Category Archives: Illinois

COVID-19 Financial Relief, Education, Illinois, IRS, Tips

Illinois IDES 1099-G Form For 2020 Unemployment: What You Need To Know

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Understandably, there is some confusion this year about unemployment compensation, how it is reported to recipients, and what tax forms taxpayers might need to report it on their returns.

The Illinois Department of Economic Security (IDES) created the helpful infographic above, as well as an Info Sheet, which I’m sharing in its entirety here so it’s easy for folks to find.

From the Illinois Department of Employment Security (IDES) – January 2021

Background

All individuals who received unemployment insurance (UI) benefits in 2020 will receive the 1099-G tax form.

Claimants who collected UI benefits last year need the 1099-G tax form from IDES to complete their federal and state tax returns. The 1099-G tax form will be available by the end of January 2021 and mailed or emailed to IDES claimants based on previously selected claimant preference.

The 1099-G form is necessary for individuals who received state and/or federal benefits. This pertains to claimants who received both regular UI benefits and benefits paid under new federal pandemic relief programs including Federal Pandemic Unemployment Compensation (FPUC), state Extended Benefits (EB), Pandemic Unemployment Assistance (PUA), Pandemic Emergency Unemployment Compensation (PEUC), and Lost Wages Assistance (LWA).

How to Access the 1099-G Form

Upon establishing an IDES account, claimants are provided an option to receive their 1099-G form electronically. Those who opted for electronic delivery will receive an email notification towards the end of January 2021. This email will contain instructions to access the document from the IDES website.

For those who opted NOT to receive their 1099-G form electronically, IDES will mail a paper form during the last week of January. These claimants may also access and print their 1099-G form online by going to ides.illinois.gov/1099G, or calling Tele-Serve at (312) 338-4337.

Fraud Warning

If an individual did not receive UI benefits in 2020, yet still received a 1099-G form from IDES, this may indicate that a fraudulent claim was filed in their name. The IRS has provided guidance to states regarding these nationwide identity theft and unemployment fraud schemes. Individuals who may have erroneously received a 1099-G form should immediately contact IDES at (800) 244-5631.

IDES representatives will return calls on a first-in, first-out basis to ensure the fraudulent claim is shut down, and to address the 1099-G form. Once a fraudulent claim is reported, investigated, and confirmed by IDES, the victim will not be held responsible for repaying any benefits fraudsters may have received in their name, nor will they be held responsible for tax implications resulting from a fraudulent claim. IDES understands the urgency associated with tax season and is committed to ensuring agency resources are available to assist individuals who received a form in error.

See the recent alert on 1099-G forms from the U.S. Department of Justice National Unemployment Insurance Fraud Task Force.

Additional Information and Questions

Additional information on 1099-G forms is available at ides.illinois.gov/1099G. For tax filing information, individuals
are encouraged to call the IRS at (800) 829-1040 or visit their website at irs.gov.

Individuals can also contact the Department at 800-244-5631 and select the appropriate queue to speak with an expert:

• Select your language

• When prompted, press 2 to indicate you are an individual

• Next, press 1 if you received a 1099-G form in error, or press 2 for all other 1099-G related inquiries

If you are already awaiting a callback for a different inquiry, we will be able to handle your 1099-G related questions on that same call. There is no need to queue for an additional callback.

Additional FAQs are available here. With questions about tax filing, please visit the IRS.

Tax fraud can result in criminal penalties. Some of the criminal activities in violations of federal tax law include deliberately underreporting or omitting income or hiding or transferring assets or income. See https://www.irs.gov/compliance/criminal-investigation/types-of-fraudulent-activities-general-fraud. Federal criminal penalties can include fines and imprisonment. See 26 U.S.C. §7201, §7206, and §7207. Under Illinois law, intent to defraud for tax purposes may be inferred from conduct such as concealment of assets or covering up sources of income, or any other conduct, the likely effect of which would be to mislead or conceal. See 86 Illinois Admin Code 700.330(c). State law provides penalties for tax fraud. 35 ILCS 735/3-6.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

COVID-19 Financial Relief, Education, Illinois, IRS, Site News, Tips

How To Apply For The Paycheck Protection Program – FREE Step-By-Step Webinar With Slides & Links

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This past Wednesday, February 17th 2021, I was honored once again to participate in State Representative Will Guzzardi’s FREE Facebook Live series designed to help his constituents — and anyone else who wants to tune in — to learn about financial relief during Covid-19.

We did an entire hour-long session on how to determine eligibility and apply for the current round of the Paycheck Protection Program, which is designed to be open through March 31, 2021 or until funds run out.

The full-length webinar is FREE, as are the slides, resources and links to walk you through the application process. Additionally, a PDF version of the slides is available for download here:

Nancy-McClelland-CPA-PPP-Event-Slides-PDFDownload

We covered the following topics:
1) Paycheck Protection Program Summary
2) Current Program Overview
3) Eligibility
4) How To Apply
5) Where To Apply
6) Forgiveness Basics
7) Resources & Questions

Please share far and wide to help small business owners learn about the current status of the Paycheck Protection Program and how they can determine eligibility and apply for a non-taxable forgivable loan to help their companies stay afloat during these challenging times.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

Illinois, IRS

IRS & Illinois Open Tax Season On February 12

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Just a confirmation that both the IRS and the Illinois Department of Revenue have delayed the start of tax filing season to the same date — February 12, 2021.

The IRS announced January 15th that they will begin accepting and processing 2020 tax year returns later than usual.

The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits. This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

On January 26th, the Illinois Department of Revenue (IDOR) announced that it will begin accepting 2020 state individual income tax returns on the same date that the Internal Revenue Service (IRS) begins accepting federal individual income tax returns, Friday, February 12th.

To speed refunds during the pandemic, both the IRS and IDOR urge taxpayers to file electronically with direct deposit. Due to limited staffing at both agencies, paper filings are taking many months to be processed. If you have a balance due, be sure to pay it online to avoid issues with paper checks sitting unopened in the mailroom.

As for whether tax season will be extended, the current answer from both agencies is: no. But IRS Commissioner Rettig did mention recently that a third round of stimulus checks might make hitting the April 15th deadline impossible. We shall see — tax professionals are mixed about the idea.

It will be a challenging season, to be sure. See my colleague Claudia Hill’s Forbes article for her take on “Top Ten Tax Season Concerns”.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

COVID-19 Financial Relief, Education, Illinois, Tips

PPP & Other Emergency Funding Opportunities – FREE BACP Webinar 1/19/21

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From the Chicago Department of Business Affairs & Consumer Protection:

The U.S. Small Business Administration (SBA) Paycheck Protection Program will support small businesses throughout the country with up to $284 billion toward job retention and certain other expenses. Businesses apply for PPP loans through a bank, credit union, community lender, online lender or other participating lenders. Please note that some lenders may not be participating in the program – please contact your preferred lender to determine if they are participating. Learn more at sba.gov/ppp and find a lender using the SBA Lender Match Tool.
While BACP does not manage the Paycheck Protection Program, we will be holding webinars and continuing to share information in the coming days and weeks.
The first webinar, “The Paycheck Protection Program and Other Emergency Funding Opportunities,” will be presented by the U.S. Small Business Administration and Accion Chicago on Tuesday, January 19, at 3:00 pm.Register and learn more at chicago.gov/businesseducation. More webinars will be planned in the coming weeks – stay tuned!
To learn more about the PPP, please visit these links:

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

Education, Illinois, Tips

Year-End Reminders For Chicago Businesses

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Chicago businesses have a few extra items to make sure are in order before year-end.

In a year of unbelievable stress, overwhelming work, and terrifying outlooks, we can rest easy that our city has small businesses in mind — by making sure we continue to meet all the obligations that were put in place before the pandemic, without any exceptions. Yay!

To be fair, the Chicago Department of Business Affairs & Consumer Protection (BACP) was designed to “license businesses and public vehicles, provide business education and access to resources, enforce the Municipal Code, and protect consumers from fraud,” and none of those things magically stops just because we’re all struggling to stay alive (figuratively and literally).

With that in mind, here are some things you’ll need to make sure get taken care of before ringing in the new year.

  1. Illinois Department of Human Rights Sexual Harassment Training
    For the record, this one is state-mandated, not just city-wide. The Illinois Workplace Transparency Act requires all employers to comply with the sexual harassment prevention training by December 31, 2020, and thereafter must provide annual training to all employees.
    As of July 1, 2020, the Illinois Human Rights Act defines “employers” as those having one or more employees (replacing the prior threshold of 15 or more employees in Illinois for most types of discrimination). This means that every employer in Illinois must comply with this sexual harassment training requirement, for all employees working in Illinois, regardless of their status as part-time, intern, or temporary. There is no requirement to train independent contractors, though it is recommended.

    The Illinois Department of Human Rights provides the training for free (registration ends 24-hours before each class), or there are numerous commercial training options (as low as $25). They have an FAQ here, as well as details on minimum training for all employers, versus more comprehensive training for bars and restaurants.

  2. Chicago Minimum Wage
    Back in 2014, the city implemented a gradual increase of the minimum wage. It applies to any employee who works at least two hours in any two-week period. As of July 1, 2020 the minimum wage in Chicago is $13.50 per hour for employers with 4 to 20 workers, and $14 per hour for employers with 21 or more workers. Tipped workers have a minimum wage of $8.10 for employers with 4 to 20 workers, and $8.40 for employers with 21 or more workers. If a tipped worker’s wages plus tips do not equal at least the full minimum wage, the employer must make up the difference. The FAQ is here. BACP also offers a one-hour-long free webinar on the ordinance.

  3. Chicago Paid Sick Leave
    This ordinance went into effect on July 1, 2017, and was so poorly-written that folks are still confused. It applies to any business or individual that employs at least one “employee” and has a facility within Chicago’s city limits (though Cook County followed suit a few months later and has a similar requirement). The term “employee” covers anyone who works at least 80 hours within a 120-day period (20 hours a month).
    – For hourly employees, paid sick leave accrues at one-hour for every 40 hours worked. Salaried-exempt employees are presumed to have worked 40 hours/week.
    – Employees are capped at accruing a total of 40 hours of sick leave each year, unless the employer opts to set a higher limit.
    – Employers must permit employees to carry over half of their accrued leave, to a maximum of 20 hours of unused sick leave each year (40 for employers with 50 or more employees).
    – Employers are not required to pay out any accrued but unused sick leave upon employment termination.

    What we’ve generally seen — given the stringent requirements and the way hours accrue — is that many employers with existing PTO policies have to get substantive revisions, as they often do not follow the same rules (even though they are often more generous). Failure to comply is costly, so we recommend having an HR professional experienced with the Chicago rules review your policy.

    BACP offers a one-hour-long free webinar on the ordinance.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

COVID-19 Financial Relief, Education, Illinois, Tips

Update: Illinois Business Interruption Grants – It’s Not Too Late To Apply

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BIG Application Page
BIG Application Page

The Business Interruption Grant (BIG), a program available through the Illinois Department of Commerce and Economic Opportunity (IDCEO), continues to actively seek applicants, in order to effectively disburse the full amount awarded to the state program. It leverages federal funding provided by the CARES Act to provide economic relief for small businesses hit hardest by COVID-19. The state received $540 million for BIG from the federal Coronavirus Aid, Relief & Economic Security Act, of which $270 million was earmarked for small businesses, according to Lauren Huffman, a spokeswoman for the Illinois Department of Commerce & Economic Opportunity. Applications are live now.

The first round of BIGs provided $49 million to businesses such as restaurants, personal care services, gyms and fitness clubs, and businesses located in “Disproportionately Impacted Areas” (DIAs). A list of awardees is available here.

The second round of BIGs will provide $220 million to “businesses downstate, in disproportionately impacted areas (DIAs), and for heavily impacted industry and regions – representing businesses that have been unable to reopen or operating at a severely diminished capacity since the spring.” A discussion of the program, outlining the various types of prioritized and eligible businesses, as well as eligible costs, is in an earlier blog post, here.

To summarize, Round 2 includes:
– $60 million for heavily impacted industries, such as movie theaters, performing arts & concert venues, indoor recreation, amusement parks.*
– $70 million for disproportionately impacted areas, defined by zip code for communities that are most economically distressed and vulnerable to COVID-19. 
– More than $100 million for downstate communities.
– $5 million for livestock production disruptions. (Applications available from the Illinois Department of Agriculture.)
– Loan Forgiveness for Illinois small business emergency loan recipients.

*In addition to the $60 million for heavily impacted industries, the following types of businesses are being prioritized:

  • Businesses directly affected by regional mitigations implemented by state or local governments.
  • Independently owned retail.
  • Tourism- and hospitality-related industries.

(Businesses outside the categories listed above are also eligible to apply and receive funding under the program but may be reviewed later than priority businesses. Assistance with applications is available at no cost.)

A list of awardees for Round 2 (those granted so far, on a rolling award basis), is here.

However, as I started to see media coverage touting the benefits to independent retail, and promoting the program, trying to drum up applications, I began to be concerned for my own clients — many of them have received grants, to be sure, for which we are immensely thankful — but they were all in the hospitality industry, or in a DIA. To-date, not a single retail client has received any BIG funds. And since the program says that all businesses will receive a decision on their grant application within four to six weeks of application submission, I was frustrated to see that many of my clients had not heard anything, and yet new articles such as this were frequently coming my way, where my own state rep, Will Guzzardi, was saying the program did not have enough applicants. (Block Club was reporting the same story.) I reached out to colleagues in accounting, bookkeeping, law, and to chambers of commerce and heard the same story — small retailers were not receiving Business Interruption Grants.

So I contacted Rep. Guzzardi to find out what the story was, and he was, as usual, interested in the discrepancy between what he had been told and the actual experiences of small business owners. He took my questions to the state and came back with some solid explanations and more encouragement.

For starters, the state is reviewing applications in three categories: DIAs, downstate Illinois applicants, and disproportionately impacted industries — restaurants, bars, venues, etc. If an application doesn’t fall into one of those categories, it’s probably being moved further down the queue. But that doesn’t mean anything about their likelihood of getting a grant. It just means that they’ll be reviewed later in the process.

They evaluate every application first on the basis of whether or not they meet the basic eligibility criteria, and then based on how many of these criteria they meet:

  • Directly impacted by regional mitigation to prevent the spread of COVID 19, based on applicant industry and county
  • Has not received any other emergency funding, e.g. in the form of PPP or other state or local grants
  • Has under $5 million in annual revenue
  • Located in a disproportionately impacted area (DIA)
  • Located in a “downstate” county
  • Operate in a priority industry, including the following: ○ Independently-Owned Retail ○ Restaurant ○ Bar or Tavern ○ Gym or Fitness Center ○ Tourism and Travel ○ Support Service of Arts or Events

Then they conduct separate lotteries based on how many of those criteria you met. So if you meet 6/6, you’re in a lottery group with very good odds. If you only meet one or two, your lottery is less likely.
If you don’t win your lottery, your application is held over into the next lottery batch.

BIG Round 1 didn’t go to retailers at all. In Round 2, retail is in a pretty large pool with bars, restaurants, gyms, museums, etc., and so they’re just facing slightly longer odds, especially if they’re not in a DIA or downstate.

The message to retail folks is: if you applied, your application is still in the lottery — just because it hasn’t come up doesn’t mean it won’t. I expect the state is just trying to make sure those who are hardest hit have the best chance at the grants, and then they’ll turn their attention to independently-owned retail and the other eligible business types.

It is not too late to apply!

Join the Illinois Department of Commerce & Economic Opportunity (DCEO) for an informational webinar regarding the Business Interruption Grant (BIG). Attendees will learn about eligibility criteria, required documentation and step-by-step instructions for the online application. DCEO representatives will be available to answer your questions and all attendees will receive a copy of the presentation materials with direct links to the BIG program portal, FAQs and contact information for DCEO representatives who are available for 1-to-1 technical assistance, if needed.

Wednesday, December 2 at 10am
Event address for attendees: https://illinois.webex.com/illinois/onstage/g.php?MTID=e84aa07e4dc9ede92fa8a13fa268fa538

Friday, December 4 at 9am
Event address for attendees: https://illinois.webex.com/illinois/onstage/g.php?MTID=eb884f11ff20cb4fcc9394b7081fe49fd

Thursday, December 10 at 2pm
Event address for attendees: https://illinois.webex.com/illinois/onstage/g.php?MTID=eb0276e6285a6954875c46d7da4555053

And I know I’ve shared this link countless times by now, but honestly, it is an amazing source of information on applications, evaluation criteria, assistance, eligible costs, and so much more.

For the clients who have received this grant, it has been a lifeline. It’s much more flexible than the PPP, it’s a grant rather than a loan like the EIDL, and it’s built for small business. The application is not a particularly challenging one. If you are a small business struggling due to the pandemic, you owe to to yourself to give this one a try.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

COVID-19 Financial Relief, Education, Illinois, Tips

Chicago Performing Arts Venue Relief Grant – FREE Webinar Oct 8

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https://www.youtube.com/watch?v=dv3UTm7ATwk&feature=emb_logo

As Republicans in Congress refuse to pass further relief packages for those hit hardest by COVID-19, Chicago announced a new fund to help struggling local performing arts spaces — as it’s currently estimated that 90 percent of live music venues won’t survive without additional support, reported Block Club.

Venues can apply for up to $10,000 from the Performing Arts Venue Relief Program, funded in part by the Walder Foundation and the Arts for Illinois Relief Fund, and in partnership with Accion. The city said 120 eligible applicants will be randomly selected by lottery for the relief grants.

Interested applicants are encouraged to attend an application assistance webinar on Thursday, October 8 from 12:00pm–1:00pm. Register at: https://www.eventbrite.com/e/venue-program-info-session-tickets-123724718965

Eligibility criteria and applications are available at chicago.gov/artsvenuerelief — the application deadline is October 23 at 5pm Central. Grant recipients will chosen via lottery and notified of their acceptance on November 16th.

The program will prioritize funding organizations located on the South and West sides, in LMI (Low and Moderate Income) community areas, organizations that were not eligible for the City of Chicago’s Together Now program, and organizations that have not received grants through the Arts for Illinois Relief Fund, the City of Chicago’s Together Now program, or the 2020 CityArts Large program for organizations with budgets over $2M.

In addition, if you care about live performance, please consider sending this form letter to your representatives asking them to support the bipartisan “Save Our Stages” Act.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

COVID-19 Financial Relief, Education, Illinois, Tips

Chicago Phase 4 Reopening Guidelines By Industry – FREE Webinar Recordings

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Recorded webinars for Phase 4 reopening guidance are available online now.

Chicago has moved forward, along with the rest of Illinois, into Phase 4 of reopening.

According to ABC News: Illinois has made progress through its plan for having tiered mitigation for the 11 regions in the state with the potential for increasing mitigation measures based on local resurgences. Regions are currently at the Tier 4 level, with some having additional measures.

Phase 4 of reopening allows for gatherings of 50 people or fewer, restaurants and bars can reopen with limited capacity and restrictions, travel resumes, and child care and schools can reopen under guidance from the Illinois Department of Public Health. Face coverings are required and social distancing is the norm. The Illinois Department of Commerce has issued a pdf of guidelines.

Chicago has a slightly more cautious roll-out of Phase 4 based on a higher concentration of population, risk factors, and cases. The mayor recently announced the next phase of reopening for all businesses, including Retail, Food Service & Bars, Personal Services, and Health & Fitness Centers. The city’s Department of Business Affairs & Consumer Protection has once again held free webinars on the topics and made the recordings available on their site and YouTube.

Recorded Reopening Webinars:

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

COVID-19 Financial Relief, Education, Illinois, Tips

Illinois Business Interruption Grant, Round 2, Open Now — FREE WEBINAR Sept 22

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Register by visiting www.chicago.gov/businesseducation

The State of Illinois has created the Business Interruption Grants (BIG) program for small businesses in Illinois suffering losses as a result of the ongoing COVID-19 pandemic, as well as communities impacted by the recent civil unrest. Applications for a second round of funding are now live. A total of $220 million will be made available for small businesses of all types in Illinois.

The Chicago BACP has put together a free webinar on September 22, 2020 that brings together the following partners to provide an overview of the program and how to apply.
– Ciere Boatright, Chicago Neighborhood Initiatives
– Brad McConnell, Accion Serving Illinois and Indiana
– Marcus Yancey, Local Initiatives Support Corporation Chicago
Register by visiting www.chicago.gov/businesseducation today.

The second wave of funds includes the following provisions to ensure a wide distribution of funds geographically and across business type:

  • Heavily Impacted Industries – $60 million for heavily distressed industries, such as movie theatres, performing arts venues, concert venues, indoor recreation, amusement parks, and more.
  • Disproportionately Impacted Areas – $70 million set aside for DIAs, defined by zip codes identified by the General Assembly for communities that are most economically distressed and vulnerable to COVID-19.
  • Downstate Communities– DCEO has committed to ensuring that at least half of all remaining funds, totaling more than $100 million, are reserved for businesses in downstate and rural communities of Illinois.
  • Priority Businesses– Apart from the $60 million for heavily impacted industries, applications from the following types of businesses will be prioritized for review for remaining funds:  businesses directly affected by regional mitigations implemented by the state or local governments, independently owned retail, tourism- and hospitality-related industries including accommodations, and more.
  • Agriculture – $5 million of the remainder of funds will be set aside for livestock production disruptions.
  • Grants and Loan Forgiveness for Illinois Small Business Emergency Loan recipients – As authorized by the General Assembly, DCEO will offer grants for businesses that have incurred eligible costs to offset loans received under the Illinois Small Business Emergency Loan program.

Businesses outside the categories listed above are also eligible to apply and receive funding under the program but may be reviewed later than priority businesses. All businesses will receive a decision on their grant application within four to six weeks of application submission. More information here —
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/C19DisadvantagedBusGrants.aspx

I am getting a lot of questions from recipients of Round 1 grants about what types of costs are considered eligible for this program. The Certification & Requirements pdf states the following.

ELIGIBLE COSTS
“The subrecipient will use the proceeds of the subaward supported by the Program exclusively for costs and losses incurred due to the business interruption or other adverse conditions caused by the Coronavirus Disease 2019 (COVID-19) pandemic. For purposes of this Program, costs incurred during a business interruption may be classified as a cost related to COVID-19. Grant proceeds may be used to reimburse costs and losses such as inventory, equipment (including Personal Protective Equipment and other supplies to promote health and safety), compensation (including salaries, wages, tips, paid leave, and group healthcare benefits), rent, technology to facilitate e-commerce, professional services procured (including the design and construction of environments necessary to promote physical and social distancing and cleaning and disinfecting services) and other costs of operation in accordance with the applicable administrative rules or the policy directives of the grantor that was incurred during the period that begins on March 1, 2020, and ends on December 30, 2020. All spending related to this program must be reimbursable by the Federal Coronavirus Relief Fund, as prescribed by 601(a) of the Social Security Act and added by section 5001 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act including all subsequent federal guidance. Expenses that have been or will be reimbursed under any other federal program are not eligible for reimbursement through the proceeds of this subaward.“

Please pass the word along about this grant to the neediest of the Illinois businesses you know.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

COVID-19 Financial Relief, Illinois

Illinois Business Interruption Grant Award List Released

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Gov. JB Pritzker announces Business Interruption Grant (BIG) Awards

The first round of the Illinois Business Interruption Grant (BIG) program awards have been announced, and the list is available to the public, here.

(Note: I noticed when reviewing the list that in the Chicago section, it runs alphabetically, but then re-starts with another round of A-Z. Therefore one needs to look in both sections to see all the Chicago recipients.)

BIG is a program through which Illinois awards grants to a diverse group of small businesses, as well as business communities hit hardest by COVID-19 related closures. The grants are for either $10,000 or $20,000 and a total of $46 million have been awarded so far. They are intended to be used to help businesses with working capital expenses (including payroll, rent, utilities, and equipment, as well as other unexpected costs to mitigate the impact of the pandemic, such as PPE, training, and new technology).

“Business categories identified in the first round include small businesses in industries that continue to experience economic hardship due to public concerns for health and safety and in areas that sustained setbacks due to property damage and closures as a result of recent civil unrest.”

“BIG round 1 grants span a diverse geography, as well as business type – with more than 50 percent of grant recipients reporting they are minority-owned. This breakdown includes 14 percent Black business owners, 25 percent Asian-owned, and 11 percent Latinx-owned. Additionally, more than 600 grants totaling $10 million for downstate businesses.  To ensure small businesses were given a priority, grantees were required to prove annual revenues of $3 million or lower.”

“More than 5,000 businesses applied for funding, with grantees selected via random lottery. To ensure reviews were conducted with an objective, equitable lens and to maximize the turnaround time on application reviews, DCEO partnered with several community-based grant administration partners, including Accion, Chicago Urban League, Women’s Business Development Center, The Chicago Community Loan Fund, Somercor and Chicago Neighborhood Initiatives.”

More information on the program and the first round of awards can be found here, and again, the list of recipients is here.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.