Funding Information For Employers
The Infrastructure Investment and Jobs Act (IIJA), which the House of Representatives passed on November 5 and President Biden signed into law on November 15, will retroactively end the employee retention tax credit (ERTC) on September 30, 2021 for most employers.
On August 11, the Governor announced a new Back to Business (B2B) Grant program for businesses and not-for-profit organizations impacted by COVID-19. The $250 million grant program, which is similar to the Business Interruption Grant (BIG) in 2020, will prioritize businesses who did not receive assistance through the Paycheck Protection Program (PPP) or the State’s BIG grant program. Businesses in the hardest hit industries throughout Illinois, as well as those located in Disproportionately Impacted Areas (DIAs) will also be prioritized for funding.
The deadline to apply has passed and applications are closed. If you previously submitted a complete application, you may check on its status at the application portal.
Click HERE to find your closest SBDC office.
American Rescue Plan Changes for Restaurants, Venues
The American Rescue Plan includes long-awaited targeted aid dedicated specifically to the restaurant industry in the form of the Restaurant Revitalization Fund (RRF), providing $28.6 billion in grants to those in need. Restaurants, bars, and caterers will be able to apply for grants based on lost gross revenue between 2019 and 2020. The maximum grant size will be $5 million for restaurants and $10 million for restaurant groups.
The U.S. Small Business Administration (SBA) will begin registrations on Friday, April 30, 2021, at 8 a.m. and open applications on Monday, May 3, 2021, at 11 a.m. for the Restaurant Revitalization Fund (RRF). The online application will remain open to any eligible establishment until all funds are exhausted.
The SBA recommends qualifying applicants familiarize themselves with the application process, and is also offering webinars to provide information regarding the program. Information for preparing for the application and webinars can be found HERE.
FAQ - Tax Credits for Paid Leave
- Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021 for Leave After March 31, 2021
- Tax Credits for Paid Leave Under the Families First Coronavirus Response Act for Leave Prior to April 1, 2021
Businesses can apply to use these additional funds for specific skill/employee training, employee skills upgrades, or layoff aversion assistance. Applications for this program can be found at Business Grants for Employee Training | Illinois WorkNet Center (worknet20.org).
These business grants can help qualifying companies upskill current workers to be more competitive. Additionally, they have been shown to improve productivity, create new revenue streams, and improve retention of valued employees.
COVID-19 Relief Legislation
- Brief summary pages for each section (PDFs)
- Stimulus Package - 29 page summary
City of Springfield
Information on additional CWLP bill assistance.