June 26, 2020
COVID-19 Government Relations Daily Summary
The timely information that appears below are "Quick Takes" of topical areas that may be of interest to you and your clients.
STATE AND LOCAL UPDATES
Governor Announces Federal SBA Disaster Declaration
Low-Interest Loans Available for Businesses and Communities Damaged by Civil Unrest
Governor Pritzker announced that the Small Business Administration has approved the state of Illinois' request for federal assistance for specified counties. The financial disaster declaration includes businesses located in Cook, DuPage, Kane, Lake, McHenry, and Will counties. The declaration stems from looting and other damages that took place in connection to civil unrest. The approved SBA disaster declaration makes low-interest loans of up to $2 million available to eligible businesses, homeowners, renters, and non-profits.
Similarly, businesses who experienced physical damage or economic injury in counties that are not noted above are encouraged to complete this form to assist with obtaining a county declaration through the SBA which would allow loans to be available for their county. To be eligible, 25 homes and/or businesses in a county must sustain major, uninsured losses of 40 percent or more. See Governor’s Press Release for more information and SBA links.
Illinois Department(s) Aging/Revenue
Request for Assistance-Call for Volunteers
The Illinois Departments of Revenue and Aging has asked the Illinois CPA Society for assistance in a call for volunteers to assist senior citizens with tax preparation for the July 15th filing deadlines.Typically, the AARP provides robust tax assistance to seniors; however, those programs are suspended due to the pandemic. We strongly encourage you to consider volunteering. Please contact Ms. Samantha Brill at [email protected] or by calling 773.505.0068. See flyer.
Illinois Department of Financial and Professional Regulation
PPP Loan Forgiveness
The Illinois Department of Financial and Professional Regulation in conjunction with the Small Business Administration has posted a recording of a webinar on PPP Loan Forgiveness. The first recording focuses on businesses and steps they need to take to complete their loan forgiveness applications. The second webinar is for lenders detailing the process on how those loan forgiveness applications should be reviewed. See IDFPR release regarding webinars. SBA PPP resources.
Illinois Department of Labor
Illinois' Minimum Wage Increase-July 1, 2020
Illinois' minimum wage will make its second increase this year to $10 per hour beginning July 1, 2020. See IDOL release for more information.
The Supreme Court
Remote Hearing FAQs
The Commission on Access to Justice has compiled a Fact Sheet with tips to help litigants prepare for Court by phone or video.
Illinois State Board of Elections
Amnesty for Late March 2020 Quarterly Reports
The State Board of Elections has granted an amnesty period for late filers of the March 2020 Quarterly Report Deadline provided that the reports are filed by June 30th. Similarly, penalties will not be assessed for late Schedule A-1 filings due between March 18-June 30th as long as they are filed by June 30th. Amnesty Announcement.
Internal Revenue Service
Waiver of 2020 Required Minimum Distributions, Retirement Plans (COVID-19)
The Internal Revenue Service issued an advance version of Notice 2020-51 as guidance relating to the waiver of 2020 required distributions from retirement plans in accordance with provisions of the CARES ACT. Specifically, the CARES Act provides a temporary waiver of required minimum distribution rules for certain retirement plans and accounts. See also Notice 2020-50 addressing loans from retirement plans.
Employee Retention Credit Under the CARES ACT
FAQ-Employee Credit for Exempt Organizations (COVID-19)
The Internal Revenue service updated FAQs related to employee retention credit under the CARES Act. Specifically, #46 was updated addressing gross receipts for tax-exempt employer. See IRS FAQs.
ICPAS GOVERNMENT RELATIONS DAILY SUMMARY LIBRARY AND COVID-19 EXECUTIVE ORDER SUMMARY--HERE--