Small businesses eligible for assistance are those that experienced negative economic impacts or disproportionate impacts of the pandemic and meet the definition of “small business,” specifically:
- Have no more than 500 employees, or if applicable, the size standard in a number of employees established by the Administrator of the Small Business Administration for the industry in which the business concern or organization operates, and
- Are a small business concern as defined in section 3 of the Small Business Act8 (which includes, among other requirements, that the business is independently owned and operated and is not dominant in its field of operation). Will County has prioritized eligible small businesses in the critical supply chain: Information/communications technology, Energy, Transportation, Agricultural commodities, Food production, and Medical supply/equipment
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law. The $1.9 trillion Fiscal Recovery Funds package is intended to support the responds and recovery from the COVID-19 pandemic, including public health and economic impacts. Will County has received a total of $134M to respond to the COVID-19 public health emergency and its economic impacts.
On September 8, the Will County Executive Committee approved the Economic Development Grant Program, offering $10 million in funds for entities to apply for to support programs addressing negative economic impacts of the pandemic and to provide direct aid to industries impacted by the pandemic. The application period opened on November 1 and will close on December 30.