grants through the Back to Business (B2B) program. Through this program, businesses in three select categories that have been hardest hit by the pandemic will be able to apply for grants from April 5 through May 10. These three categories are restaurants, hotels, and creative arts organizations.
In total, $75 million will be available for the hotel grants, while $50 million will be available for restaurants and creative arts organizations respectively. Grants are wide ranging, from $5,000 to $50,000 for restaurants, up to $1,500 per room for hotels, and $5,000 to $250,000 for creative arts organizations. Businesses in either the restaurant or creative arts categories will be awarded with flexible spending to support loses; however, for those in the hotel category, 80 percent must be used for payroll related costs with the remaining 20 percent being flexible spending.
More information about the program and the exact requirements to apply for the grants can be found on the Illinois Department of Commerce and Economic Opportunity’s (DCEO) website. The DCEO has also compiled a list of more than 100 community navigators and their contact information for those looking for support or help in navigating the B2B application process. Additionally, there will be four different informational webinars hosted by the DCEO over the next weeks, more information is located on the DCEO’s website.