Dec. 2, 2020
Lake County Distributes More Than $16 Million to Small Businesses Impacted By Covid-19
The Lake County Board announced today that checks totaling more than $16 million have been distributed to 1,195 Lake County small businesses that applied for and were awarded grants to help offset revenue losses due to COVID-19. The grants were funded by the Lake County Small Business Assistance COVID-19 grant program, which the Lake County Board established using federal funds received from the Coronavirus Aid, Relief and Economic Security (CARES) Act.
“I am proud to announce that working in partnership with Lake County Partners and the College of Lake County, we were able to provide substantial help to so many businesses in Lake County that have been reeling from the consequences of lost revenues due to the COVID-19 pandemic,” said Lake County Board Chair Sandy Hart. “The businesses we were able to help covered a wide range of industries, including restaurants, entertainment and recreation, retail services and more. It is our hope that these grants will provide a lifeline to allow them to continue to operate.”
To be eligible to receive the grants, businesses needed to be incorporated prior to Feb. 15, 2020, have less than $2.5 million in annual revenues, and to have provided documentation of impact due to COVID-19. The application period was open from July 7 to July 20. A list of business that received grant checks can be found online at www.lakecountyil.gov/forward.
The amount of the grant to each business ranged from $485 to a maximum of $30,000. The formula used to determine the grant amount for each business was based on the monthly rent or mortgage payment of business, multiplied by 4.5. For example, a business that had a $3,000 rent payment was eligible for a grant of $13,500.
More than 1,800 applications were received for the grants, and those that were determined to have met the eligibility criteria received an award. According to the grant guidelines, businesses that received an award may use the funds to cover up to six months of occupancy costs, including rent, mortgage and utilities; as well as other expenses incurred due to COVID-19, such as new equipment, plexiglass, masks, sanitization services and materials, and COVID-19 related safety training for employees. Under grant rules, businesses must use the funds no later than Dec. 30, 2020.
To ensure the grants were administered objectively, and to get the funds dispersed to businesses as quickly as possible, Lake County government entered into an agreement with Lake County Partners, a nonprofit entity devoted to economic development in Lake County, to review the applications and administer the grant program.
“Lake County Partners was pleased that it could play a role in making sure that our small businesses, which make up two-thirds of all Lake County businesses, had access to much needed federal funding to help them stay afloat,” said Lake County Partners President and CEO Kevin Considine. “The number of applications we received, and the breadth of the types of businesses they came from, demonstrates how widespread and profound an impact the pandemic has had on our local Lake County economy.”
The funding for the program came from federal CARES Act funds that the Lake County Board earmarked particularly for this program. Because nearly all the funds allocated for the program were used, a second round of funding will not be offered.
To date, the Lake County Board has committed more than $121 million in CARES funding to help in COVID-19 recovery efforts. These funds include:
-
$1.75 million for personal protective equipment
-
$13.5 million for food, rental, utility, housing, employment and other resident support and assistance
-
$16 million for local small business and economic assistance
-
$17.2 million for public health support and assistance (contact tracing, education, vaccination, behavioral health services)
-
$42 million for reimbursement to local municipalities, fire protection districts, and other taxing bodies for COVID-19 expenses
|
|
