News from the Reference Desk Category: Finance

Mount Prospect COVID-19 Restaurant Assistance Grant Program

The Village of Mount Prospect Mayor, Village Board of Trustees and Economic Development Commission recognize the financial burden on the Village’s restaurant community, and therefore, the Village has established the Mount Prospect COVID-19 Restaurant Assistance Grant Program, which is a grant program to provide funds to Mount Prospect restaurants that have suffered economic loss during the COVID-19 Pandemic (“Grant Program”). The Grant Program will distribute a grant to eligible local businesses to provide cash for short-term financial operational needs such as payroll, payment to suppliers, payment to service providers, payment of utilities, or rent. The Grant may not be used for capital expenditures.

The Village will be dispersing grants of up to $10,000 to qualifying local restaurants, with a fund total of at least $250,000. To be considered an eligible business to receive a Grant, businesses must meet the following requirements:

  1. Have and maintain a current and valid Village of Mount Prospect Business License;
  2. Not have permanently ceased operations as of the date the funds are to be dispensed (businesses that have ceased operations per the Governor’s “Stay at Home” Order and reopened once the Governor’s “Stay at Home” Order was lifted or otherwise allowed will not be considered to have permanently ceased operations);
  3. Generate municipal sales tax as part of its operations and sales;
  4. Generate food and beverage tax as part of its operations and sales;
  5. Have indoor seating for dining;
  6. Not be part of a chain consisting of more than 4 units;
  7. Not be part of a franchise system;
  8. Not be a private club and must be open to the general public;
  9. Not be a home occupation; and
  10. Show evidence that they have suffered a decrease in municipal sales tax eligible sales from March 21, 2020 to the date of the Application when compared to the same time frame in 2019, to be verified by staff. Restaurants opened more recently will need to show loss of sales from date of opening; and
  11. Be in compliance with Restore Illinois Resurgence Mitigations.

Grant Program’s Terms and Conditions.

Applications must be submitted online.

A link will be published at 9:00 a.m. Wednesday, November 18th at WWW.MOUNTPROSPECT.ORG/RESTAURANTGRANT


FIND OUT MORE HERE!

 

Cook County COVID-19 Recovery Small Business Assistance program

Cook County has launched a new program that will provide support for small businesses impacted by the COVID-19 pandemic. The program will offer advising for small businesses in Cook County and grants for small businesses in suburban Cook County and the unincorporated areas.

The program is offering three types of relief:

  • Group webinars  serve as guided, interactive sessions that start to get you thinking about how your business has been impacted and how you may want to pivot your business.

  • Cook County / Chicago Business Advising Program, also known as technical assistance (TA), helps you address the unique needs of your business, including acquiring new capital and customers, understanding financial, change and risk management, adjusting business models, and operating under new safety regulations.

  • Cook County Recovery Grants, $10,000 recovery grants for small businesses in suburban Cook County that have seen losses due to COVID-19.

Applications will close on October 6th (subject to change).

To understand if your business is eligible and to apply for relief, please visit: cookcountysmallbusinessassistance.com.

Deadline approaching for receiving stimulus money

The Consumer Financial Protection Bureau (CFPB) states there are millions of people who are eligible to receive their Economic Impact Payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, who haven’t claimed it yet. These individuals have until October 15, 2020 to claim their stimulus payment this year.  As the deadline approaches, download their recently released guide and find out if you are eligible, or ask your Business Librarian.

 

Kick Start Your Small Business FREE SBA webinar Sept. 2

Has your small business reached a crossroads? Bring your questions to this interactive webinar as we discuss techniques for revitalizing your business plan. Learn how SBA programs and services can be the tools you need to make sound decisions for your business.

REGISTER HERE to receive log on instructions emailed to you. Please note, this event will be on the Microsoft Teams platform. There is no dial-in number; you must join online. The Safari browser is incompatible. Email the Illinois District Office with questions at ILLINOIS (dot) DO (at) sba (dot) gov.

https://www.eventbrite.com/e/kick-start-your-small-business-tickets-117434643179