Village Of Palatine Offering Small Business Grants

Press release from the Village of Palatine:

In June, 2020, Palatine's Village Council approved a CDBG Action Plan Amendment to incorporate additional HUD funding to prevent, prepare for, and respond to COVID-19 related impacts, through the CARES Act.

The Action Plan Amendment included an Economic Development Grant to respond to Covid-19 related matters. While the Grant Program details are being finalized, the following provides some general information for those Palatine based businesses that may be interested in participating.

Grant Program Eligibility Requirements - The following outlines the general eligibility requirements for those businesses looking to apply:

• Must have been continuously licensed with the Village and/or State since 2019
• 20 of fewer Full Time Employees (or FTE)
• Must be a locally owner, for profit business (if a franchised business, cannot have received Covid-19 related corporate financial assistance)
• Demonstrate a revenue loss of 20% or more between the time period of April - November, 2019 and April - November, 2020

General Conditions of the Grant Program:

• First come, first served
• Priority will be given to Covid-19 related costs before considering operating expenses
• An individual grant amount cannot exceed $10,000, subject to the following:
  • 100% reimbursement for direct Covid-19 related expenses (PPE, work space and/or equipment modifications, etc.)
  • 50% reimbursement for operating costs (not including payroll). Grant funding will be capped at $5,000 for these types of costs.

The Village of Palatine will be partnering with the Center of Concern to coordinate the Grant application, review, and approval process.

The on-line Grant application process is tentatively scheduled to open on Monday, February 1, 2021 (the on-line application will remain open for 10 business days). The Village anticipates the Grant Program's available funding will total approximately $80,000. The application process will require the electronic submittal of several documents including, but not limited to, the following:

• Copies of receipts, canceled checks, payroll reports for 2020 and other proof of Covid-19 expenses
• Documentation showing >20% revenue loss for April – November, 2019 vs. April – November, 2020
• Signed Certification
• Completed W-9 form and DUNS number (Grant recipients will be responsible for any tax related issues)

The Village will provide additional information related to the Grant Program when available. A link to the on-line application will be available here once the application process commences.

This press release was produced by the Village of Palatine. The views expressed here are the author’s own.