Crespo Highlights Economic Assistance for Local Small Businesses

STREAMWOOD, Ill. – As part of his ongoing effort to assist local businesses with the unprecedented challenges they’re facing due the COVID-19 outbreak, state Rep. Fred Crespo, D-Hoffman Estates, is highlighting the deferral of sales tax payments for locally owned businesses, as well as Illinois’ work to secure eligibility for disaster assistance loans.

“I have been speaking to many family-owned businesses and community leaders over the past week and they need immediate assistance,” Crespo said. “These are critical first steps to alleviate some of the financial hardship local businesses are facing, so I encourage them to take full advantage of them and to contact my office if they need help getting connected to these resources.”

Crespo has been working diligently to get an understanding of the issues local businesses may be facing by speaking with small business owners, chamber leaders and local elected officials. Most recently, the Illinois Department of Revenue has announced that it will defer sales tax payments for more than 24,000 small- and medium-sized businesses, alleviating much-needed financial burdens on restaurants and bars. Penalties and interest fees will be waived for businesses that incurred less than $75,000 in sales tax liabilities last year, however, sales tax returns must still be filed. For more information, please visit the IDOR website at tax.illinois.gov or email REV.TA-Sales@illinois.gov.

In response to the COVID-19 virus, Illinois immediately demonstrated that thousands of local businesses across the state would be eligible for disaster assistance loans from the U.S. Small Business Administration (SBA). Crespo is urging local businesses facing financial hardship to apply for up to $2 millions in low-interest loans at https://disasterloan.sba.gov. To stay up-to-date on the work being to support small businesses in Illinois, please visit coronavirus.illinois.gov. Crespo’s full-time constituent service office is operating remotely to assist local businesses and be contacted via email me at fred@fredcrespo.com or at 630-372-3340.

“Small businesses are the bedrock of our community. They’re operated and owned by our neighbors and friends,” Crespo added. “If you’re able, join me in supporting local restaurants by ordering takeout from them during this time. Every dollar that goes into a local business, goes right back into our community in the form of jobs and more economic activity.”