The COVID-19 pandemic has created a number of challenges for individuals and businesses across the country, including here in Illinois. Due to the sudden increase in layoffs as well as unexpected unpaid sick leave, many individuals and small businesses are being negatively affected. To help combat the economic consequences facing millions of people in Illinois, the state is offering help in multiple ways.
Illinois State Tax Deadline Extension
Illinois has extended the due date for filing 2019 taxes by 90 days. The deadline is now July 15, 2020. This applies to both individuals and businesses who still need to file. The federal tax filing deadline has also been extended until July 15, 2020. Individuals and businesses have until then to file their taxes, without penalty. Individual city tax deadlines may differ.
State Help for Small Businesses in Illinois
The state has prepared a Small Business Emergency Loan Fund, which was created to help small businesses with fewer than 50 employees and total revenues for 2019 under $3 million. The fund has made $60 million available to those small businesses that qualify. Each small business can apply for up to $50,000 and can expect a low interest rate. Small businesses can apply for a loan on the Department of Commerce and Economic Opportunity’s website.
The state of Illinois has also announced a variety of other aid for residents, including an expansion for unemployment insurance, the delaying of evictions, a suspension of utility shutoffs and penalties, and more.
At Evolve, we are here for your business through all financial challenges – including economic uncertainty. We offer consultation services and are here to assist you in applying for funds and grants issued by Illinois.
Contact us by phone at (847) 749-1851 or by email at info@evolvefinancialservices.com to get started on a financial strategy for your business and for more information about government assistance for small businesses during COVID-19.
