Back2business (B2B) grant Illinois Application [Requirements]

What is back2business grant application?

B2B Grant Program or back to Business Grant is a social welfare program launched by the Illinois Department of Commerce and Economic Opportunity (DCEO) recently. The Governor of Illinois is also a part of this program.

This is a program offering $250 million to small business located all over Illinois that have been financially affected by the Covid-19 pandemic since 2020. With this program, the Governor is hoping to help small businesses sustain and revive.

How to get back2business grant illinois?

The Back to Business Grant Program will provide financial aid to businesses adversely hit by the pandemic in the US state of Illinois. The application has to be made online from the official portal and eligible people can get the following benefits:

• A $250 million grant for all small businesses including hotels.
• A grant of $5,000 to $150,000 to businesses to cover their expenses.
• A grant of $30 million to Arts & Entertainment businesses.
• A $00 million grant for businesses in DIAs.
• A $250,000 grant to hotels in the state.

How to apply for b2b grant application?

The Allies for Community Business (A$CB) is accepting applications from eligible candidates. Applicants can go to the official portal and click the Apply button and perform the steps of submitting the application. The web portal allows lets applicants track their applications in real-time. Applicants have to submit the following documents:

• Business owner ID (ITIN business owners)
• Federal tax returns of Business’s 2019 and 2020.
• 2 business bank statements; one belonging to the period of April to December 2020 and another recent statement.

Application requirements/Eligibility

The eligibility requirement is as follows:

• Businesses which have earned less than $5 million revenue in 2019.
• Hotels which have earned less than $35 million during the time of the ongoing pandemic.
• Hard-hit industries and enterprises.
• Businesses in hard-hit areas (Disproportionately Impacted Areas) which cover almost 176 zip codes.
• Local businesses that have generated a revenue of $20 million or less in 2019 and have suffered massive financial loss in 2020.
• Businesses that qualify for state funding or federal assistance programs like Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), and Shuttered Venue Operator’s Grant (SVOG).

What is b2b grant application portal?

The B2B grant portal is facilitating the application for the grant and the processing of applications. The official portal Small Business Assistance (illinois.gov) is offering assistance, webinars, and an online application facility.