Small Business Update
Updated March 19, 2020
As small businesses and restaurants across the state continue to feel the impact of the ongoing COVID-19 health crisis, new assistance measures have been put in place to provide relief to Illinois' small business community.
The Illinois Department of Revenue will defer sales tax payments for more than 24,000 bars and restaurants.
Bars and restaurants that incurred less than $75,000 in sales tax liabilities last year will not be charged penalties or interest on late payments due between March and May. However, qualified taxpayers must still file their sales tax return even if they are unable to make a payment, and will be required to pay their sales tax liabilities in four installments beginning May 20.
Additionally, Illinois has now been approved for disaster assistance loans for small businesses facing challenges amid the growing health crisis. Eligible businesses can apply for up to $2 million in low-interest loans available through the U.S. Small Business Administration. To learn more, visit https://disasterloan.sba.gov.