COVID-19

Governor Pritzker announced new programs on March 25th to help small businesses affected by COVID-19. For more information, visit:  Emergency Small Business Grants and Loans Assistance. The following sections include a brief overview:

Hospitality Emergency Grant Program (restaurants, bars and hotels)

• This is specifically for bars, restaurants and hotels. It is valid for bars and restaurants who generated less than $1 million in revenue in 2019, hotels less than $8 million. You must have a valid license to apply.
• This is a GRANT, to be used for working capital to support payroll, rent, accounts payable, job training, retraining and technology to support shift of operations to pick up and delivery.
• Apply by 5:00 pm on April 1st.  This will be awarded based on a lottery system. Businesses that are selected will be notified on April 4th.
• Amounts awarded are up to $10,000 for bars and restaurants whose revenue is under $500K, up to $25,000 for revenue $500K to $1 million, and hotels with less than $8 million can receive up to $50K

Illinois Small Business Emergency Loan Fund (DCEO)

• This Fund is available through DCEO and Illinois Department Department of Financial & Professional Regulation (IDFPR) with loans up to $50,000. 
• Businesses outside the City of Chicago with fewer than 50 employees and less than $3 million in revenue in 2019 are eligible to apply.
• This is a five-year loan with the first payment due in six months.
• Interest rate is TBA, but will be below market rate.
• To apply, complete an interest form
• There is a similar program for City of Chicago: COVID-19 Chicago

Downstate Small Business Stabilization Program

• This Fund supports small businesses in downstate and rural counties across Illinois.
• This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local government to obtain grants of up to $25,000 in working capital.
• These grants will be offered on a rolling basis.
• How to apply: businesses should work with their local governments to submit applications.

Sales Tax Deferral – For All  Registered Illinois Retailers Operating Eating and Drinking Establishments

• Short-term Relief from Penalties for Late Sales Tax Payments Due to COVID-19 Virus Outbreak

Income Tax – extended 04/15 deadline to 07/15

• Interest and penalties will not accrue until 07/16/20
• Underpayment interest will not apply to calendar 2019 income/franchise tax returns or returns with a due date of 04/15/20
• No underpayment interest on pass-through withholding tax returns due 04/15/20
• First estimated payment for income/franchise tax is extended to 07/15/20
• To move a payment already scheduled, call 608-266-2772 to cancel the payment. Payments cannot be rescheduled. You can also go online at: https://tap.revenue.wi.gov/pay/
• No extension for contributions to Wisconsin college savings accounts
• Contributions to IRAs are allowed up to 07/15/20
• Contributions to HSAs are allowed up to 07/15/20

Withholding

• You may request a one month extension to file a withholding deposit report – done via My Tax Account or email DORRegistration@wisconsin.gov. Email must include taxpayer name, address, id number, and reporting period for which the extension is requested.  This is not an extension to pay; interest will be accrued.

Estates

• Pass-through payments on an extended return are due 02/15/21

Business Loans

• The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest disaster federal loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19).
• Where to apply: Wisconsin SBDC

Sales Tax Deferral

• Sales Tax – Extension to file returns due 03/31/20 to 04/30/20 and due 04/30/20 to 06/01/20
• No late filing fees or penalties if returns are filed by 04/30 and 06/01
• 12% interest will be accrued vs. 18% unless legislature changes the law to waive the interest
• Request needs to be sent to: DORRegistration@wisconsin.gov
• Wisconsin Department of Revenue Informational Bulletin

Other

COVID-19 Business Recovery Calendar | Events