To maintain a productive local economy and support local businesses, state Rep. Monica Bristow (D-Alton) is promoting new measures to help businesses address challenges during the COVID-19 outbreak. The United States Small Business Administration has approved Illinois eligibility for disaster assistance loans for small businesses and the Illinois Department of Revenue will defer sales tax payments for bars and restaurants.
“This outbreak has disrupted the lives of everyone across the state, especially those that own or work in small businesses, making things more difficult in an already challenging economic environment,” Bristow said. “The coordination between state and federal resources has been essential to ensuring business owners have resources to aid them during this difficult time.”
To provide assistance to locally owned bars and restaurants, the governor has requested that the Department of Revenue defer tax payments for about 24,000 small and medium-sized bars and restaurants. This will help establishments that incurred less than $75,000 in sales tax over the last year to not be charged with penalties or interest on late payments due in March, April, and May. This will give nearly 80 percent of bars and restaurants relief in Illinois. More information can be found at https://tax.illinois.gov. Illinois has also been granted eligibility for disaster assistance loans for small businesses that are facing hardship because of COVID-19. To apply for a low-interest loan, small business owners can visit https://disasterloan.sba.gov.
“Small businesses keep our communities strong and vibrant, so I will continue to seek and share information for those who own and operate businesses in the Riverbend region,” Bristow said. “I encourage small business owners to reach out for assistance and for residents to continue shopping local and supporting small businesses when possible.”
To find the most recent information about resources and information regarding COVID-19 in Illinois, visit https://coronavirus.illinois.gov or call the Illinois Department of Public Health at 1-800-889-3931.