Coronavirus update for Illinois
As of April 25, 2020
IRS Coronavirus Tax Relief Information for Individual and Business
https://www.irs.gov/coronavirus
Coronavirus (COVID-19) Help for Small Business
https://www.ptindirectory.com/coronavirus-help-for-small-business.cfm
Comprehensive link to U.S. Department of Labor – Paid Leave
https://www.dol.gov/newsroom/releases/osec/osec20200320
Informational link for residents of State of Illinois
http://www.dph.illinois.gov/topics-services/diseases-and-conditions/diseases-a-z-list/coronavirus
IDES – Illinois Department of Employment Security rules and Qualifications
https://www2.illinois.gov/ides/Pages/COVID-19-and-Unemployment-Benefits.aspx
IDES – Link to Unemployment Application
https://www2.illinois.gov/ides/individuals/UnemploymentInsurance/Pages/default.aspx
SBA Coronavirus (COVID-19): Small Business Guidance & Loan Resources
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Coronavirus Emergency Loans Small Business Guide and Checklist
https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
Summary and update as April 25, 2020
Individuals
Individuals who have filed 2019 will receive check directly to their checking accounts. Some filers will need to provide bank info to IRS. IRS is working to have platform to upload information. For those who didn’t file yet, payment will be based on 2018 and adjusted when 2019 is filed.
Social Security recipients won’t need to file tax returns to receive the $1,200 one-time payments authorized in the new economic-relief law, the Treasury Department said late Wednesday in a reversal of its prior position. (WSJ)
Business
Generally, there are multiple options for small business owners in Illinois
First, if work of employee is essential for continuance of the business and employee gets paid standard payroll and company may get through payroll tax credit or SBA Loan (see above links)
Second, if employee stays at home due to quarantine or illness then employer will pay 100% paycheck and employer WILL BE REIMBURSED by IRS dollar for dollar up to 80 hrs. (please review DOL link)
Third, after two weeks if employer is still not able to provide employment due to coronavirus, then employee may apply for unemployment benefits.
Fourth, if employee needs to stay home to take care of children due to school closure then employer will pay 2/3 of regular payroll up to 10 weeks and employer will get credit from IRS. Small business under 50 employees may be exempt from providing this benefit.
Fifth, self-employed business owners will get help when they file their tax returns.
All of this info is general in nature and subject to limitation – please review links.
If you have any questions feel free to email us your questions.
In addition, we will provide more information as it comes available
All the best and stay healthy
Richard Kaczor CPA MBA with staff of Kaczor and Associates LTD
Polski