Lake County Small Businesses Eligible For Grants Of Up To $30,000

Highland Park IL

02 July, 2020

12:35 PM

Description

LAKE COUNTY, IL — Eligible local businesses can begin applying next week for grants of up to $30,000 from the Lake County Small Business Assistance COVID-19 Grant Program, county officials announced. The Lake County Board allocated $10 million to the program last month out of $19 million in emergency economic relief provided by Congress under the Coronavirus Aid, Relief, and Economic Security Act or CARES Act. The money can be used to cover the costs of up to four months of occupancy, including rent, mortgage and utility payments, as well as for any costs associated with the coronavirus pandemic. That could include personal protective equipment, plexiglass dividers, extra cleaning services and training. To qualify for the program, businesses must be incorporated as a for-profit entity, such as an LLC, an S Corp or a partnership, and have been in business prior to Feb. 15. They must generate less than $2.5 million in annual revenue, and their representatives must be able to show that the it has experienced a "significant negative business impact from COVID-19," county officials said. Independent contractors are not eligible for the program, and businesses that have not received any assistance from federal initiatives like the Paycheck Protection Program or the Economic Injury Disaster Lawn. More recovery programs are planned over the coming months, according to county officials. Applications for the new grant program will be available online and accepted for two weeks starting at 8 a.m. Tuesday.