|
 As this crisis has evolved, my team and I have
worked to protect our residents, workers, and small businesses as
they navigate this extremely challenging time,” said Governor JB
Pritzker. “Today, I’m announcing that Illinois will delay our tax
filing deadline from April 15 to July 15, and by Friday, our small
businesses will be eligible for a share of $90 million in state
emergency assistance through three new programs.”
INCOME TAX FILING & PAYMENT EXTENSION
Gov. Pritzker announced today that the state is extending the income
tax filing and payment deadline by three months, from April 15 to
July 15. The Department of Revenue (IDOR) will continue to process
tax refunds for those filing ahead of the new deadline.
According to IDOR, 3.4 million Illinoisans have already filed their
income taxes to date, over 72% of whom are expecting a refund this
year. Last year, 6.2 million income tax returns were filed, and 88%
of taxpayers filed electronically.
The fastest, most secure way to receive a refund is to file tax
returns electronically and request a direct deposit into a checking
or savings account. Taxpayers who have already filed a return can
check the status of their return by using the Where’s My Refund?
link located at
www.MyTax.Illinois.Gov.
“Any taxpayer entitled to a refund should still file their tax
return as quickly as possible,” said David Harris, Director of the
Illinois Department of Revenue. “The Illinois Department of Revenue
is working diligently to get refunds into the hands of every
taxpayer that is owed one. To speed refunds, taxpayers can do their
part by filing electronically and requesting a direct deposit.”
Today’s announcement builds on earlier measures to help Illinoisans
during these challenging times, including expanding unemployment
insurance for those without access to paid sick leave or unable to
work due to COVID-19, suspending shutoffs and late-payment penalties
for all utility companies, halting evictions statewide and working
to ensure food access remains stable in food banks, grocery stores
and schools.
MORE THAN $90 MILLION IN EMERGENCY ASSISTANCE AVAILABLE FOR SMALL
BUSINESSES
In addition, Gov. Pritzker announced a new package of emergency
assistance programs for small businesses in need of additional
capital, totaling more than $90 million. Illinois businesses will be
able to apply to these programs on the Department of Commerce and
Economic Opportunity (DCEO) website.
“Our department is leveraging every resource we have available to
support small businesses in these challenging times,” said Erin
Guthrie, Director of the Department of Commerce and Economic
Opportunity. “These funds will provide small businesses on the brink
with much needed working capital to continue making payroll and
paying other bills while our administration continues to advocate
for additional resources from the federal government.”
Illinois Small Business Emergency Loan Fund
This $60 million fund will support low-interest loans of up to
$50,000 for small businesses in every industry outside of Chicago.
DCEO and the Illinois Department of Financial and Professional
Regulation (IDFPR) are partnering with Accion, the Illinois Bankers
Association and the Community Bankers Alliance of Illinois to create
this fund. Loans will be supported by a $30 million loan loss
reserve, consisting of $20 million of DCEO funds and $10 million in
funds secured with the partnership with the Illinois banking
community.
Businesses with fewer than 50 employees 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 3% interest for the remainder of a five-year loan term.
Applications will be available on DCEO’s website by Friday, March
27.
DCEO and IDFPR continue to work with other lenders throughout the
state to make loans under similar competitive terms available to
Illinois residents and welcome other partners to grow the fund.
“Throughout the current crisis, the Illinois Bankers Association has
worked closely with our elected officials and agencies to bolster
resources for our state’s small businesses,” said Linda Koch,
President and CEO of the Illinois Bankers Association. “We are
excited to work with DCEO to support new capital access options,
along with finding new lending partners, to keep Illinois businesses
afloat during this unprecedented time.”
[to top of second column] |
“The Community Bankers Association appreciates
Governor Pritzker’s efforts to help Illinois small business during
this critical time,” said Kraig Lounsberry, President of the
Community Bankers Association of Illinois. “Illinois community banks
should consider this program as another important tool to assist
their many small business customers.”
Downstate Small Business Stabilization Program
This new $20 million program supports small businesses in suburban
and rural counties across Illinois, providing grants of up to
$25,000 to small businesses in communities served by DCEO’s Office
of Community Development.
These grants will offer businesses of up to 50 employees the
opportunity to partner with their local governments to obtain grants
of up to $25,000 in working capital. The program redeploys Community
Development Block Grant funds to support local small businesses.
Applications will be available on DCEO’s website by Friday, March
27. The grants will be offered on a rolling basis.
Hospitality Emergency Grant Program
This new $14 million grant program aims to help small hospitality
businesses make ends meet, providing up to $25,000 to eligible bars
and restaurants and up to $50,000 for eligible hotels.
These grants are available to support working capital – like payroll
and rent – job training and technology to support shifts in
operations, like increased pick-up and delivery.
Bars and restaurants that generated between $500,000 and $1 million
in revenue in 2019 are eligible for up to $25,000, and bars and
restaurants that generated less than $500,000 in revenue in 2019 are
eligible for up to $10,000. Hotels that generated less than $8
million in revenue in 2019 are eligible for up to $50,000. The
program repurposes job training and tourism promotion funds to
provide this emergency grant assistance.
DCEO has partnered with Accion Serving Illinois and Indiana to
administer the grant program and distribute grant awards on behalf
of DCEO.
Applications are available today on DCEO’s website and are due by
April 1 at 5 p.m. All valid, eligible applications received within
the five-day window will be entered into a lottery, and grant
winners will be notified on April 4.
“The Illinois Restaurant Association appreciates DCEO's program to
provide immediate relief for the smallest independent restaurants
and bars,” said Sam Toia, President and CEO of the Illinois
Restaurant Association. “These grants will provide aid to the
smallest operations in the hospitality segment, and every dollar
helps during this time of crisis. We applaud this effort and will
continue to advocate at the federal level for broad-based economic
relief for the state’s 25,000+ eating and drinking establishments
and their employees.”
“The tourism and hospitality industry are a significant economic
engine, employer, and taxpayer for Illinois,” said Michael Jacobson,
President and CEO of the Illinois Hotel & Lodging Association. “As
we go, so goes the state. However, our industry is experiencing an
unprecedented economic impact that has sent a ripple effect
throughout the economy in recent weeks as a result of COVID-19. On
behalf of our hotels and our employees, we appreciate the steps the
Governor and DCEO have taken, including those today, to provide
immediate relief to hoteliers, more than half of which are small
business owners.”
“Hospitality businesses throughout Illinois need help, and they need
it urgently. We’re very thankful that Governor Pritzker has quickly
created a grant program to provide cash to business owners trying to
survive,” said Brad McConnell, CEO of Accion Serving Illinois and
Indiana. “Accion will distribute these grants quickly and equitably,
and will continue to provide our capital and coaching to businesses
across many industries throughout the state.”
Today’s announcement builds on earlier measures to help Illinoisan
businesses during these challenging times, including deferring sales
tax payments for more than 24,000 small- and medium-sized bars and
restaurants and ensuring small businesses from every county are
eligible to apply for low-interest coronavirus disaster assistance
loans of up to $2 million from the U.S. Small Business
Administration. |
