June 1, 2020   //   COVID-19 Tax   //   By Mueller Solutions

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Illinois is offering the following programs:

Illinois Emergency Small Business Grants and Loans Assistance https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx 

1.Illinois Small Business Emergency Loan Fund

Benefit

  • Low interest loans of up to $50,000
  • No payments for first six months than five year loan term

Eligibility

  • Businesses located outside City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019

2.Downstate Small Business Stabilization Program

Benefit

  • Grants up to $25,000

 Eligibility

  • Businesses with fewer than 50 workers

State Treasurer’s Small Business COVID-19 Relief Program https://illinoistreasurer.gov/Invest_in_Illinois/Small_Business_COVID-19_Relief_Program?fbclid=IwAR3cBZv0DJYQYmEUlIiYk2CxafmxPoACr-hEVF4DrgkGUVi3QraS4QjpTRI

Benefit

 Eligibility

  • (1) have been shut down or limited due to COVID-19;
  • (2) have less than $1 million in liquid assets or $8 million average annual receipts (per SBA standards), unless an exception is granted by the Treasurer; and
  • (3) be headquartered in the state of Illinois or agree to use the funds in Illinois.

For more information, please contact:

Artur Krawczyk
Tax Supervisor
(847) 783-1912
akrawczyk@muellercpa.com