Assistance for Small Businesses

Relief & Responses for Small Businesses

State Releases Second Round of BIG Grant Funding

On September 17, 2020 the State of Illinois will begin taking applications for the second round of funding for the Business Interruption Grants (BIG) program. BIG is designed to provide economic relief for small businesses hit hardest by COVID-19 and leverages federal funding provided by the CARES Act to help offset COVID-19 related losses for Illinois small businesses. 

Funding may be used to help businesses with working capital expenses, including payroll costs; rent; utilities; and other operational costs. The program re-opens on September 17th. To learn more about the State of Illinois Business Interruption Grants (BIG)
program, to determine your eligibility, and/or to apply for funding, please click here.

Employee Retention Tax Credit Available for Small Businesses

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.

For more information regarding eligibility, qualified wages, and how to claim the credit through your quarterly employment tax returns, please click here.

Please do not hesitate to email the Village’s Business Development Coordinator if you have any questions or call 847.368.5220.