The United States has enacted the Families First Coronavirus Response Act, which will require employers with fewer than 500 employees to provide paid leave to employees who are impacted by COVID-19 and offer tax credits to employers that do so. NOTE: FFCRA leave requirements expired on December 31, 2020.
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.
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
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.
Pass-through payments on an extended return are due 02/15/21
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).