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RESOURCES FOR SMALL BUSINESSES, WORKERS AND FAMILIES
Emergency Resources for Business
Illinois Emergency Business Support
ILLINOIS BUSINESS INTERRUPTION GRANTS PROGRAM
The Department of Commerce and Economic Opportunity (DCEO) will launch the first round of Business Interruption Grants (BIG) by providing $60 million to businesses experiencing losses or business interruption as a result of COVID-19 related closures. The BIG Program is available for up to 3,500 businesses that experienced a limited ability to operate due to COVID-19 related closures. DCEO will begin distributing funds to qualifying businesses in early July. The total program funding will amount to at least $540 million in grants for small businesses, $270 of which has been set aside for childcare providers, and is funded by the CARES Act. DCEO will make the application for BIG available on Monday, June 22.
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ILLINOIS DISTRESSED CAPITAL PROGRAM
The Department of Commerce and Economic Opportunity's new economic recovery program will provide $25 million to support Illinois businesses that have sustained property damage as a result of civil unrest during the recent protests and demonstrations on or after May 25, 2020. The Distressed Capital Program will reimburse the costs to repair structural damages, including repairs to storefronts and entrances, improving electrical systems, and restoring exterior work. The program will prioritize small businesses, women and minority-owned businesses, underinsured or uninsured businesses, businesses that have a high community impact - such as grocery stores - and businesses in communities that have experienced historic disinvestment. The Rebuild Distressed Communities NOFO will solicit applications from regional and local organizations that will perform outreach, coordinate local qualified vendors, and provide funds to cover the cost of repairs and building improvements for businesses in their region. The Distressed Capital Program also includes provisions to ensure BEP-certified contractors, including minority- and women-owned businesses, are the first in line to do the repair work. DCEO will invite applications for the Distressed Capital Program with a NOFO made available on Monday, June 22.
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Employee Retention Credit
The U.S. Treasury and IRS launched the Employee Retention Credit on March 31, 2020. Eligible entities can receive a refundable payroll tax credit for 50% of up to $10,000 in qualified wages for retaining idled workers on their payrolls during the COVID pandemic.
Qualified wages are based on the average number of a business’s employees in 2019. If the employer had more than 100 employees on average in 2019, then the credit is allowed only for wages paid to employees who did not work during the calendar quarter. For eligible employers with under 100 employees, all employee wages qualify for the credit. The credit is capped at the first $10,000 of compensation, including health benefits. The provision is effective for wages paid or incurred from March 12, 2020 to January 1, 2021.
Tax credits enabled through CARES Act
Delay Payment of Employer Payroll Taxes
All employers and self-employed individuals may defer the 6.2% employer share of Social Security taxes for two years. Fifty percent of the deferred payroll taxes are due on December 31, 2021, and the remaining amounts are due on December 31, 2022.
Additional Tax Changes
Visit IRS FAQ to help small and midsize businesses navigate Paid Sick and Family Leave Tax Credits
NOTE: Penalties and interest for late payment of sales taxes owed from February through April will be waived for eating and drinking establishments that incurred a sales tax responsibility of less than $75,000 in CY2019.
Chicago COVID-19 Loan Support
Chicago Community Loan Fund
Pop Up Call Center
Hours of Operation: May 18 - May 31, Monday - Friday, 8am - 8pm
Emergency Resources for Workers
Worker relief enabled through CARES Act
Online filing (any time of day, except 8pm to 10pm for processing):
Call Center Filing Schedule:
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