Small Business Administration Updates
The SBA is offering small business guidance and loan resources during COVID-19. The SBA provides low-interest disaster loans to help small businesses and homeowners recover from declared disasters. To stay up-to-date on the resources available from the SBA, sign up for email updates on their website at www.sba.gov/updates
Small Business Disaster Loans and Loan Advance – The SBA’s Economic Injury Disaster Loan program provides small businesses and not for profit organizations with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue due to COVID-19. Businesses an Economic Injury Disaster Loan advance of up to $10,000, which can be forgiven if certain requirements are met. The SBA website includes an online application form.
Illinois Department of Commerce & Economic Opportunity
DCEO has compiled a list of resources for small businesses along with helpful links. Please visit website for more information. DCEO is also soliciting input from Illinois businesses through an online survey about how their operations have been impacted by COVID-19.
Essential v. Non-Essential Business Guidance
- Are you an essential business?
- Filing a complaint about a non-essential business being open?
- Governor Pritzker’s Executive Order
Donations needed during COVID-19 – Click here
State of Illinois Updates
Keep up-to-date with the Governor’s press announcements and the IL Department of Public Health on their website
Stay at Home Order and Essential Business Operations – Governor Pritzker’s Executive Odesignated essential and non-essential business and operations. The Department of Commerce and Economic Opportunity published answers to frequently asked questions and a flowcart to clarify what is considered essential versus non-essential. Additionally, the State has provided an Essential Business Determination Hotline which can be reached by phone at 1-800-252-2923 or by email at CEO.support@Illinois.gov.
Sales Tax Payments – To help alleviate some of the unprecedented challenges facing bars and restaurants due to COVID-19, Gov. Pritzker has directed the Department of Revenue to defer sales tax payments for more than 24,000 small- and medium-sized bars and restaurants. Under the directive, eating and drinking establishments that incurred less than $75,000 in sales tax liabilities last year will not be charged penalties or interest on payments due in March, April or May made late. The Department of Revenue estimates this will give relief to nearly 80% of bars and restaurants in Illinois.
Penalties and interest will be automatically waived; however, qualified taxpayers must still file their sales tax return even if they are unable to make a payment. Any taxpayers taking 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 view IDOR’s informational bulletin available at tax.illinois.gov.
Unemployment Information – Unemployment benefits may be available to some individuals whose unemployment is attributable to COVID-19. IDES recently adopted emergency rules to try to make the unemployment insurance system as responsive as possible. Please visit the Illinois Department of Employment Security’s website to review the information to assist your employees