All Illinois small businesses can now apply for disaster loans
- The SBA’s Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the coronavirus pandemic.
- These working capital loans can be used to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years.
- Interest rates are 3.75% for small businesses and 2.75% for private non-profits. Loans will have a deferred payment of one year from the date of note.
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 — accounting for nearly 80% of all such entities statewide.
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.
- The U.S. Small Business Association has approved the state’s eligibility for disaster assistance loans for small businesses. To apply visit disasterloan.sba.gov.
The Illinois District Office is hosting webinars on the Economic Injury Disaster Loan Program covering:
- Use of proceeds
- Filing requirements
- Additional small business resources
Choose the date and time most convenient for you. Click the link to register now.