DuPage County has passed ReInvest DuPage, a $15M grant relief program developed in partnership with Choose DuPage for small businesses and independent contractors. On May 12th the Finance Committee and then the DuPage County Board passed ReInvest DuPage aimed to provide relief to small businesses and 1099 workers in DuPage County. Funds are already secured from the federal CARE Act and appropriated by the County Board with applications being accepted starting May 18.
The initial $15M grant will be administered by Choose DuPage and will provide grants of up to $15,000 for DuPage County-based businesses with fewer than 15 full-time employees and less than $1.5 million in annual revenues. Monies received under the program may be used for payroll, rent, mortgage payments, utilities, and other expenses necessary to maintain operations. A 1099 contractor whose annual income is less than $100,000 can also receive relief through the program.
TO FIND OUT IF YOU QUALIFY, ANSWER THESE QUESTIONS:
- Are you a business or 1099 independent contractor located in DuPage County, Illinois?
- Were you in business as of February 15, 2020?
- Has your business been affected by COVID-19, making this grant request necessary to support your ongoing operations?
- If you are a small business, do you have less than 15 full-time employees, and less than $1.5 million in gross annual revenue?
- If you are a 1099 independent contractor, does at least 50% of your gross income come from 1099 work, and is your annual gross income less than $100,000?
If you answered YES to all of the above, you could be eligible to receive a grant from this program. Note: You are not eligible if you have received other funds intended for this purpose (i.e. PPP, EIDL).
EDIT: DuPage County hosted a webinar detailing their new grant program. The following is a summary of that program.
- The online portal opens at 9 a.m. on Monday, May 18th. It is highly recommended that if you are interested in applying for a loan through this program, you do it as soon as the portal opens. There is a very good likelihood that applications will be reviewed on a 1st come – 1st served basis. In order to be fully prepared for the application process, have your income and proof of costs information ready. Please see the website for all documents required. Applications will only be accepted through the online portal.
- If you have been granted a loan or funds from another federal and state program, you DO NOT qualify for this loan, no matter the amount you received from other sources. If, however, you are awarded funds from other programs AFTER you receive funds from Reinvest DuPage, you may retain all funds. Reinvest DuPage highly recommends that those seeking these funds consult with their tax advisor.
- The loan is forgivable if the funds are used as intended. Funds are intended for payroll expenses, rent, and utilities.
- This is a great opportunity for independent contractors who have been unable to find assistance through PPP and/or EIDL. Check the website for details.
Don’t delay. If you are considering applying for the Reinvest DuPage Small Business Relief Grant Program, please consult the website for more details. You can email questions to email@example.com. Then, be ready to apply online, Monday, May 18th at 9 a.m.