The Department of Commerce and Economic Opportunity (DCEO) is launching the first round of Business Interruption Grants (BIG) by providing $60 million to businesses experiencing losses or business interruption as a result of COVID-19 related closures. The BIG Program is available for up to 3,500 businesses that experienced a limited ability to operate due to COVID-19 related closures. DCEO will begin distributing funds to qualifying businesses in early July. The total program funding will amount to at least $540 million in grants for small businesses, $270 million of which has been set aside for childcare providers and is funded by the CARES Act.
In the first wave of grants, priority will be given to small businesses that have been heavily restricted or completely shut down during the pandemic. Additional priority will be given to businesses within the focused industries that are located in disproportionately impacted areas (DIAs), or low-income areas that have had high rates of COVID-19 cases. Bars and restaurants, barbershops and salons, and fitness centers that are not located in DIAs are also eligible. Businesses eligible for the program must have experienced extreme hardship, demonstrated by experiencing eligible costs or losses in excess of the grant amount since March.
Specifically, the program includes support for:
• Businesses located in severe DIAs Where There Was Recent Property Damage from Civil Unrest - $20 million for businesses that are located in a subset of DIAs that have recently experienced significant property damage, providing 1,000 grants of $20,000 each. This category is called Severe DIA and one does not have to be a part of the industries below, furthermore, businesses do not have to have experienced property damage to apply.
• Bars and Restaurants - $20 million for bars and restaurants unable to offer outside service, providing 1,000 grants of up to $20,000*
• Barbershops and Salons - $10 million for barbershops and salons, providing 1,000 grants of $10,000 each*
• Gyms and Fitness Centers - $10 million for gyms and fitness centers that have lost significant revenue due to COVID-19, providing 500 grants of $20,000 each*
• Businesses must have been in operation for at least three months prior to March 2020 and must meet specific annual revenue criteria outlined in document below.
*While a portion of funds are reserved for industry businesses located in DIAs, the following business types in non-DIA locations are also eligible to apply for assistance: bars and restaurants; barbershops and salons; gyms and fitness centers.
DCEO will accept applications from June 26th until 5:00 p.m. on July 7th.
Click here for more information and for application.