Politics & Government
Aldermen Approve Coronavirus Economic Relief For Small Business
The Lake Forest City Council approved a plan to offer an estimated $287,000 in grants to businesses harmed during COVID-19 pandemic.
LAKE FOREST, IL — City staff are accepting applications for a new grant program in Lake Forest aimed at helping local small business weather the economic damage caused by the outbreak of the new coronavirus and the statewide stay-at-home order issued in response.
While the full economic impact of the COVID-19 pandemic on local, state, federal and international markets has yet to be determined, small businesses have suffered especially hard due to mandatory closures aimed at stemming the spread of the virus.
Lake Forest businesses generate $3 million for the city in annual sales tax revenue, according to a release from city staff, and while the local businesses community is smaller than some of its neighbors, its presence is critical to ensure visitors shoulder some of the costs of city services.
Find out what's happening in Lake Forest-Lake Blufffor free with the latest updates from Patch.
The estimated cost of the grant program is $287,000. That money will come from an operating surplus in the city's general fund for the 2020 fiscal year and will have no impact on next year's budget, according to a release.
Illinois Coronavirus Update April 28: Don't miss updates about precautions in the Lake Forest area as they are announced. Sign up for Lake Forest-Lake Bluff Patch news alerts and newsletters.
Find out what's happening in Lake Forest-Lake Blufffor free with the latest updates from Patch.
The city's new sales tax rebate measure, dubbed the 2020 Local Business Grant Program, is intended to demonstrate the city's support for the local business community and serve as a message to business owners that their presence is valued, according to staff.
No individual businesses may receive more than $12,500 in grants, and no business with more than four locations is eligible to apply.
Grants will be calculated based on 0.25 percent of the taxable sales of a business in Lake Forest during the 2019 calendar year, according to a release.
They will be paid on sales generated through the end of the year. The program is intended to offer an incentive to businesses to reopen and remain in operation.
More information about what businesses are eligible for the grant and an application form are available online.
Earlier: Lake Forest Mayor Plans Coronavirus Economic Relief For Local Business
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
