Mayor Lightfoot announces relief for businesses and residents

Date: 
04/16/2020
LoriLightfoot

Mayor Lori Lightfoot

To mitigate some of the economic pressure being felt by local businesses, the City is extending tax payment remittances for the months of February, March and April 2020 until June 1, announced Mayor Lori E. Lightfoot and the Department of Finance today. 

“There’s no question that our businesses are hurting from the COVID-19 outbreak, as so many have had to reduce hours or change their service delivery model to stay afloat during this unprecedented crisis,” said Lightfoot.  

“Our local businesses are the backbone of our economy, which is why we will continue to look to ways we can support them – whether it’s helping them to pay rent, meet payroll or address other more urgent needs that will sustain their livelihood. 

"We are all in this together as we work to endure this crisis and plan for a recovery that will help us come out stronger.” 

While retail and commercial businesses are still expected to collect sales taxes from customers, the remittance of restaurant, hotel accommodations, bottled water, checkout bag, ground transportation, parking and amusement taxes are being deferred until June 1. 

Today’s announcement follows a series of measures taken by the Lightfoot administration to provide relief for the business community during the Stay-at-Home order. To help small businesses maintain liquidity and recover from the impact of the virus, the Mayor created the Chicago Small Business Resiliency Fund (CSBRF).

Starting off as a $100 million loan fund, the CSBRF will provide opportunity for relief for thousands of small businesses across the city. This fund creates a niche for businesses whose needs are not being otherwise met, including the underbanked, cash-based and undocumented businesses – among others who typically have a difficult time unlocking traditional lending programs. 

Other Relief
In addition to the deferral of business tax remittance, the City will extend the temporary suspension of late fees and defaults on payment plans, including city tickets, utility bills, parking and red-light citations, booting and other non-public safety related violations until June 1. 

While motorists are still required to pay for metered parking, there will be no collections on overdue debt, and the City has discontinued booting during this time. 

Additionally, there will be no new interest accumulated on current compliance plans, no debt collection efforts and a further extension of the deadline for city debt checks on transportation network provider and taxi drivers.

Related:

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Insert images and media with <pp_img> or <pp_media>. See formatting options for syntax.

More information about formatting options