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Illinois governor announces income tax filing extension, aid for small businesses

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SPRINGFIELD, IL (WGEM) — On Wednesday Governor J.B. Pritzker announced a three-month extension of the income tax filing deadline.

The new deadline to file taxes in Illinois is July 15. The Department of Revenue will continue to process tax refunds for those filing ahead of the new deadline.

This deadline aligns with the federal filing deadline that was also moved to July 15 last week.

For those who have already filed their taxes can check the status of their return by using the Where’s My Refund? link located at www.MyTax.Illinois.Gov.

Also announced Wednesday were several new programs meant to provide more than $90 million dollars in financial relief for small businesses across the state. Businesses will be able to apply to these programs by going to the Department of Commerce and Economic Opportunity (DCEO) website.

Officials from the governor's office state the Illinois Small Business Emergency Loan Fund is a $60 million fund that will support low-interest loans of up to $50,000 for small businesses in every industry outside of Chicago. DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are partnering with Accion, the Illinois Bankers Association and the Community Bankers Alliance of Illinois to create this fund. These loans will be supported by a $30 million loan loss reserve, consisting of $20 million of DCEO funds and $10 million in funds secured with the partnership with the Illinois banking community.

Applications will be available on DCEO’s website by Friday.

The Downstate Small Business Stabilization Program is a new $20 million dollar program that supports small businesses in suburban and rural counties across Illinois, providing grants of up to $25,000 to small businesses in communities served by DCEO’s Office of Community Development.

Applications will be available on DCEO’s website by Friday. The grants will be offered on a rolling basis

The Hospitality Emergency Grant Program is a new $14 million grant program that aims to help small hospitality businesses make ends meet, providing up to $25,000 to eligible bars and restaurants and up to $50,000 for eligible hotels.

Applications are available today on DCEO’s website and are due by April 1 at 5 p.m. All valid, eligible applications received within the five-day window will be entered into a lottery, and grant winners will be notified on April 4.

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