03/26/2020 UPDATES
03/26/2020 UPDATES
1) I read this great article on the NY Times and discovered you can out on hold paying your student loans, also talks in easy to understand terms re the new paid leave for workers, and other money relaed COVID-19 matters.
2) A number of questions have been raised surrounding payment grace periods for your Life Insurance premiums, and I wanted to share our official statement, based on current direction: Since March 18, 2020, several states have required that the Insurance Industry extend the premium grace period for life insurance policies an additional 60 days on top of existing grace periods. As this topic continues to unfold, we are now seeing states shift instead to requiring premium grace periods extended until this health crisis is over with no definitive end date. The insurance companies of OneAmerica will continue to comply with state requirements as we always have, which at this time includes extended grace periods.
3) Chicago city updated additional relief for City of Chicago residents and businesses - stay tuned here
4) The 2 trillion dollar stimulus package passed the senate and and going to the house now. It provides significant relief for the self-employed and independent contractors are including in a dramatic expansion of unemployment insurance that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs.
In addition, the bill contains:
A delay in payment of employer payroll taxes, with half due by the end of 2021 and the other half due by the end of 2022;
- $500 billion to support large businesses like airlines affected by the virus
- A one-time payment of $1,200 to most adult Americans and $500 per child
Middle Class Repeal Act passed the senate and is pending President signing into a Law - The measure is the expected vehicle for the aid package that is the third response to the coronavirus crisis and that was passed by the Senate on March 25, 2020. A text is available from the Senate Committee on Appropriations.
IL Dept of Commerce has lots of resources available as well here
Accion’s Response to the COVID-19 Pandemic
Para leer este mensaje en español, haga clic aquí.
To our clients, partners, funders and supporters,
Helping neighborhood entrepreneurs grow is Accion’s mission. Now more than ever, Accion Serving Illinois & Indiana is working hard to creatively respond to the COVID-19 pandemic that threatens the health of small business owners, employees, customers, families, and communities.
First, for all existing Accion Serving Illinois & Indiana clients, we offer you a 90% reduction in your monthly loan payment for the next three months. We will extend the term of your loan for three months after the original maturity date to help you to catch up after the crisis has passed. Click here to request this option and to learn more.
Second, for existing Accion clients and for any entrepreneur who needs access to capital right now, we are launching an expedited Accion line of credit application for up to $25,000. Any entrepreneur who has a clean credit report in 2019 is eligible for this expedited process. Rather than conduct a full underwrite of your business, we will set the maximum loan amount based on your monthly revenues in January and February. If you didn’t make on-time payments in 2019 or you need more capital than your recent revenues suggest, we are still here to help: an Accion Community Lender will work with you to evaluate your application in more detail. Click here to apply.
Third, the Accion Coaching Team continues to be available to provide you free assistance. Please click here to schedule a meeting with a Business Coach.
Fourth, we are working quickly with philanthropic and government partners to explore possible ways to provide additional emergency help to entrepreneurs in need of financial support. We will communicate more about this effort as soon as possible.
Finally, in effort to contribute to the flattening of the infection curve, many of our staff will be working remotely starting tomorrow, March 17. We will continue to be reachable by phone and email and will work just as effectively to meet the needs of our clients and partners. In addition, all Accion-led events at The Hatchery are postponed or moved to digital platforms through the end of March.
If you have any questions or concerns, please call us at 312-275-3000 or email us at info@accionchicago.org. We thank you for your partnership and support, and wish the best to you and your families during these difficult times.
Brad McConnell
CEO
Accion helps neighborhood entrepreneurs grow. We provide the capital, coaching, and connections small business owners need to create wealth and jobs throughout Illinois and Indiana. By partnering with entrepreneurs, Accion offers the most cost-effective way to support underserved communities. Where small businesses thrive, jobs are created, and investment into the community rises.
Conway J. Figueroa | Chase | Branch Manager | NMLS ID 444766 | 2235 N Milwaukee Ave| conway.j.figueroa@chase.com| T: 773-276-8539 Schedule a meeting
Claudia V. Guzman-Lerner | Market Director | claudia.v.guzman@chase.com | T: 773-237-5097
03/24/2020 UPDATES
Online training available for small businesses impacted by coronavirusAll Illinois small businesses can now apply for low-interest disaster loans to help offset the economic impact of the coronavirus pandemic. The Illinois District Office will host free webinars as long as there is demand covering:
Tuesday, March 24, 11 a.m. CT
Tuesday, March 24, 3 p.m. CT
Wednesday, March 25, 11 a.m. CT
Thursday, March 26, 11 a.m. CT
Thursday, March 26, 3 p.m. CT
More webinars will be announced soon! Watch your email for future events.
Information you'll need to collect for your loan application
Online training available for small businesses impacted by coronavirusAll Illinois small businesses can now apply for low-interest disaster loans to help offset the economic impact of the coronavirus pandemic. The Illinois District Office will host free webinars as long as there is demand covering:
- Eligibility
- Use of proceeds
- Terms
- Filing requirements
- Additional small business resources
Tuesday, March 24, 11 a.m. CT
Tuesday, March 24, 3 p.m. CT
Wednesday, March 25, 11 a.m. CT
Thursday, March 26, 11 a.m. CT
Thursday, March 26, 3 p.m. CT
More webinars will be announced soon! Watch your email for future events.
Information you'll need to collect for your loan application
- The SBA's Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the coronavirus pandemic.
- These working capital loans can be used to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years.
- Here are the documents you'll need to provide to complete the application:
- SBA Form 5 or SBA Form 5C for sole proprietorships - SBA loan application
- IRS Form 4506T - Tax Information Authorization for the applicant, principals and affiliates
- Complete copies of the most recent Federal Income Tax Return.
- SBA Form 2202 - Schedule of Liabilities
- SBA Form 413 - Personal Financial Statement
- SBA Form 1368 - Monthly sales figures
- We recommend you apply online, but preparing these documents ahead of time will streamline the process for you.
03/23/2020 - This act just became law! Read the law here
Families First Coronavirus Response Act
SHRM article excerpt:
"A new federal law will provide paid leave to employees who miss work for certain coronavirus-related reasons. As we wait on guidance and interpretation from the Department of Labor, employers can use the following to prepare.
The Families First Coronavirus Response Act (H.R. 6201), which was signed into law on March 18, will provide paid emergency family leave in limited circumstances, as well as paid sick leave for people affected by COVID-19, the respiratory disease caused by the coronavirus.
In general, the emergency paid-leave provisions in the legislation apply to businesses with fewer than 500 employees, but there may be some exceptions available for small businesses and companies that employ health care workers. These provisions take effect April 2 and expire on Dec. 31.
"Employers should use the lead-up time to review and revise their [Family and Medical Leave Act] FMLA and sick leave policies with the help of knowledgeable employment counsel," said Esra Hudson, an attorney with Manatt in Los Angeles. "Changes should be promptly communicated to employees in writing in a simple format, such as question and answer."
Read the rest of the article:
Many Employers Must Offer Paid Leave Under Coronavirus Relief Law
SHRM | Mar 2020
How does the Families First Coronavirus Response Act (H.R. 6201) impact employers?
SHRM HRQA | Mar 2020
Effective date: 04/02/2020
Expiration date: 12/31/2020
Read a summary of H.R.6201 here.
Read the text of H.R.6201 here.
Posting requirement: Yes, the DOL is charged with developing a poster within 7 days of 3/18/20.
Read the IRS tax credit press release here.
Families First Coronavirus Response Act
SHRM article excerpt:
"A new federal law will provide paid leave to employees who miss work for certain coronavirus-related reasons. As we wait on guidance and interpretation from the Department of Labor, employers can use the following to prepare.
The Families First Coronavirus Response Act (H.R. 6201), which was signed into law on March 18, will provide paid emergency family leave in limited circumstances, as well as paid sick leave for people affected by COVID-19, the respiratory disease caused by the coronavirus.
In general, the emergency paid-leave provisions in the legislation apply to businesses with fewer than 500 employees, but there may be some exceptions available for small businesses and companies that employ health care workers. These provisions take effect April 2 and expire on Dec. 31.
"Employers should use the lead-up time to review and revise their [Family and Medical Leave Act] FMLA and sick leave policies with the help of knowledgeable employment counsel," said Esra Hudson, an attorney with Manatt in Los Angeles. "Changes should be promptly communicated to employees in writing in a simple format, such as question and answer."
Read the rest of the article:
Many Employers Must Offer Paid Leave Under Coronavirus Relief Law
SHRM | Mar 2020
How does the Families First Coronavirus Response Act (H.R. 6201) impact employers?
SHRM HRQA | Mar 2020
Effective date: 04/02/2020
Expiration date: 12/31/2020
Read a summary of H.R.6201 here.
Read the text of H.R.6201 here.
Posting requirement: Yes, the DOL is charged with developing a poster within 7 days of 3/18/20.
Read the IRS tax credit press release here.
MICRO TAX SMALL BUSINESS UPDATE
COVID-19 RESOURCES BY NARDITA ON SUNDAY, MARCH 22, 2020
AT MICRO TAX WE HAVE AN OBLIGATION TO OUR CUSTOMERS AND FRIENDS TO EMPOWER THEM TO MAKE SOUND DECISIONS; WE’VE PUT TOGETHER A RESOURCE PAGE WITH DIFFERENT AREAS TO HELP OUR SMALL BUSINESS OWNERS WITH QUESTIONS REGARDING RESOURCES DURING THESE CHALLENGING TIMES!
OUR OFFICE PROCEDURES DURING COVID-19
DUE TO THE FACT THAT WE ARE CONSIDERED AN ESSENTIAL BUSINESS OUR OFFICES LOCATED AT 2911 N CICERO AVE CHICAGO IL REMAIN OPEN. LORENZO, NARDITA AND MARK ARE WORKING FROM THE OFFICE. VICKY IS STILL WORKING REMOTELY BATTLING THE FLU. WE ARE NOT ACCEPTING ANY VISITORS INSIDE OUR OFFICE AREA; HOWEVER WE ARE STILL ACCEPTING DELIVERY OF TAX RELATED DOCUMENTS IN OUR EXTERIOR FRONT LOBBY AND CONDUCTING THE CORRESPONDING TAX INTERVIEWS BY TELEPHONE. ONCE YOUR TAX RETURN(S) ARE PREPARED, WE WILL CALL YOU TO PICK UP AND PROVIDE A TELEPHONE EXPLANATION OF YOUR TAX RESULTS. WE ARE ALSO SENDING CLIENTS THEIR TAX RETURN(S) ELECTRONICALLY IN PDF FORMAT. ONCE THINGS GET BACK TO NORMAL YOU MAY PICK UP YOUR HARDCOPY AT THE OFFICE; WE WILL KEEP YOU POSTED.
NEW TAX DEADLINES DUE TO COVID-19
YESTERDAY, 3/20/20, THE TREASURY DEPARTMENT AND INTERNAL REVENUE SERVICE ANNOUNCED THAT THE FEDERAL INCOME TAX FILING DUE DATE IS AUTOMATICALLY EXTENDED FROM APRIL 15, 2020, TO JULY 15, 2020.
TAXPAYERS CAN ALSO DEFER FEDERAL INCOME TAX PAYMENTS DUE ON APRIL 15, 2020, TO JULY 15, 2020, WITHOUT PENALTIES AND INTEREST, REGARDLESS OF THE AMOUNT OWED. THIS DEFERMENT APPLIES TO ALL TAXPAYERS, INCLUDING INDIVIDUALS, TRUSTS AND ESTATES, CORPORATIONS AND OTHER NON-CORPORATE TAX FILERS AS WELL AS THOSE WHO PAY SELF-EMPLOYMENT TAX.
TAXPAYERS DO NOT NEED TO FILE ANY ADDITIONAL FORMS OR CALL THE IRS TO QUALIFY FOR THIS AUTOMATIC FEDERAL TAX FILING AND PAYMENT RELIEF. INDIVIDUAL TAXPAYERS WHO NEED ADDITIONAL TIME TO FILE BEYOND THE JULY 15 DEADLINE, CAN REQUEST A FILING EXTENSION BY FILING FORM 4868 THROUGH THEIR TAX PROFESSIONAL, TAX SOFTWARE OR USING THE FREE FILE LINK ON IRS.GOV. BUSINESSES WHO NEED ADDITIONAL TIME MUST FILE FORM 7004.
THE IRS URGES TAXPAYERS WHO ARE DUE A REFUND TO FILE AS SOON AS POSSIBLE. MOST TAX REFUNDS ARE STILL BEING ISSUED WITHIN 21 DAYS. GO TO IRS.GOV FOR MORE INFORMATION
SMALL BUSINESS LOANS DUE TO ECONOMIC INJURY
LORENZO AND I HAVE BEEN INUNDATED WITH QUESTIONS REGARDING FINANCIAL RESOURCES FOR SMALL BUSINESS OWNERS IMPACTED BY ECONOMIC LOSS DUE TO THE COVID-19 VIRUS. WE URGE YOU TO BE EXTREMELY VIGILANT ABOUT WHAT EMAILS WITH LINKS YOU OPEN FROM UNKNOWN/UNVERIFIED SOURCES DUE TO INCREASED FRAUD AND PHISHING SCAMS.
REFER TO THE CITY, GOVERNMENT, AND WELL KNOWN SOURCES FOR YOUR INFORMATION, DO NOT ALLOW YOURSELVES TO BE FURTHER VICTIMIZED BY HACKERS!
HERE ARE SOME OF THE KEY RESOURCES WE’VE COMPILED FOR YOU: CHICAGO SMALL BUSINESS RESILIENCY FUND - TO ENSURE THE MOST-SEVERELY IMPACTED BUSINESSES HAVE ACCESS TO THE FINANCIAL AID RELIEF, ELIGIBLE BUSINESSES MUST HAVE EXPERIENCED A MORE THAN 25% REVENUE DECREASE DUE TO THE IMPACT FROM COVID-19. FURTHERMORE, TO QUALIFY AS A SMALL BUSINESS, EACH ESTABLISHMENT MUST HAVE FEWER THAN 50 EMPLOYEES. BEGINNING ON MARCH 31, THE CITY’S CDFI PARTNERS WILL BEGIN ACCEPTING LOAN APPLICATIONS FROM LOCAL BUSINESSES. IN THE MEANTIME, BUSINESS OWNERS AND ENTREPRENEURS ARE ENCOURAGED TO FILL OUT AN INTEREST FORM AND A CITY REPRESENTATIVE OF THE FUND WILL REACH OUT ON NEXT STEPS.
ECONOMIC INJURY DISASTER LOAN PROGRAM - SMALL BUSINESS OWNERS IN THE FOLLOWING DESIGNATED STATES ARE CURRENTLY ELIGIBLE TO APPLY FOR A LOW-INTEREST LOAN DUE TO CORONAVIRUS (COVID-19): ARIZONA, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, THE DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, ILLINOIS, INDIANA, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MONTANA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, OHIO, PENNSYLVANIA, RHODE ISLAND, SOUTH CAROLINA, TENNESSEE, UTAH, VIRGINIA, WASHINGTON, AND WEST VIRGINIA. CLICK HERE TO APPLY.
FIND MORE INFORMATION ON THE SBA’S ECONOMIC INJURY DISASTER LOANS AT: SBA.GOV/DISASTER. ALSO THE SBA CAN HELP YOU START OR EXPAND YOUR BUSINESS WITH LOANS GUARANTEED BY THE SMALL BUSINESS ADMINISTRATION. USE LENDER MATCH TO FIND LENDERS THAT OFFER LOANS FOR YOUR BUSINESS CLICK HERE TO TO FIND OUT MORE.
WE STRONGLY RECOMMEND SOMECOR A NON-PROFIT SBA APPROVED LENDER AND OUR TRUSTED FRIENDS AT WINTRUST. WE ENCOURAGE YOU TO CONTACT US TO CONNECT YOU WITH A TRUSTED LENDER.
BAR & RESTAURANT OWNERS
WE HAVE A SIGNIFICANT NUMBER OF CLIENTS WHO OWN BAR AND RESTAURANT ESTABLISHMENTS THEREFORE WE SUMMARIZE FEW KEY NOTES FOR YOU HERE:
ATE LAST WEEK ILLINOIS GOVERNOR J.B. PRITZKER’S ADMINISTRATION TOOK A SERIES OF ACTIONS AIMED AT HELPING BARS AND RESTAURANTS IMPACTED BY SLOWER BUSINESS DURING THE CORONAVIRUS PANDEMIC.HE ORDERED THE DEPARTMENT OF REVENUE TO DEFER SALES TAX PAYMENTS FOR MORE THAN 24,000 BARS AND RESTAURANTS ACROSS THE STATE.
THE GOVERNOR ALSO SAID THAT THOSE BUSINESSES WILL NOT BE CHARGED PENALTIES OR LATE FEES ON SALES TAX PAYMENTS DUE IN MARCH, APRIL AND MAY. RESTAURANTS AND BARS THAT INCURRED LESS THAN $75,000 IN SALES TAX LIABILITIES LAST YEAR WILL BE ELIGIBLE FOR THE TAX RELIEF, ACCORDING TO THE GOVERNOR.
UILDING ON YESTERDAY’S ANNOUNCEMENT THAT THE CITY OF CHICAGO IS TEMPORARILY SUSPENDING DEBT COLLECTION, AND LIMITING TICKETING AND TOWING PRACTICES, TODAY’S NEW ECONOMIC RELIEF PACKAGE WILL TEMPORARILY DEFER ALL BUSINESS FINE COLLECTIONS AS WELL AS LICENSE RENEWAL AND LATE FEES FOR CHICAGO’S BUSINESSES UNTIL APRIL 30, 2020. THE CITY WILL ALSO BE TEMPORARILY SUSPENDING NON-PUBLIC SAFETY RELATED BUSINESS PENALTIES UNTIL APRIL 30.
TO FURTHER PROVIDE RELIEF FOR BUSINESSES OVER THE COMING WEEKS, THE CITY IS ALSO EXTENDING DUE DATES FOR TAX PAYMENTS UNTIL APRIL 30, 2020 FOR THE FOLLOWING CITY TAXES: BOTTLED WATER TAX; CHECKOUT BAG TAX; AMUSEMENT TAX; HOTEL ACCOMMODATION TAX; RESTAURANT TAX; PARKING TAX FOR A CITY OF CHICAGO RESOURCE PAGE THAT HAS RESOURCES REGARDING FOOD, UTILITIES, MENTAL HEALTH, EMPLOYMENT, ETC
LICK HERE FOR ADDITIONAL RESOURCES,
WE ENCOURAGE YOU TO STAY TUNED TO THE CHICAGOLAND CHAMBER OF COMMERCE HERE AND THE ILLINOIS HISPANIC CHAMBER OF COMMERCE HERE, WHO HAVE ADDITIONAL WEBINARS IN ENGLISH AND SPANISH IF YOU ARE A LIQUOR LICENSE HOLDER THE ILLINOIS LIQUOR CONTROL COMMISSION ISSUED A COMPLIANCE DIRECTIVE AND A KEY FAQ YOU SHOULD REVIEW.
EMPLOYER’S RESOURCES
MICRO TAX SERVES OVER 200 SMALL BUSINESS OWNERS IN THE CHICAGOLAND AND SURROUNDING SUBURBS AREA, WE’VE SUMMARIZE FEW RESOURCES FOR YOU HERE:
READ THIS HARVARD BUSINESS REVIEW ARTICLE & SUBSCRIBE TO SHRM (WORTH EVERY PENNY I PAY)
AND READ THE HOW TO MANAGE IN HOT ZONE INDUSTRY ARTICLE
HELP TO PAY YOUR EMPLOYEES: THE EMPLOYMENT SECURITY DEPARTMENT HAS NEW EMERGENCY RULES IN PLACE. FOR EXAMPLE, WORKERS WHO ARE ILL WITH COVID-19 CAN QUALIFY FOR BENEFITS. ALSO, WORKERS THAT ARE EXPOSED AND QUARANTINED WHILE THE BUSINESS REMAINS OPEN CAN NOW QUALIFY FOR UNEMPLOYMENT INSURANCE.
THIS ESD UNEMPLOYMENT CHART APPLIES TO WASHINGTON STATE BUT WILL BE AN EXCELLENT RESOURCE FOR YOU UNTIL IDES IN IL COMES UP WITH A SIMILAR RESOURCE,
FOR IDES RESOURCES GO HERE AND ALSO REACH OR TO THE RAPID RESPONSE SERVICES FOR BUSINESSES UNIT THEY CAN HELP DETERMINE WHICH BENEFIT APPLIES TO YOUR SITUATION.
STATE OF IL ECONOMIC ASSISTANCE
UNEMPLOYMENT INSURANCE
FAMILY MEDICAL LEAVE HOW IT APPLIES TO COVID-19
WORKERS' COMPENSATION
CITY OF CHICAGO UNEMPLOYMENT PAGE
CAN I COLLECT UNEMPLOYMENT, IF I AM THE BUSINESS OWNER? IF YOU’RE OPERATING AS A SOLE PROPRIETOR, THE ANSWER IS NO. HOWEVER, IF YOU STRUCTURE YOUR BUSINESS AS AN S CORPORATION AND YOU WERE ON YOUR PAYROLL AS A SALARIED EMPLOYEE, YOU MAYBE ELIGIBLE FOR UNEMPLOYMENT IN THE STATE OF ILLINOIS IF YOUR BUSINESS CLOSED DUE TO COVID-19.
FEDERAL:
U.S. SMALL BUSINESS ADMINISTRATION GUIDANCE AND LOAN RESOURCES
U.S. SMALL BUSINESS ADMINISTRATION EXPORT WORKING CAPITAL PROGRAM. FOR EXPORTERS, THE SBA'S EXPORT WORKING CAPITAL PROGRAM CAN HELP SMALL BUSINESSES GAIN ACCESS TO CAPITAL.
. S. CHAMBER SMALL BUSINESS RESOURCES FOR SURVIVING CORONAVIRUS
INVESTING AND YOUR MONEY DURING COVID-19
MICRO TAX HAS A TOP OF THE GAME IN-HOUSE FINANCIAL ADVISOR, CHRISTOPHER GANDY, WHO WORKS HAND IN HAND WITH NARDITA AND LORENZO TO CUSTOMIZE UNIQUE SOLUTIONS FOR OUR CLIENT’S RETIREMENT AND FINANCIAL PLANNING NEEDS.
READ THE CNBC MAKE IT ARTICLE ON HOW TO KEEP YOUR MONEY SAFE DURING THE COVID-19. WE ARE CURRENTLY RESERVING VIDEO CONFERENCE APPOINTMENTS TO ANSWER TO YOUR FINANCIAL SERVICES NEEDS. TEXT NARDITA NOW AT 847-385-8440 YOUT NAME, TELEPHONE AND EMAIL ADDRESS TO RESERVE YOUR VIDEO CONFERENCE, LIMITED SPOTS REMAIN AVAILABLE FOR APRIL AND MAY!
DON’T FORGET WE HAVE TO HELP ONE ANOTHER!
DONATE OR VOLUNTEER WITH THE GREATER CHICAGO FOOD DEPOSITORY
THE AMERICAN RED CROSS IS FACING SEVERE SHORTAGE DUE TO COVD-19,
HELP HERE
NATIONAL LOW INCOME HOUSING COALITION PROVIDES RESOURCES HERE
READ ABOUT SIMPLE WAYS TO CARE FOR EACH OTHER FROM GREENPEACE.ORG
LORENZO, VICKY, NARDITA, MARK AND RIZZO WANT YOU TO KNOW THAT WE ARE KEEPING YOU ON OUR PRAYERS AND THOUGHTS AND WE WILL CONTINUE TO UPDATE OUR WEBSITE.
READ MORE ON LORENZO’S WEBSITE
READ MORE ON NARDITA’S WEBSITE
MICRO TAX & ACCOUNTING LLC
MICRO TAX ACCOUNTANT
EACH INDEPENDENTLY OWNED AND OPERATED
COVID-19 RESOURCES BY NARDITA ON SUNDAY, MARCH 22, 2020
AT MICRO TAX WE HAVE AN OBLIGATION TO OUR CUSTOMERS AND FRIENDS TO EMPOWER THEM TO MAKE SOUND DECISIONS; WE’VE PUT TOGETHER A RESOURCE PAGE WITH DIFFERENT AREAS TO HELP OUR SMALL BUSINESS OWNERS WITH QUESTIONS REGARDING RESOURCES DURING THESE CHALLENGING TIMES!
OUR OFFICE PROCEDURES DURING COVID-19
DUE TO THE FACT THAT WE ARE CONSIDERED AN ESSENTIAL BUSINESS OUR OFFICES LOCATED AT 2911 N CICERO AVE CHICAGO IL REMAIN OPEN. LORENZO, NARDITA AND MARK ARE WORKING FROM THE OFFICE. VICKY IS STILL WORKING REMOTELY BATTLING THE FLU. WE ARE NOT ACCEPTING ANY VISITORS INSIDE OUR OFFICE AREA; HOWEVER WE ARE STILL ACCEPTING DELIVERY OF TAX RELATED DOCUMENTS IN OUR EXTERIOR FRONT LOBBY AND CONDUCTING THE CORRESPONDING TAX INTERVIEWS BY TELEPHONE. ONCE YOUR TAX RETURN(S) ARE PREPARED, WE WILL CALL YOU TO PICK UP AND PROVIDE A TELEPHONE EXPLANATION OF YOUR TAX RESULTS. WE ARE ALSO SENDING CLIENTS THEIR TAX RETURN(S) ELECTRONICALLY IN PDF FORMAT. ONCE THINGS GET BACK TO NORMAL YOU MAY PICK UP YOUR HARDCOPY AT THE OFFICE; WE WILL KEEP YOU POSTED.
NEW TAX DEADLINES DUE TO COVID-19
YESTERDAY, 3/20/20, THE TREASURY DEPARTMENT AND INTERNAL REVENUE SERVICE ANNOUNCED THAT THE FEDERAL INCOME TAX FILING DUE DATE IS AUTOMATICALLY EXTENDED FROM APRIL 15, 2020, TO JULY 15, 2020.
TAXPAYERS CAN ALSO DEFER FEDERAL INCOME TAX PAYMENTS DUE ON APRIL 15, 2020, TO JULY 15, 2020, WITHOUT PENALTIES AND INTEREST, REGARDLESS OF THE AMOUNT OWED. THIS DEFERMENT APPLIES TO ALL TAXPAYERS, INCLUDING INDIVIDUALS, TRUSTS AND ESTATES, CORPORATIONS AND OTHER NON-CORPORATE TAX FILERS AS WELL AS THOSE WHO PAY SELF-EMPLOYMENT TAX.
TAXPAYERS DO NOT NEED TO FILE ANY ADDITIONAL FORMS OR CALL THE IRS TO QUALIFY FOR THIS AUTOMATIC FEDERAL TAX FILING AND PAYMENT RELIEF. INDIVIDUAL TAXPAYERS WHO NEED ADDITIONAL TIME TO FILE BEYOND THE JULY 15 DEADLINE, CAN REQUEST A FILING EXTENSION BY FILING FORM 4868 THROUGH THEIR TAX PROFESSIONAL, TAX SOFTWARE OR USING THE FREE FILE LINK ON IRS.GOV. BUSINESSES WHO NEED ADDITIONAL TIME MUST FILE FORM 7004.
THE IRS URGES TAXPAYERS WHO ARE DUE A REFUND TO FILE AS SOON AS POSSIBLE. MOST TAX REFUNDS ARE STILL BEING ISSUED WITHIN 21 DAYS. GO TO IRS.GOV FOR MORE INFORMATION
SMALL BUSINESS LOANS DUE TO ECONOMIC INJURY
LORENZO AND I HAVE BEEN INUNDATED WITH QUESTIONS REGARDING FINANCIAL RESOURCES FOR SMALL BUSINESS OWNERS IMPACTED BY ECONOMIC LOSS DUE TO THE COVID-19 VIRUS. WE URGE YOU TO BE EXTREMELY VIGILANT ABOUT WHAT EMAILS WITH LINKS YOU OPEN FROM UNKNOWN/UNVERIFIED SOURCES DUE TO INCREASED FRAUD AND PHISHING SCAMS.
REFER TO THE CITY, GOVERNMENT, AND WELL KNOWN SOURCES FOR YOUR INFORMATION, DO NOT ALLOW YOURSELVES TO BE FURTHER VICTIMIZED BY HACKERS!
HERE ARE SOME OF THE KEY RESOURCES WE’VE COMPILED FOR YOU: CHICAGO SMALL BUSINESS RESILIENCY FUND - TO ENSURE THE MOST-SEVERELY IMPACTED BUSINESSES HAVE ACCESS TO THE FINANCIAL AID RELIEF, ELIGIBLE BUSINESSES MUST HAVE EXPERIENCED A MORE THAN 25% REVENUE DECREASE DUE TO THE IMPACT FROM COVID-19. FURTHERMORE, TO QUALIFY AS A SMALL BUSINESS, EACH ESTABLISHMENT MUST HAVE FEWER THAN 50 EMPLOYEES. BEGINNING ON MARCH 31, THE CITY’S CDFI PARTNERS WILL BEGIN ACCEPTING LOAN APPLICATIONS FROM LOCAL BUSINESSES. IN THE MEANTIME, BUSINESS OWNERS AND ENTREPRENEURS ARE ENCOURAGED TO FILL OUT AN INTEREST FORM AND A CITY REPRESENTATIVE OF THE FUND WILL REACH OUT ON NEXT STEPS.
ECONOMIC INJURY DISASTER LOAN PROGRAM - SMALL BUSINESS OWNERS IN THE FOLLOWING DESIGNATED STATES ARE CURRENTLY ELIGIBLE TO APPLY FOR A LOW-INTEREST LOAN DUE TO CORONAVIRUS (COVID-19): ARIZONA, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, THE DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, ILLINOIS, INDIANA, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MONTANA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, OHIO, PENNSYLVANIA, RHODE ISLAND, SOUTH CAROLINA, TENNESSEE, UTAH, VIRGINIA, WASHINGTON, AND WEST VIRGINIA. CLICK HERE TO APPLY.
FIND MORE INFORMATION ON THE SBA’S ECONOMIC INJURY DISASTER LOANS AT: SBA.GOV/DISASTER. ALSO THE SBA CAN HELP YOU START OR EXPAND YOUR BUSINESS WITH LOANS GUARANTEED BY THE SMALL BUSINESS ADMINISTRATION. USE LENDER MATCH TO FIND LENDERS THAT OFFER LOANS FOR YOUR BUSINESS CLICK HERE TO TO FIND OUT MORE.
WE STRONGLY RECOMMEND SOMECOR A NON-PROFIT SBA APPROVED LENDER AND OUR TRUSTED FRIENDS AT WINTRUST. WE ENCOURAGE YOU TO CONTACT US TO CONNECT YOU WITH A TRUSTED LENDER.
BAR & RESTAURANT OWNERS
WE HAVE A SIGNIFICANT NUMBER OF CLIENTS WHO OWN BAR AND RESTAURANT ESTABLISHMENTS THEREFORE WE SUMMARIZE FEW KEY NOTES FOR YOU HERE:
ATE LAST WEEK ILLINOIS GOVERNOR J.B. PRITZKER’S ADMINISTRATION TOOK A SERIES OF ACTIONS AIMED AT HELPING BARS AND RESTAURANTS IMPACTED BY SLOWER BUSINESS DURING THE CORONAVIRUS PANDEMIC.HE ORDERED THE DEPARTMENT OF REVENUE TO DEFER SALES TAX PAYMENTS FOR MORE THAN 24,000 BARS AND RESTAURANTS ACROSS THE STATE.
THE GOVERNOR ALSO SAID THAT THOSE BUSINESSES WILL NOT BE CHARGED PENALTIES OR LATE FEES ON SALES TAX PAYMENTS DUE IN MARCH, APRIL AND MAY. RESTAURANTS AND BARS THAT INCURRED LESS THAN $75,000 IN SALES TAX LIABILITIES LAST YEAR WILL BE ELIGIBLE FOR THE TAX RELIEF, ACCORDING TO THE GOVERNOR.
UILDING ON YESTERDAY’S ANNOUNCEMENT THAT THE CITY OF CHICAGO IS TEMPORARILY SUSPENDING DEBT COLLECTION, AND LIMITING TICKETING AND TOWING PRACTICES, TODAY’S NEW ECONOMIC RELIEF PACKAGE WILL TEMPORARILY DEFER ALL BUSINESS FINE COLLECTIONS AS WELL AS LICENSE RENEWAL AND LATE FEES FOR CHICAGO’S BUSINESSES UNTIL APRIL 30, 2020. THE CITY WILL ALSO BE TEMPORARILY SUSPENDING NON-PUBLIC SAFETY RELATED BUSINESS PENALTIES UNTIL APRIL 30.
TO FURTHER PROVIDE RELIEF FOR BUSINESSES OVER THE COMING WEEKS, THE CITY IS ALSO EXTENDING DUE DATES FOR TAX PAYMENTS UNTIL APRIL 30, 2020 FOR THE FOLLOWING CITY TAXES: BOTTLED WATER TAX; CHECKOUT BAG TAX; AMUSEMENT TAX; HOTEL ACCOMMODATION TAX; RESTAURANT TAX; PARKING TAX FOR A CITY OF CHICAGO RESOURCE PAGE THAT HAS RESOURCES REGARDING FOOD, UTILITIES, MENTAL HEALTH, EMPLOYMENT, ETC
LICK HERE FOR ADDITIONAL RESOURCES,
WE ENCOURAGE YOU TO STAY TUNED TO THE CHICAGOLAND CHAMBER OF COMMERCE HERE AND THE ILLINOIS HISPANIC CHAMBER OF COMMERCE HERE, WHO HAVE ADDITIONAL WEBINARS IN ENGLISH AND SPANISH IF YOU ARE A LIQUOR LICENSE HOLDER THE ILLINOIS LIQUOR CONTROL COMMISSION ISSUED A COMPLIANCE DIRECTIVE AND A KEY FAQ YOU SHOULD REVIEW.
EMPLOYER’S RESOURCES
MICRO TAX SERVES OVER 200 SMALL BUSINESS OWNERS IN THE CHICAGOLAND AND SURROUNDING SUBURBS AREA, WE’VE SUMMARIZE FEW RESOURCES FOR YOU HERE:
READ THIS HARVARD BUSINESS REVIEW ARTICLE & SUBSCRIBE TO SHRM (WORTH EVERY PENNY I PAY)
AND READ THE HOW TO MANAGE IN HOT ZONE INDUSTRY ARTICLE
HELP TO PAY YOUR EMPLOYEES: THE EMPLOYMENT SECURITY DEPARTMENT HAS NEW EMERGENCY RULES IN PLACE. FOR EXAMPLE, WORKERS WHO ARE ILL WITH COVID-19 CAN QUALIFY FOR BENEFITS. ALSO, WORKERS THAT ARE EXPOSED AND QUARANTINED WHILE THE BUSINESS REMAINS OPEN CAN NOW QUALIFY FOR UNEMPLOYMENT INSURANCE.
THIS ESD UNEMPLOYMENT CHART APPLIES TO WASHINGTON STATE BUT WILL BE AN EXCELLENT RESOURCE FOR YOU UNTIL IDES IN IL COMES UP WITH A SIMILAR RESOURCE,
FOR IDES RESOURCES GO HERE AND ALSO REACH OR TO THE RAPID RESPONSE SERVICES FOR BUSINESSES UNIT THEY CAN HELP DETERMINE WHICH BENEFIT APPLIES TO YOUR SITUATION.
STATE OF IL ECONOMIC ASSISTANCE
UNEMPLOYMENT INSURANCE
FAMILY MEDICAL LEAVE HOW IT APPLIES TO COVID-19
WORKERS' COMPENSATION
CITY OF CHICAGO UNEMPLOYMENT PAGE
CAN I COLLECT UNEMPLOYMENT, IF I AM THE BUSINESS OWNER? IF YOU’RE OPERATING AS A SOLE PROPRIETOR, THE ANSWER IS NO. HOWEVER, IF YOU STRUCTURE YOUR BUSINESS AS AN S CORPORATION AND YOU WERE ON YOUR PAYROLL AS A SALARIED EMPLOYEE, YOU MAYBE ELIGIBLE FOR UNEMPLOYMENT IN THE STATE OF ILLINOIS IF YOUR BUSINESS CLOSED DUE TO COVID-19.
FEDERAL:
U.S. SMALL BUSINESS ADMINISTRATION GUIDANCE AND LOAN RESOURCES
U.S. SMALL BUSINESS ADMINISTRATION EXPORT WORKING CAPITAL PROGRAM. FOR EXPORTERS, THE SBA'S EXPORT WORKING CAPITAL PROGRAM CAN HELP SMALL BUSINESSES GAIN ACCESS TO CAPITAL.
. S. CHAMBER SMALL BUSINESS RESOURCES FOR SURVIVING CORONAVIRUS
INVESTING AND YOUR MONEY DURING COVID-19
MICRO TAX HAS A TOP OF THE GAME IN-HOUSE FINANCIAL ADVISOR, CHRISTOPHER GANDY, WHO WORKS HAND IN HAND WITH NARDITA AND LORENZO TO CUSTOMIZE UNIQUE SOLUTIONS FOR OUR CLIENT’S RETIREMENT AND FINANCIAL PLANNING NEEDS.
READ THE CNBC MAKE IT ARTICLE ON HOW TO KEEP YOUR MONEY SAFE DURING THE COVID-19. WE ARE CURRENTLY RESERVING VIDEO CONFERENCE APPOINTMENTS TO ANSWER TO YOUR FINANCIAL SERVICES NEEDS. TEXT NARDITA NOW AT 847-385-8440 YOUT NAME, TELEPHONE AND EMAIL ADDRESS TO RESERVE YOUR VIDEO CONFERENCE, LIMITED SPOTS REMAIN AVAILABLE FOR APRIL AND MAY!
DON’T FORGET WE HAVE TO HELP ONE ANOTHER!
DONATE OR VOLUNTEER WITH THE GREATER CHICAGO FOOD DEPOSITORY
THE AMERICAN RED CROSS IS FACING SEVERE SHORTAGE DUE TO COVD-19,
HELP HERE
NATIONAL LOW INCOME HOUSING COALITION PROVIDES RESOURCES HERE
READ ABOUT SIMPLE WAYS TO CARE FOR EACH OTHER FROM GREENPEACE.ORG
LORENZO, VICKY, NARDITA, MARK AND RIZZO WANT YOU TO KNOW THAT WE ARE KEEPING YOU ON OUR PRAYERS AND THOUGHTS AND WE WILL CONTINUE TO UPDATE OUR WEBSITE.
READ MORE ON LORENZO’S WEBSITE
READ MORE ON NARDITA’S WEBSITE
MICRO TAX & ACCOUNTING LLC
MICRO TAX ACCOUNTANT
EACH INDEPENDENTLY OWNED AND OPERATED
