Some businesses in Algonquin potentially could get up to $25,000 in COVID-19 relief grants as the village gives out another round of funds from the Illinois Department of Commerce and Economic Opportunity.
Algonquin was given $350,000 in funds from the state to distribute to eligible businesses as a one-time grant at the beginning of the year.
Now, the village has been given approval to open an additional round of funding to eligible businesses, Algonquin announced on its Facebook page last week.
Businesses can apply for this money through 5 p.m. Nov. 19.
“It is important that interested applicants submit their application materials as soon as possible,” the village said.
Grant amounts will vary based on a businesses’ documented losses. Those who experienced a loss of less than 50% will be awarded $15,000, while those who experienced a 50% to 75% loss are able to get $20,000. Businesses with a more than 75% loss could get $25,000.
Grants will be given out on a first-come, first-served basis. If funding runs out before the deadline, the application period will close, the village said.
Village staff will review applications and award grant funds to eligible businesses that complete an application and submit required documentation. To get the grant, businesses must be located in McHenry County, must have walk-in traffic, and be tax generating with less than $4 million in sales. Home-based, professional and medical businesses do not qualify for the grant, nor do recipients of the state’s business interruption grant.
Businesses from Kane County are not eligible for funding through the Algonquin Impacted Business Relief Program because of current program requirements, the village said. However, those in Kane County needing help because of business interruptions cased by COVID-19 can do so through the county’s website, www.countyofkane.org/.