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Business Interruption Grants (BIG), made available through the Department of Commerce and Economic Opportunity (DCEO), are providing $60 million to businesses that suffered losses due to COVID-19.
A DCEO press release states the assistance program began distributing funds in July and is available for up to 3,500 businesses that suffered due to the pandemic. The program provides a total of $540 million, with $270 million that was set aside for childcare providers. It is funded through the CARES Act.
Priority will be given to small businesses that faced severe restrictions or were completely shut down due to coronavirus. The first wave of grants also focuses on businesses that are located in disproportionately impacted areas (DIAs), including those that recently suffered property damage due to civil unrest. Those who apply as businesses in DIAs must have experienced certain criteria, including extreme hardship and must have proof of eligible costs or losses since March, according to the release.
The program has set aside $20 million for businesses that suffered property damage due to civil unrest, $20 million for bars and restaurants, $10 million for barbershops and salons, and $10 million for gyms and fitness centers. Businesses must have been operating for at least three months prior to the start of the pandemic and have certain annual revenue criteria that they must meet.
The first wave of the assistance program is set at $60 million, but there will be more waves in the future to dole out the rest of the $540 million.
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