Friday, March 20, 2020 | View in browser
Illinois Eligible for Economic Injury Disaster Loans
The State of Illinois has received its statewide Economic Injury Declaration which means small businesses in all 102 Illinois counties may be eligible for economic injury disaster loans up to $2M per business.
Additional information on the application process can be found here.
Sales Tax Relief for Bars and Restaurants
Gov. Pritzker has directed the Department of Revenue to defer sales tax payments for eating and drinking establishments that incurred less than $75,000 in sales tax liabilities last year.
Penalties and interest will be waived on payments due in March, April or May made late.
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.
Deferred IRS Tax Payments Due to COVID-19
the Internal Revenue Service has issued Notice 2020-17, which extends the due date for the payment of Federal income taxes from April 15, 2020, to July 15, 2020.
- A 90-day extension for all tax payments due to the IRS for individuals owing $1 million or less and corporations owing $10 million or less.
- Interest and penalties will be waived as well.
- Taxpayers will be able to request a six-month deferral for payments due. The IRS has not yet issued rules and regulations on who would be eligible and how this would work.
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