What is B2B grant application?
Back to business (B2B) Grant Program has been launched by the Illinois Department of Commerce and Economic Opportunity (DCEO) and Governor Pritzker last week to provide a $250 million grant to help small businesses in Illinois recover themselves. This program is a successor to the previous year’s Business Interruption Grant program.
How to apply for small business grant in Illinois?
The Allies for Community business (A4CB), DCEO’s grant administrator is accepting applications from Wednesday, August 18, 2021. You can directly head to the official portal and click the Apply button to do the following steps of application submission.
Applicants can track their applications in real time. The documents required are as follows:
- Business owner ID (ITIN business owners will be considered eligible).
- Business’s 2019 and 2020 Federal tax returns.
- Two business bank statements; one for the period from April to December 2020 and another recent statement.
How to get back to business grant illinois application form?
You can get the Back to Business Grant Program application form from the official portal.
How to get approved for b2b grant application?
Once you have applied to the B2B Grant Program, your application will be scrutinized and the submitted documents will be verified. Once your application seems to be fulfilling all the needed requirements, it will be approved henceforth.
- Businesses that generated a revenue of $20 million or less in 2019 and suffered significant losses in 2020 can apply.
- Businesses that earned less than $5 million in revenues in 2019.
- Hotels that earned $35 million or less during this time.
- Hard-hit industries
- Hard-hit areas (the Disproportionately Impacted Areas) consist of 176 zip codes.
- Those businesses will be considered eligible who qualify for state funding or federal assistance such as Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), Shuttered Venue Operator’s Grant (SVOG), etc.
The benefits of the Back to Business Grant Program are:
- A $250 million grant has been issued for all small businesses across the state of Illinois to counter the losses endured by them since the pandemic hit the world.
- Grants of $5,000 to $150,000 will be given to businesses of all sorts to cover their various expenses.
- A $250,000 million grant will be issued for hotels.
- Arts and Entertainment businesses will be eligible to get a grant of up to $30 million.
- A grant of $100 million would be allocated for businesses in Disproportionately Impacted Areas.