With small businesses and their employees throughout Illinois feeling the impact of COVID-19, I wanted to bring your attention to a few resources that may provide relief.
SALES TAX PAYMENTS TO BE DEFERRED
The Illinois Department of Revenue (IDOR) announced today that it will defer sales tax payments for more than 24,000 bars and restaurants. Bars and restaurants that incurred less than $75,000 in sales tax liabilities last year will not be charged penalties or interest on late payments due between March and May. However, qualified taxpayers must still file their sales tax return even if they are unable to make a payment.
Taxpayers who take advantage of this relief will be required to pay their sales tax liabilities due in March, April, and May in four installments starting on May 20 and extending through August 20. For more information, please check the Illinois Department of Revenue’s informational bulletin.
DISASTER ASSISTANCE LOANS
Illinois has now officially been approved for disaster assistance loans for small businesses facing challenges amid the growing health crisis. Eligible businesses can apply for up to $2 million in low-interest loans available through the U.S. Small Business Administration. To apply online or to check your application status, visit https://disasterloan.sba.gov
Unemployment benefits may be available to some individuals who are unemployed because of COVID-19. The Illinois Department of Employment Security (IDES) recently adopted emergency rules to try to make the unemployment insurance system as responsive to the current situation as possible. To keep up with any changes or updates, please visit the IDES website.
If you have questions, IDES has set up a page with frequently asked questions about unemployment due to COVID-19.
IDOR Informational Bulletin:
SBA Disaster Assistance Loans: