Today, Governor JB Pritzker and the Department of Commerce and Economic Opportunity has launched the Hospitality Emergency Grant Program. It is a $14 million grant program to support
working capital as well as job training, retraining, and technology to support shifts in operation. Since this is a grant and not a loan, those who receive it will not be required to take on debt.
Completed applications must be submitted by 5:00 p.m. on April 1st, 2020.
Those who receive the grant will be determined by a lottery. Therefore, a grant is not guaranteed and will not be given on basis of first come, first served.
Eligible applicants for the grant will include:
1. Bars and restaurants with a valid license to serve food or liquor and who generated revenues of less than $1 million in 2019.
2. Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000.
3. Bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000.
4. Hotels with a valid license (hotels, motels, other lodging establishments) and who generated revenues of less than $8 million in 2019.
5. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.
Here is a list of what the funds from the grant can be used for:
1. For bars and restaurants, based on the businesses needs identified in the grant application, funds can be used to support working capital (rent, payroll, and other accounts payable), job training (such as new practices related to take out, delivery and sanitation) and technology enabling new operations as well as other costs to implement that technology.
2. For hotels, funds can be used as working capital to support the retention of employees.
The grant application went live today.
The application and full details on the grant can be found at this address: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
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