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Lake County Small Business Grant Program

Posted by : on : July 15, 2020 | 9:20 am

Lake County has launched an important new small business assistance grant fund of $10 million to help local businesses impacted by COVID-19 reopen and adjust to the new operating environment. The intent of the grant is to cover occupancy and some operating costs for up to four months. Preference will be given to businesses that have not received Federal Assistance (i.e., Paycheck Protection Program or Economic Injury Disaster Loan).

 

Lake County has launched a new program with grants that cover 4.5-times average monthly rent, capped at $30,000, and can be used for payroll, business rent/mortgage, utilities, inventory, and incremental COVID-19 related business expenses.


A business must be located in Lake County, have less than $2.5 million in annual revenue and be incorporated, e.g., LLC, LLP, S Corporation, Sole Proprietor, etc. Currently, independent contractors are not eligible.


The online application will be open until 11:59PM on Monday, July 20, 2020.

 

For more information go to lakecountyil.gov/forward.

 

For Frequently Asked Questions please go to Lake County FAQs. Documentation listed in the FAQs must be submitted to apply.

 

Lake County Partners has scheduled an upcoming webinar to provide an overview of Lake County’s small business grant program and answering questions . It is recommended that businesses attend if they would like to learn more about the application process and criteria. Information for the webinar is as follows:

 

July 20, 8:30AM
Join Link
Meeting ID: 921 0926 0251
Password: 626422
Call in Number:  312.626.6799

 

Please reach out to FGMK's SALT practice with any questions.

Marvin Bayan
Senior Associate
312.638.2940
MBayan@fgmk.com

 

 


The summary information in this document is being provided for education purposes only. Recipients may not rely  on this summary other than for the purpose intended, and the contents should not be construed as accounting, tax, investment, or legal advice. We encourage any recipients to contact the authors for any inquiries regarding the contents. FGMK (and its related entities and partners) shall not be responsible for any loss incurred by any person that relies on this publication.

 

About FGMK

 

FGMK is a leading professional services firm providing assurance, tax and advisory services to privately held businesses, global public companies, entrepreneurs, high-net-worth individuals and not-for-profit organizations. FGMK is among the largest accounting firms in Chicago and one of the top ranked accounting firms in the United States. For over 50 years, FGMK has recommended strategies that give our clients a competitive edge. Our value proposition is to offer clients a hands-on operating model, with our most senior professionals actively involved in client service delivery.