From the Village of Fox River Grove:
Fox River Grove Business Financial Assistance Program
The Village of Fox River Grove announced today that the Village will be providing grants to certain sales-tax generating and service based businesses that have suffered losses due to COVID mitigation restrictions. The Fox River Grove Business Financial Assistance Program (BFAP) is designed to help businesses recover more quickly from the impact of the ongoing COVID-19 pandemic.
Utilizing American Rescue Plan (ARP) funding, the Village will administer the BFAP funds with the goal of:
- Providing financial assistance to assist businesses to help keep them open operating within the community and thereby help prevent business closures.
- Minimizing retail, restaurant, and service based vacancies.
Program parameters include:
- Up to $300,000 will be awarded based on total number of applicants, documented losses, and other criteria.
- Must be a sales tax generating business or service based business with annual sales not exceeding $3 million.
- Business must generate walk-in traffic.
- Award amount is determined on the submitted IDOR sales tax figures from March 1, 2020 through February 28 2021, as compared to March 1, 2019 through February 29, 2020. Service based businesses that do not generate significant sales tax must be able to demonstrate the impacts of COVID-19 on revenue through tax filings (2019 vs. 2020).
- Must be a currently active business (still in operation)
- Franchise businesses, home-based businesses, home occupation businesses, professional and medical businesses do not qualify.
- Businesses that primarily sell tobacco / vape products do not qualify.
The Village intends to evaluate all applications received and distribute grant awards ranging from $2,000 to $100,000 based on all the evaluation criteria. Distribution of the grant awards should occur sometime in May or June.
For more information, and to apply today, please click the link below.