UNB! News Chicago

Illinois extends income tax deadline to July 15, offers emergency assistance to small businesses

SPRINGFIELD – The State of Illinois is following the lead of the federal government and extending its tax filing and payment deadline from April 15 to July 15 in order to help counteract the economic effects of COVID-19, Governor JB Pritzker announced Wednesday.

According to the Illinois Department of Revenue, 3.4 million people have already filed, and 72 percent are expecting a refund. The IDOR will continue to process tax refunds in the meantime, according to a statement.

In addition to pushing back Tax Day in Illinois, Pritzker announced Wednesday that the state will be offering $90 million in emergency financial relief to small businesses across the state.

The support includes a $60 million fund to support low-interest loans of up to $50,000 for small businesses outside of Chicago. Another program will offer $20 million in grants of up to $25,000 to small businesses in suburban and rural counties. And a hospitality grant program will provide $14 million in aid to bars, restaurants and hotels.

“These funds will provide small businesses on the brink with much needed working capital to continue making payroll and paying other bills while our administration continues to advocate for additional resources from the federal government,” Erin Guthrie, Director of the Department of Commerce and Economic Opportunity, said in a statement.

Applications for all three programs will be made available through the Illinois Department of Commerce and Economic Opportunity’s website.

Speaking during his daily update Wednesday, Pritzker touted other economic measures already taken by the state, including expanding unemployment insurance, suspending utility shutoffs, halting evictions and promoting food access.


Categories: UNB! News Chicago

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