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Payroll Taxes and Credits
Rebate Recovery Act
Paycheck Protection Program and SBA Loans
Emergency Paid Sick Leave
This video provides information on the emergency paid sick leave and FMLA provisions recently put into law. For all breweries under 50 employees, you will need to take action if you plan to opt out, but with some of the stimulus in the Senate bill, it might not be to your benefit to opt out.
We’ve also created a document that we are updating as we get further information from the Department of Labor as to how the paid sick leave works and how to opt out. Check it out here!
Cash Flow Forecasting Tips and Tricks
IL Emergency Assistance Programs
March 25, 2020: The first program is a $90 million IL Small Business Emergency Fund- Applications will be available on the IL Dept of Commerce and Economic Opportunity this Friday 3/27. Available to businesses with less than $3 million in revenue and less than 50 employees. There are no repayments on these loans for six months, then fixed payments at 3% over a five year period.
The second program and the big one is the Hospitality Emergency Grant Program. If your brewery made less than $500,000 in 2019 you are eligible for $10,000 in grant money. Breweries between $500,000 and $1 million are eligible up to $25,000. These funds can used to support working capital and pay payroll and rent. Applications are due by April 1st at 5pm. Eligible applications are entered into a lottery and grant winners are notified on April 4th. https://www.surveymonkey.com/r/ilgrant
For more information visit The IL Dept of Commerce & Economic Opportunity
Join our SLACK Group
For our Craft Brewery friends: we’ve created a Slack group to share best practices during this time and help each other navigate the next few months. We will also share any law/tax changes here as well. Join us here!
March 20, 2020: The tax deadline has been been extended to July 15th for filing taxes and for tax payments.
March 19, 2020: As you may have heard, Congress has enacted some temporary tax rules to help taxpayers through the impact of COVID-19. For Corporations and Individuals, April 15th remains the tax deadline with the extension due date of October 15th. Typically the tax payment deadline is also April 15th with interest and penalties enforced after that. However, Congress has approved a delay in tax payments for 90 days after April 15th with no interest or penalty. This applies to tax due of up to 1 million dollars per person or 10 million per Corporation.
The government is highly encouraging taxpayers to get their taxes filed on time to ensure timely receipt of refunds. In addition to the tax return refunds, there is a plan to send additional money to taxpayers as short-term relief during this difficult time. The fastest way for the government to get these funds to Americans is through direct deposit. By getting your tax return finished and providing a bank account for your refund, the government will be able to send these additional funds directly to your bank rather than sending a check.
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From Gusto: 3 Things Food and Beverage Businesses Impacted by COVID-19 Should Do Now
Making the Transition to Working from Home
Navigating COVID-19 as a Brewery Owner