Cook County is now preparing to relaunch the “Source Grow Grant Program” and will spend an amount of $40 million to help businesses affected by the COVID-19 pandemic.
Source Grow Grant Program in Cook County will be relaunched. (Photo: Business Insider)
Source Growth Grant Program
The different levels of government in the country offered programs to help and assist business owners and employees fight the financial effect of the COVID-19 pandemic. Aside from PPP Loans, different types of grants were offered.
In a published article in Yahoo News, Cook County will relaunch the “Source Growth Grant Program” which was first announced last September. However, it was halted after a white business owner sued and claimed that the program is discriminatory. The complainant said that the program treats them differently based on their race and prioritizes people of color.
Meanwhile, the program was redesigned and will be funded with an amount of $40 million and this will be used to provide cash grants and free coaching to small businesses in Cook County that were affected by the COVID-19 pandemic.
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Who Will Be Prioritized in the “Source Growth Grant Program”?
According to a report published in WIREPOINTS, the grant to businesses will be given based on revenue. It will be based on 2019 business revenue. Businesses with revenues between $20,000 and $50,000 will receive an amount of $10,000 grants. Those who have $50,000 and above will receive $20,000.
Furthermore, the application for the “Source Growth Grant Program” will open this mid-July and will last for one month or four weeks. The grants are scheduled to be distributed in January.
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