Illinois Back to Business B2B Grant Program | What is it | Who is Eligible | How to Apply

B2B Website: https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/B2B.aspx

B2B FAQs: https://www2.illinois.gov/dceo/SmallBizAssistance/Documents/B2B_FAQ.pdf

B2B Documentation Requirements: https://www2.illinois.gov/dceo/SmallBizAssistance/Documents/B2B_Application_RequiredDocs.pdf

Tax Lines used on Application: https://a4cb.org/wp-content/uploads/2021/08/B2B-Tax-Lines.pdf

0:00 - Introduction
1:29 - What is it
4:24 - Who is eligible
11:12 - How to apply
13:58 - Application tips

Illinois Back to Business (B2B) Grant Program Overview
As part of Governor JB Pritzker’s overall economic recovery strategy, the $250 million Back to Business (B2B) grant program aims to deploy small businesses recovery grants for those hit hardest by the COVID-19 pandemic. The B2B grant program builds on the success of last year's Business Interruption Grant (BIG) program – an equity focused business relief program, which directed $290 million to 9,000 businesses in 98 communities across Illinois. B2B is a key component of the Governor’s $1.5 billion economic recovery plan, aimed toward a swift and equitable deployment of American Recovery Plan Act (ARPA) funds that have been designated for Illinois to assist in recovery from the COVID pandemic.

To assist small businesses with the B2B application process and other upcoming or ongoing economic recovery grant programs offered at the State or federal level. DCEO has invested $9 million in support of Community Navigator organizations working in every region of the state. These organizations will provide technical assistance to businesses, with a focus on underserved businesses including minority, rural, veteran and women-owned businesses.

Funding available:
$250 million to small businesses across the state that experienced losses in 2020 due to COVID-19, including the following set-asides.
$100 million – Businesses located in Disproportionately Impacted Areas (DIAs). (See DIA Map below)
$30 million – Arts and Entertainment businesses that didn’t receive Shuttered Venue Operators grants
$25 million – Restaurants and taverns that didn’t receive the Restaurant Revitalization Fund
$25 million – Hotels
$25 million – Businesses that didn’t receive a BIG grant due to exhaustion of funds

Grants will range from $5,000 to $150,000 per business and can be used to cover a wide range of operations/staff/overhead costs
Up to $250,000 for hotels

Eligibility requirements:
Businesses with revenues of $20 million or less in 2019 and a reduction in revenue in 2020 due to COVID-19
$35 million or less for hotels
Priority will be given to the following categories:
Hard-hit industries (see eligibility guidelines for a full list of priority industries and their definitions)
Hard-hit areas – DIAs comprising of 176 zip codes
Businesses who have yet to qualify for state funding or federal assistance (including the Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), business Interruption Grant (BIG), Shuttered Venue Operators Grant (SVOG), and more)
Businesses that had less than $5 million in revenue in 2019
Learn about eligibility guidelines

How to apply:
Application Portal opening August 18, 2021
Applications can be tracked in real-time
Allies for Community Business (A4CB), DCEO's grant administrator, will begin accepting applications on Wednesday, August 18, 2021
Prepare for the application process early by learning about the information and documentation required
Documentation required also available in: Spanish, Polish, Chinese, Hindi, and Arabic (coming soon)

Documentation needed:
Business owner ID (ITIN business owners eligible)
Business’s 2019 AND 2020 Federal tax returns
Two (2) business bank statements – one from the period April through December 2020, and most recent statement

#illinoisbacktobusiness #illinoisgrants #b2b

Please note that this video is for information purposes only and is not intended to provide or relied upon for tax, legal, or accounting advice. Please consult your own CPA, tax advisor, legal and accounting advisors.

Видео Illinois Back to Business B2B Grant Program | What is it | Who is Eligible | How to Apply канала Stephen Lee CPA