Illinois has announced $14 million for the Hospitality Emergency Grant Program. Grant funds are available to support working capital, such as payroll and rent, as well as job training, retraining, and technology to support shifts in operations, such as increased pick-up and delivery.
What types of businesses are eligible?
Bars and restaurants with a valid license to serve food or liquor and who generated revenues of less than $1 million in 2019 are eligible. Hotels with a valid license (hotels, motels other lodging establishments) and who generated revenues of less than $8 million in 2019 are eligible.
How do businesses apply?
Businesses can apply online. Applications will be accepted until 5 p.m. April 1, and winners will be chosen via lottery. There is no benefit to being the first to submit an application if a valid, complete application is received by the deadline. Applications are available in English and in Spanish.
How much money is available?
$14 million is available under this program.
- Bars and restaurants that generated less than $500,000 in annual revenue last year will be eligible for up to $10,000.
- Bars and restaurants that generated between $500,000 and $1M in annual revenue last year will be eligible for up to $25,000.
- Hotels that generated less than $8 million in annual revenue last year will be eligible for up to $50,000.
How soon will businesses receive funds?
Accion, the company that is processing the grant applications will notify businesses on April 4th if they have received an award. Accion and DCEO are striving to make funds available to awarded businesses within two days of receiving the required bank information from an awarded grantee.
Pam Schallhorn is a University of Illinois Extension Specialist in Community and Economic Development specializing in small business development and entrepreneurship. Previously, she was a Vice President of Commercial Lending for several banks and served as the Director of the Small Business Development Center in Rockford, Illinois. She holds a bachelor’s degree in finance and a master’s degree in political studies. Her office is in Springfield. Contact Pam