Assistance for Small Businesses

Relief & Responses for Small Businesses

Cook County Offering Small Business Grant Program

The County is offering a new program, the Cook County Recovery Grant, for small businesses negatively impacted by COVID-19. Eligible and approved businesses may be awarded up to $10,000. Eligibility criteria includes:

  • Business must have 20 or fewer employees.
  • Sales reduced (>20%) by COVID-19 in any month from March-July vs. February 2020.
  • Businesses who have not received federal funding in the past, or businesses that have received federal funding and intend to use the Cook County Recovery Grant for expenses different than what federal funding was used for.
  • For-profit small businesses only are eligible (non-profit organizations are not eligible).
  • May not have an IRS tax lien or other judgment(s) against it and the business owners or partners may not be currently undergoing bankruptcy proceedings.

Applications are now being accepted. The deadline is October 6th. For more information, and to apply for the Cook County Recovery Grant, please click here.

State Releases Second Round of BIG Grant Funding

On September 17th, 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.