The $7 million program, funded by money the county received from the federal CARES act, will help businesses with costs like payroll, rent, utilities, or other expenses necessary to keep businesses open.
“It’s designed for companies that have $1.5 million in gross revenue or less, and 15 or fewer full-time equivalent employees,” said Greg Bedalov, the president and CEO of Choose DuPage. “Similar to the PPP program that you may have seen from the SBA and the feds the Reinvest DuPage program is a forgivable loan program where businesses that meet that criteria, located within DuPage County [can apply].”
Who Can Apply?
The program is also available to independent contractors who have a total annual income of less than $100,000.
Those looking to apply can’t have received assistance from the federal Paycheck Protection Program, the Economic Injury Disaster Loan, any state hospitality grant, or any local loan or grant program.
Businesses can qualify for up to a $15,000 grant.
“We’re thinking that $15,000 might be a few months rent, might be able to help them keep an employee on the payroll so they don’t have to find a new employee and train them once their businesses is reopened. It can help them with their utility payments, and it can help them survive,’ said Bedalov.
Independent contractors can qualify for up to $7,500.
When Can Businesses Apply?
Choose DuPage will host a webinar on May 15 at 11 a.m. to discuss the program with DuPage businesses. Bedalov says hundreds of them have inquired about the webinar. They will host another if needed.
DuPage County businesses can start applying for the Reinvest DuPage program on May 18 at 9 a.m. on the Choose DuPage website.
Naperville News 17’s Christian Canizal reports.
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Image Courtesy of Choose DuPage
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