The city of Chicago announced this week a new Microbusiness Recovery Grant Program that will distribute $5,000 grants to as many as 1,000 businesses.
Businesses must have no more than four employees and operate in low- or moderate-income areas of the city that have been severely impacted by COVID-19 and could most benefit from a grant. The grant must be used for working capital such as payroll, rent, personnel expenses, insurance or taxes.
Applications are available now and will be open until 5 p.m. Monday, May 4. Grants will be distributed via a lottery, with winners equitably distributed across eligible community areas based on population.
Other criteria a business must meet in order to apply for a grant:
- Less than $250,000 annual revenue
- Be in business for one year
- Have experienced a 25% decrease in revenue due to COVID-19
Applicants must upload the following documents (clear and legible pictures will be accepted):
- A business bank statement from 2020 that includes the business address and business name
- A valid business license dated 05/01/19 or earlier
- A valid identification card (driver’s license, CityKey, etc.)
- A completed W9 form
On May 11, grant recipients will be chosen and notified of their acceptance; city officials say funds should be received within two business days.