NewsUpdate

Tax Deadline Extension and Emergency Relief Programs for Small Business

Tax Deadline Extension

The Illinois Department of Revenue (IDOR) is following the federal government in providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak.

The filing deadline for Illinois income tax returns has been extended from April 15, 2020, to July 15, 2020.

Click here for more information.

 

Emergency Relief for Small Business

The Illinois Department of Commerce and Economic Opportunity has announced new programs to help small business:

    • The Hospitality Emergency Grant Program
      • To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program with $14 million.
      • Who is eligible?
        • Bars and restaurants with a valid license to serve food or liquor and who generated revenues of less than $1 million in 2019. Hotels with a valid license (hotels, motels, other lodging establishments) and who generated revenues of less than $8 million in 2019.
      • What can grant funds be used for?
        • For bars and restaurants, based on the businesses needs identified in the grant application, funds can be used to support working capital (rent, payroll, and other accounts payable), job training (such as new practices related to take out, delivery and sanitation) and technology enabling new operations as well as other costs to implement that technology. 
        • For hotels, funds can be used as working capital to support the retention of employees.
      • How do businesses apply?
    • The Small Business Emergency Loan Fund
      • DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
      • Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply.  Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term. 
      • Who is eligible?
        • Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 can apply.  Small businesses within the City of Chicago can apply to a similar loan program here.
      • What can loan funds be used for?
        • Loans can be used to support working capital.
      • How do businesses apply?
        • Businesses will be able to complete an interest form on this web page on Friday, March 27, 2020.

 

 

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