IGS has received the following information related to the Illinois Department of Commerce & Economic Opportunity’s Business Interruption Grants (BIG).
For those who have applied, as part of the grand program, all grant recipients must promise to remain in “full compliance” with all applicable COVID-19 rules, laws and mitigation efforts.
Confirmed violations are being solicited by the DCEO and those recipients will be notified that, due to their failure to remain in “full compliance,” they will be required to pay back the amount of their grant.
Again, Illinois BIG recipients who fail to remain in “full compliance” of all laws and rules will be ordered to pay back their grants.
We hope our partner locations continue to remain in compliance as our state works toward decreasing the spread of COVID-19 and ultimately allowing for business to reopen.
Round 1 of the DCEO’s BIG program is closed, and the first wave of funds have been released. The DCEO is accepting applications for the second round of grants by providing $220 million for all types of small businesses, particularly those downstate, that have been unable to reopen or operate due to COVID-19. The BIG Program is available for up to 3,500 businesses that experienced a limited ability to operate due to COVID-19 related closures.
The total program funding will amount to at least $540 million in grants for small businesses, $270 million of which has been set aside for childcare providers and is funded by the CARES Act.
Businesses eligible for the program must have experienced extreme hardship, demonstrated by experiencing eligible costs or losses in excess of the grant amount since March.